The Securities and Exchange Commission has been urged to move beyond the writing of press releases to caution the public against fraudulent schemes.
According to activist P.K Sarpong, there is the need for the financial securities regulator to take physical action against persons running schemes.
This is after MyNewsGh.com exclusively reported on the operation of Tizaa Ghana Fund which is offering investors as much as 50% profit for an investment between Ghc100 and Ghc300,000.
MyNewsGh.com confirmed that over 37,000 Ghanaians have since joined.
SEC issued a caution to the public. But P.K Sarpong believes SEC is shirking its responsibility.
“Your caution to the general public to the effect that they should not do business with Tizaa Ghana Fund is, with the greatest of respect, a dereliction of your duty. Issuing a caution statement is tantamount to your outfit sitting on the fence in a matter that requires greater attention from you” he said.
“Merely cautioning the general public over the dangers associated with depositing monies with Tizaa Ghana Fund with the promise of getting 50% profit margin would not keep prospective depositors away. Unless you adopt a more punitive measure to deal with this issue, we shall have a reincarnation of MenzGold and the consequences of such a phenomenon cannot be underestimated.”
Read the rest of his article below:
DKM, God is Love, Jasta Motors, Care for Humanity and their likes caused financial catastrophes to banks in the then Brong Ahafo Region.
Individuals took advantage of the huge sums of profits or dividends those financial institutions offered as they invested heavily in them and lost all their investments eventually.
Tizaa Ghana Fund is enticingly wooing people with their mouthwatering returns. Just like they weren’t bothered by the disastrous consequences of investing in DKM and co but went ahead to engage in business with MenzGold, they will not listen to your cautions.
Stop these wordy messages of caution and deal ruthlessly with Tizaa. Go and close them down now. Don’t let the people get in there in droves before you crack the whip. Act now, SEC!
P.K.Sarpong, Whispers from the Corridors of the Thinking Place.
Source: TheBBCghana.Com
