Our next stop was the Securities and Exchange Commission (SEC), Ghana. Discussions were held to advocate for upholding high-level ethical practices in the investment management industry, restoring confidence within the market, and bridging the existing knowledge gap within the industry.
The meeting focused on several key areas to strengthen the country's finance and investment industry. One of the primary topics raised by the representatives of our Society was the introduction of a foundational investment program that would serve as one of the prerequisites for entering the finance and investment space in Ghana. This program aims to ensure that individuals and institutions possess a fundamental understanding of investment principles and the ethical responsibilities of the profession before engaging in financial activities.
Another crucial point raised during our discussions was the need for regulatory efforts to encourage the entry of additional issuers into the bond market. The emphasis was placed on strong and financially viable issuers with strong corporate governance ensuring they can deliver returns to investors. To foster market growth and mitigate risks, we proposed a shift from Treasury bills (T-bills) towards bond investing. However, it was emphasised that any such transition should not compromise the implementation of better structures and safeguards that will prevent reputational risks. Although challenging, the focus will be to strike a balance between diversifying investment options and ensuring the market's integrity and stability.
Rev. Ogbarmey Tetteh, leading the team from the SEC, encouraged collaboration between the SEC and the CFA society through SEC’s Research Team. The goal is to encourage the development of data that supports standard compliance, such as the Global Investment Performance Standards (GIPS). Enhancing transparency and establishing standardised information exchange were identified as crucial steps to restore confidence and trust within the financial market.
Also in attendance were Deborah Mawuse Agyemfra, Deputy Director-General, Legal, Paul Ababio, Deputy Director-General, Finance, Princess Aretha Blankson - Senior Manager, Human Resources & Administration for SEC and Jojo Bannerman, CFA, Advocacy Committee Chair, Nana Wiafe Boamah, CFA, President, Marwan Ansah, CFA, Vice President and Akua Afriyie Antwi, Society Officer represented CFA Society Ghana.