Speaking on the role of financial journalists in the capital market at a training workshop for journalists in Kempinski Hotel, Accra, the Regulator stated that offering pieces of financial advice requires licensing from relevant authorities, thus journalists must not be seen exceeding their basic role of providing public information on the financial markets, giving recommendations or making analysis.

Making specific reference to Section 135 of the Security and Industry Act, 2016,  Rev Ogbamey Tetteh said it is an offence for any journalist to act as a financial analyst.

His comments came on the back of the media coverage of the reported takeover of adb by UniBank.

Although the banks have debunked the reports, Rev Ogbamey believes such controversies and fears could be avoided if journalists stay out of sharing opinions on such transactions in the market.

The training workshop, which is part of USAID’s Financing Ghanaian Agriculture Project (FinGAP), a collaboration with the Institute of Economic and Financial Journalists(IFEJ) to enhance the capacity of financial journalists on the Capital Market.

adb debunks reports

Media reports on Wednesday suggested that four shareholders of adb, comprising Belstar Capital, Starmount Development company, EDC as well as SIC Financial Services Limited, had pledged their shares, proceeds, entitlement and voting rights to uniBank, giving it the power to take over the bank.

But in a press release signed by the chairman of the bank and copied to Citi Business News, adb debunked the publication, adding that a pledge by the shareholders does not give uniBank the power to take over the bank.

“It is the opinion of adb that a pledge does not have the effect of the transfer of ownership. Thus if the shareholders mentioned herein have pledged their shares together with any benefits or privileges attached thereto that will not have the effect of making Unibank a shareholder of the Agricultural Development Bank Limited or constitute a takeover of the Bank,”.

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By: King Nobert Akpablie/citifmonline.com/Ghana

The post Journalists cautioned against misreporting financial issues appeared first on Citi 97.3 FM - Relevant Radio. Always.

The workshop, organized in Koforidua, was spearheaded by the Institute of Financial and Economic Journalists (IFEJ), and sponsored by the German Development Cooperation (GIZ).

[contextly_sidebar id=”qZvF3Ne6aYdgDtnzNxxwnv1XMLM5sEUa”]It was meant to track the progress made on some oil revenue funded projects in some selected regions as follow-ups to the Public Interest And Accountability Committee’s (PIAC) field visits.

The event offered competitive teams the opportunity to give an account of some sparingly spread oil revenue funded projects in the Volta, Northern, Upper East and West, Ashanti, Eastern, Western and Greater Accra Regions.

The presentations focused on oil-funded projects in the agriculture, education, roads and highways sectors.

It emerged that whopping sums of the oil revenue released for the construction of several projects were diverted, whilst some of the projects have stalled.

It was against this backdrop they insisted that government has to rethink its oil revenue disbursement strategy to ensure value for money on some earmarked projects.

They further advocated the need for a direct linkage between oil revenue funded projects and their impact on residents of the selected beneficiary communities.

They also called for forensic audit of oil funded projects as a means of reprimanding plunderers.

A senior technical adviser of GIZ good governance programme, Alan Larsey, took a swipe at the PIAC for reneging on its civic responsibility.

According to him, much was desired of the PIAC to hold managers of the nation’s oil revenue accountable to the citizenry.

An outspoken member of the PIAC, Dr. Steven Manteaw, bemoaned the mode of selection of institutional representation on the PIAC, saying, “PIAC should discharge its duties without fear or favour.”

He posited that in many instances, some members of PIAC are self-imposed, hence the Committee’s inability to independently discharge its mandate in line with the purpose of its establishment.

Dr. Steve Manteaw admonished the media to constantly highlight some imperfections on the disbursement of oil revenue for funding some earmarked projects.

A founding member of IFEJ, Lloyd Evans, lauded the teams’ presentations.

He disclosed the organization’s intention to organize a grand workshop that will bring together ministers, parliamentarians and other major stakeholders to brainstorm and proffer solutions to the misappropriation of oil revenue.

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By: Abdul Karim Naatogmah/citifmonline.com/Ghana

The post Gov’t advised to invest oil revenue on legacy projects appeared first on Citi 97.3 FM - Relevant Radio. Always.