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

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Legon Presbyterian Senior High School came second, St Thomas Aquinas was third and Ngleshi Amanfro Senior High School taking the fourth position.

Students from the winning school would have GH¢1000 each deposited into an investment account opened for them by SEC.

The second edition of the bi-annual competition for secondary school students, is an initiative aimed at imparting knowledge and understanding of the capital market into young Ghanaians – an approach to ensure that the culture of saving and investing in the Capital Market takes root in young people.

This year’s quiz competition explored the theme: “Unleashing the Potential of the Capital Market in Ghana.”

Dr Aidoo Antwi, the Director General SEC said the initiative formed part of the Commission’s commitment to imbibe financial literacy into the young generation.

He said as part of the investor protection activity there was the need to educate investors to somehow protect themselves to promote the development of the capital market.

“This would help capture the youth at a young age because it is difficult teaching the elderly on financial literacy than the younger ones,” he said.

The competition tested the students on questions related to financial securities to enable them manage their finances well.

Dr Antwi said the initiative was adopted by the SEC last two years as part of their educational programmes and intended to expand it to the benefit of the 10 regions.

“If we get the resources in the next two years, we will plan and make it nationwide so that everybody will be part of the process of getting you educated in financial,” he added.

The final quiz competition was participated in by four schools; Presbyterian Boys Senior High School, Legon, Accra Academy Senior High School, Saint Thomas Aquinas Senior High School and Ngleshi Amanfro Senior High School.

Dr Antwi hinted that SEC would be touring various countries as part of the prizes for future Capital Market Quiz Competition.

He said participants from the 32 schools who started the competition in the six centres would also have an investment account opened in their name.

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Source: GNA

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