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List of credible financial institutions must be published-NAGRAT Prez. tells BoG, SEC

By Mutala Yakubu
List of credible financial institutions must be published-NAGRAT Prez. tells BoG, SEC

The president of the National Association of Graduate Teachers (NAGRAT), Angel Carbonu has charged the Bank of Ghana(BoG) and other regulators to publish the names of credible financial institutions in Ghana.

His comment follows the latest financial scandal which has to do with Menzgold Ghana.

After the Menzgold brouhaha, the BoG said it did not regulate the activities of the firm hence their inability to rescue customers.

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 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 company that took people’s money 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 gets murkier by the day as an Accra High Court has currently issued a warrant for the arrest of Menzgold CEO Nana Appiah Mensah.

Read also: Some Ghanaians in London took loans from UK banks to invest in Menzgold- UK based radio presenter reveals

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