Publish list of credible financial institutions – Carbonu to BoG, SEC

Publish list of credible financial institutions – Carbonu to BoG, SEC

The failure of regulators within Ghana’s financial space such as the Bank of Ghana and the Securities and Exchange Commission to publish the list of credible financial institutions in the country is to blame for the increasing spate of investment scams in the country.

This is the assertion by President of the National Association of Graduate Teachers (NAGRAT), Angel Carbonu.

According to him, the Bank of Ghana, as well as the other regulators, must be proactive in protecting citizens from investing in unlicensed financial institutions.

He said regulators must be seen to be aggressively educating the public on what to look out for before investing their monies, and also create a public directory of recognized financial institutions that are authorized to receive deposits from citizens.

Speaking on The Big Issue on Saturday, Mr. Carbonu said the government through the BoG and SEC cannot exonerate itself from the Menzgold saga as it failed to act proactively to protest persons who had invested in the company.

“The Bank of Ghana is one institution that is blessed with several PhD holders. Do they come out from the confines of the Bank of Ghana unto the streets to let people know aggressively that these institutions are painted white and these are painted red? The conservative attitude of being a boss is really affecting this nation… The Bank of Ghana acts after there is a problem. I am talking about a preventive situation where the Bank of Ghana realizes that in every country there could be fraudulent people and these people establish institutions that are not supposed to operate,” he said.

“They should give the people information and let them know that if you want to know a credible institution of whatever category when you get to this list, it will tell you the institutions that the state considers as credible and that they can invest their resources with. Most of the savings and loans companies that took people’s monies away only had certificates of incorporation registered with Registrar General,” he added.

Mr. Carbonu, who noted that many members of his association have their investments locked up with Menzgold, said: “as a state we need to change the way we do things and ensure that we are proactive in protecting people.”

The Menzgold saga appears to be the latest investment scam in the country as the company, which presented itself as a gold dealership company taking deposits and giving between 7 to 10 percent monthly return on investments, has not been able to pay dividends nor principals of investments of its numerous customers.

The company’s CEO, Nana Appiah has allegedly gone into hiding outside the country, and a warrant has been issued for his arrest.

Although the Bank of Ghana and the Securities and Exchange Commission warned citizens against investing in the company earlier, Angel Carbonu believes that the warning came too late and was not enough a thing to do.

He suggested that consistent public education and the listing of accredited financial institutions in the country will help prevent investment scams from occurring.

January 12, 2019

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NATIONAL ASSOCIATION OF GRADUATE TEACHERS (NAGRAT) - GHANA National Secretariat P. O. Box NM 329 Accra –Ghana 4th July, 2014



We write to complain about the way and manner government and the Ghana Education Service management have handled grievances of the staff of the service. From 2010 to date, the unions of the Ghana Education Service have raised concerns on grievances that have been left unresolved by the Ministry of Education, the Ghana Education Service, the Fair Wages and Salaries Commission and for that matter government. These grievances have been the major reasons behind various strikes, demonstration; and petitions, and yet their redress remains far from sight. Sir, you would recall that in May 2014 the grievances listed below caused the National Association of Graduate Teachers to serve notice of its intention of industrial action on the National Labour Commission and the subsequent declaration of industrial action. They are:
  1. Second Tier Pension Scheme
  2. Payment of Outstanding Incremental Credits for 2011 and 2012
  3. Non-payment of Transfer Grants and T&T Allowances to Teachers Transferred from 2010 to date
  4. Three (3) Months Pay Policy on Newly Recruited Staff, Promotions and Re-engagement
  5. Revision of WAEC Invigilation Allowances.
Consequent upon that industrial action, a meeting was convened between the government team and the Teacher Unions on 15th May, 2014 to resolve the issues relating to teachers of the Ghana Education Service. At the meeting various agreements were reached on the issues and a Communiqué signed. (Vide copy for your study and use). We wish to bring to your notice that government and the GES management have failed to adhere to the tenets of the Communiqué they signed. A case in point is that on the payments of not more than three (3) months’ salary arrears. The agreement is that District Directors of education would submit completed templates for payment of the remaining arrears to Regional Directors latest by 16th May, 2014 and that payment are expected by the end of June 2014. Sir, we are now in July and most of the templates are still at the District Directorates. Payments for those that have been submitted to headquarters have not been made. On transfer grants, the Communiqué mandated District Directors to collate data on qualified beneficiaries by end of May 2014. Stakeholders were to be invited upon receipt of the data for a verification and validation exercise for payments to be effected. We have moved through June to July, 2014 yet the Stakeholders’ meeting has not been convened. Needless to say, the verifications and validation exercise has not taken place and a date for payment not known. Closely linked to the payment of transfer grant is the staff deployment and rationalization exercise. Government and the GES management agreed to suspend the exercise and source funding for the payment of transfer grants and T&T of teachers transferred since 2010. As of now the outstanding grants and allowance have not been paid yet teachers are being transferred under the exercise Collection of data on teachers who were transferred has been done for the group of 2014 to the neglect of all those transferred from 2010 to 2013. On the strength of that Communiqué and the genuine desire to create the congenial climate for further negotiations, NAGRAT called off its strike on 21st May, 2014. On the same day, the National Labour Commission (NLC) invited the parties to a meeting aimed at resolving the grievances. It is pertinent to point out that while NAGRAT and the FWSC attended the meeting other parties namely the Ministry of Education, the Ghana Education Service, the Ministry of Finance, and the Ministry of Employment and Labour Relations failed to honour the invitation. The NLC scheduled another meeting for 18th June, 2014. The National Labour Commission notwithstanding issued some directive to be responded to by 11th June, 2014 prior to the meeting of 18th June, 2014. (Please find copy attached) Sir, it is interesting to note that the Ministry of Education and the Ghana Education Service which had invited NAGRAT to a meeting on that day postponed the meeting indefinitely when NAGRAT called off the strike. That meeting has not been reconvened to date. This is a clear indication of the lack of commitment of government and the GES management to resolving the grievances of the Ghana Education Service Staff. When National Officers of NAGRAT reported at the premises of the National Labour Commission on 18th June, 2014, they were told that the meeting had been postponed indefinitely. It is almost three (3) weeks now and the National Labour Commission has left the issues hanging without any communication with the leadership of the Association. Sir, teachers are getting increasingly convinced that their grievances are systematically trivialized. We want to state emphatically that should any unpleasant outcome occur, teachers will take no share of blame. Their patience has been stretched to the limit and the disquiet is becoming alarming.   Yours faithfully,     Stanislaus P. Nabome General Secretary Cc:
  1. The Honourable Minister,
Ministry of Education Accra
  1. The Honourable Minister
Ministry of Employment and Labour Relations Accra
  1. The Honourable Minster,
Ministry of Finance Accra
  1. The Chief Executive
Fair Wages and Salaries Commission Accra
  1. The Director General
Ghana Education Service Accra
  1. The General Secretary
Ghana National Association of Teachers Accra
  1. The General Secretary
Teacher and Educational Workers Union Accra
  1. The President
Coalition of Concerned Teachers Accra
  1. All Regional Chairmen,
NAGRAT Regional Secretariat