The Commission has tightened enforcement, enhance education, and improve regulatory framework to ensure a sanitised investment climate.

Speaking at the second edition of the ‘Time With SEC’ programme, in Koforidua, the Director-General, Dr. James Klutse Avedzi, revealed that a newly amended Securities Industry Act is expected to be passed into law by the end of 2026.

This, he said will empower SEC to clamp down on illegal investment schemes that have taken new shape and form.

“The SEC is strengthening its oversight and regulatory powers. The overhaul of the Security Industry Act, Act 929 of 2016 as amended by the Security Industry Amendment Act Of 2021, Act 1062 will be a more robust act for effective regulation,” he said.

According to him, the call has become necessary due to the rise in ponzi schemes, surfacing on social media and other online platforms.

“We are working closely with the Ghana Police, EOCO, the Judiciary and the Attorney General’s Department to ensure that individuals and entities that defraud investors face the full consequences of the law.”

He disclosed that the new bill has so far gone through extensive review and will soon be submitted to the Finance Ministry for consideration and onward submission to the Attorney General’s Department.

“It will subsequently be laid before parliament before passage into law. Potentially, before the end of next year 2026, all things being equal,” he said.

Dr. Avedzi stated that SEC will collaborate with the judicial arm of government and law enforcement agencies to clamp-down on online fraudulent schemes which promises unrealistic returns.

The ‘Time With SEC’ is a flagship programme of the Securities and Exchange Commission aimed at educating the public on sound investment practices and other services offered by the commission.

ALSO READ:

• BoG to soon roll out guidelines for digital lending in Ghana

• Mahama launches first-ever KPIs for Ghana’s heads of missions

According to him, this measure is intended to curb perceived corruption and strengthen accountability within the Public Procurement Authority.

This follows the committee’s identification of procurement as the main avenue for corruption in the public sector.

In an interview with JoyNews, Mr. Avedzi recommended an amendment to the appointment procedure for the head of the PPA to address the abuse of the sole-source procurement model.

He also lamented that the low salaries received by heads of the PPA contribute to the risk of corruption in the position.

“The appointment to that position as a Chief Executive or Director General of Public Procurement Authority, we should look at it again. If I am appointed by a political head, and that political head, there is a request through a sole sourcing that doesn’t satisfy the condition and that political head puts a call through saying work on that, what will you do?

“Those sensitive positions must be appointed through a competitive bidding process. Advertise, let people apply – parliament can vet the person.”

Mr Avedzi further stressed the need for a fixed tenure for the appointed CEO, arguing that defined term limits would empower the candidate to act with integrity and make decisions independently, thereby promoting accountability in the role.

ALSO READ:

• Vacant Seats Hearing: PPA rejects parliament’s request to use the services of Sory@Law

• Free Wi-Fi saga: How PPA approved GHS84m contract to an unqualified company

This comes after the GBC Boss challenged the Sports Minister’s position that 3.6 million dollars had been paid to the state broadcaster for coverage of the 2024 All African games.

Speaking on GTV, Prof. Alhassan clarified that the broadcaster received only $105,000, which was intended as support for GBC’s decision to dedicate an entire channel to the African Games, thereby suspending normal programming.

“I was one of those shocked to learn that the Minister of Youth and Sports said that they have paid GBC in excess of $3 million. And I want to assure every Ghanaian in the public that GBC’s total benefit from the African Games was $105,000 equivalent, nothing more was paid as a benefit to GBC.

“And that payment of $105,000 was in support of the fact that we dedicated an entire channel for 24 hours. We suspended normal programming for the GTV Sports Plus, and we dedicated it to the African Games and for our role as the official broadcaster,” he explained.

However, the Sports Ministry has since been demanding an apology from the Director-General for suggesting that the Sports Minister misled the public.

Speaking on JoyNews, the Executive Assistant to the Sports Minister, Jamaludeen Abdullah accused Professor Alhassan of playing games and intentionally confusing Ghanaians about the financial dealings between the Ministry and GBC.

But Chairman of PAC, James Klutse Avedzi says the GBC Boss, Professor Amin Alhassan has some explanation to do to lay the matter to rest

“I think the Director-General is not coming forth with the full information. If he had explained at that interview that, ‘yes, we received the entire 3.6 million dollars from the Ministry of Sports but because we also engaged a third party, we have transferred the money to them’, that would have settled the matter.

“So for me, the issue now lies with the Director-General to explain and I think it is something that both the Director-General, GBC and the Ministry of Youth and Sports must come out, reconcile the figures and let the public know”.

Source: Myjoyonline.com

ALSO READ:

• You can’t tag Sports Minister with corruption even if… – Aide 

• African Games: Sports Minister’s aide demands apology from GBC D-G

• GBC D-G and Sports Minister’s $3 million payment dispute: new details surface

Over the years, allegations of bribery, corruption and favouritism have lingered in the background against the committee.

The issue gained renewed attention recently after investigative journalist Manasseh Awuni Azure made claims in his latest book ‘The President Ghana Never Got’.

According to him, some Parliamentarians have confirmed that officials scheduled to appear before the Committee, to answer for infractions highlighted in the Auditor General’s report, pay committee members to fast-track their cases and ensure lenient treatment.

Addressing the concerns in Parliament on Tuesday, August 20, the Committee’s Chairman James Klutse Avedzi said the allegations cannot be true.

“I’ve always tried to be fair, so I don’t take money from people to be lenient with them. If other members have been taking money so be it, but for me, I don’t do that.

“But those allegations will definitely be there because we are a public organization dealing with the public so people will come and say all sorts of things but it is not true,” he said.

Responding to which of the matters referred to the Attorney General has been prosecuted so far, Mr Avedzi revealed that parliament has failed to transmit any of the referrals since 2017 to the AG, until this year.

“The challenge we had as a committee was that when we did all these, Parliament was not communicating to the Attorney General for them to take action until one day the Attorney General appeared before the Committee and I asked him about it and he said nothing has been communicated to him.

“So I had to do a follow-up and the Clerk of Parliament to communicate these referrals to the Attorney General’s Office,” he revealed.

Source: James Avedzi

ALSO READ:

• PAC warns of prosecution as procurement breaches continue to surface

• PAC chair urges AG to initiate prosecution of all referrals

• PAC orders arrest of a headteacher in Kintampo [Video]

Citing an incident to buttress a point, the Ketu North Member of Parliament said there was a case where the Authority engaged a corporate lawyer on a contract term and was paying him GH¢4000.

However, he explained, when the said lawyer was regularised, his salary dropped to GH¢2000, a situation he noted, could negatively affect the work of the Authority.

Dr Avedzi said many of the staff at the PPA are paid meagre salaries, hence making them more vulnerable to compromise on their work, particularly when offered inducement.

“What we have realised as the reason the Procurement Authority is doing that is that the Head or the people there; most of them —(1); the salaries are nothing to write home about. They take home very meagre salaries,” he disclosed in a yet-to-be aired interview on TV on Saturday, May 4, 2024.

Dr Avedzi added, “There was an issue in the 2022 report, which we looked at; where a lawyer was employed or recruited as a legal person for the Authority. And this lawyer was being paid GH¢4000 as his or her salary. Now, that was on contract, but when this lawyer was regularised, [went] through the Public Service Commission, and eventually given an appointment letter, the salary dropped to GH¢2000.”

For him, even the lawyer’s salary was better than most of the staff in that Authority.

“And so, we realised that the salaries is one motivating factor that when these requests come to them, probably with some purse, they will be willing……” to compromise on their work.

ALSO READ:

• PPA addresses misconceptions about GHANEPS

Former PPA boss granted GH₵4m bail

Ketu North Member of Parliament (MP), James Klutse Avedzi, has advised new ministerial nominees to consider completing ongoing projects rather than starting new ones after they’re approved to resume work.

According to him, they have limited time on their hands, and therefore it would be very difficult for them to execute any new projects.

Speaking on JoyNews on February 14, he said “It will add some level of changes because as I said earlier ministers who have now come on board or have now been given a new portfolio will now come with new ideas, but you know it takes some time for the new ideas that they will bring on board to manifest.

“First of all they also need time to study the new ministries, their new portfolio and then see what they can do. It’s nine months to the election so they now coming on board by the time they settle to study their ministries and see the challenges that the ministry has, it will be getting to the election, and the campaign will become heated so definitely they will not be able to implement any policy.

“Maybe with the existing policies, they might continue to implement those policies but to bring on board a new policy within this period, I doubt it,”  he added.

Touching on the Finance Ministry, he advised the new nominee to take time to properly study the ministry to understand all tax policies.

This he said will help the minister to find innovative ways to increase the tax gap rather than burden the few individuals paying taxes.  

“If I were the new minister, what I would do is to review the tax system. All the taxes this government has introduced which definitely burden the people of this country, I need to review the tax system. 

“Look at those that can be withdrawn or cancelled. That is what I will do and also look at how I can expand the few that will remain. How we can expand it? You know taxes are such that if you continue to impose taxes on people who are already paying the tax, you are creating more burden for those people.

“There are other people who also earn income but they are not taxed, so if we are able to expand the base and reduce the rate, people will feel comfortable paying the tax. Once the base is big and the rate is low you will still achieve the revenue that you want.

“But because we have failed all the time to work on the base of our tax collection system, that is why we always want to introduce new taxes. People who have been paying the existing one will continue to pay those ones also,” he added.

Again, the Ketu North MP said considering this year being an election year, the government might put pressure on the incoming Finance Minister into releasing funds to undertake ‘election projects’, but Mr Avedzi stressed that he [the new Finance Minister] must stand his ground else he would exceed the government’s expenditure.

ALSO READ:

• Reshuffle: We are 2 minutes into 4 minutes of injury time – CDD Fellow

• Minority reacts to Akufo Addo’s reshuffle

Speaking on GHOne TV, the lawmaker asserted that PAC has recommended various sanctions against persons that have flouted various procurement and public financial laws but the Attorney-General has refused to prosecute them.

“Since 2019, I have started referring to people who flout the financial laws of this country, especially the public procurement acts. All the things the committee has referred to the attorney general for prosecution and the house has adopted the report, as we speak today no action has been taken by the attorney general to prosecute these people,” he said.

“So as a committee I ask myself what am I doing? Why should we spend state money to go do our work and when we give our recommendation the state agencies that are supposed to take action on them, don’t take action?” he queried.

Mr Avedzi said he is surprised at the inaction of the Attorney General.

“If we are actually fighting corruption, why is the attorney general not working on those referrals? It is for him to play his part. If he is not doing it, he is actually frustrating the fight against corruption and he is part of this government.

“We in Parliament today have appealed to the clerk of parliament to officially communicate in writing the recommendation to the A-G and if he refuses to take action, I think the laws are there. Because the public financial management Act 2016 (ACT 921) stipulates clearly that every year the A-G must present a report to Parliament on the action he has commenced on the referrals for persecution and he has never since 2017 till date,” he added.

Meanwhile, the Chairman has hinted parliament will soon subpoena the Attorney-General for his failure to comply with ACT 921.

ALSO READ:

•  We’re facing doom in corruption fight – Special Prosecutor reacts to court verdict

• Give us power to prosecute – Public Accounts Committee to govt

During a public accounts committee hearing in Ho, the Ketu North MP underscored that Parliament had sanctioned the non-renewal of the waste management company’s contract.

The caution was issued after the Fanteakwa South Municipal Assembly failed to provide the requisite documents to renew its contract with the waste management company.

Furthermore, the committee proposed a comprehensive review of the existing agreement with Zoomlion, considering that numerous Assemblies lack transparency regarding the terms of their contract with the company.

“I am told that there is a clause in the contract that gives automatic renewal. Unless you, the Assembly, communicate to the company your intention not to renew.

“So go back and read your contract document, and then make reference to that clause, and inform Zoomlion that when your contract expires, you will not renew it again Because you are not deriving any benefits from that, you are just wasting that money” he said.

Mr. Avedzi’s warning comes amid growing concerns about the cost-effectiveness and transparency of Zoomlion’s contracts with MMDAs.

Critics have in the past argued that, the company is overcharging for its services and its contracts are often awarded without due process.

ALSO READ:

• Parliament calls for cancellation of Zoomlion contract

• Zoomlion creates 200 new jobs as RM Commissions Tamale Wastewater Treatment Plant

Mr Avedzi emphasized that failure to comply with the committee’s request would lead to the committee exercising its powers against the Minister.

The caution was given after Dr Adutwum failed to appear before the committee on Thursday, July 6.

During the hearing, Mr Avedzi advised the Minister to demonstrate respect for the committee’s authority and to appear before it.

He called on the Minister to recognise the committee’s importance and cooperate accordingly.

The Chairperson further added that the committee would make efforts to provide an alternative date for the Minister’s appearance.

However, he warned that if the Minister failed to attend on the rescheduled date, the committee would exercise its powers, as outlined in Article 103 of the constitution.

“Mr Minister, if you are listening to us, kindly give some respect to this committee, we will try our best to give you another date but if that day you fail to come, well the powers that we have as a committee under article 103 of the constitution, we will exercise it.”

ALSO READ:

• Give us power to prosecute – Public Accounts Committee to govt

• Public Accounts Committee to invite Attorney-General

The Principal of the school has been directed to contact the Director of Interpol and provide the necessary information on the staff named Afua Nyarkoa.

Miss Nyarkoa is said to have been receiving a monthly salary of GH¢69.069.which she knew she was not entitled to.

This was in the 2018 auditor General’s report which indicated the teacher has been drawing the salaries while on study leave but failed to return after her studies.

Authorities who appeared before the Committee explained that it’s been difficult getting Afia Nyarkowaa to refund the monies to the state, hence Mr Avedzi’s directive.

The Chairman said the former staff has caused financial loss to the State and therefore called on the director of Interpol to track her for the money to be retrieved.

The second teacher whose name was not disclosed is said to owe GH¢ 13.473.9.

ALSO READ:

• Public Accounts Committee surcharges Works and Roads Ministries

• Public Accounts Committee setting bad precedent – Afenyo-Markin

Mr Avedzi further urged the administrator of the school, Bertrand Yabani who issued the payment voucher to appear before the committee.

“If their relatives are listening to us they should make the effort and contact the school immediately and make the appropriate arrangements and pay the money. That is the directives of the Committee,” he announced.

PAC has started its sitting to consider the public hearing of the 2018 Auditor-General’s report covering the event of 2017.