The Securities and Exchange Commission (SEC) has disclosed that it is currently conducting a forensic audit into the operations of about twenty companies within the securities market.
Deputy Director-General of the SEC, Paul Ababio tells Citi Business News the exercise should inform the next line of action in eliminating non-compliant companies and protect investor funds.
Though the regulator is unable to mention which companies are affected, Mr. Ababio maintains it is imminent to follow the similar exercise carried out in the banking sector to rebuild confidence.
“What we’re doing is to access the level of exposure the firms have as well as the risk and have a better understanding of their operations.
“Sometimes we need a third party to come in to verify their assets and look at their interconnection with other industry players among others and this will give a good appreciation of what action to take,” Mr. Ababio said.’
Mr. Ababio was speaking on the sidelines of the annual public forum by the Stanlib Ghana that brought together leading financial market players in the industry to discuss relevant issues and chart a path for growth.
(by Pius Amihere Eduku)