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APPOINTMENT OF MR. DANIEL OGBARMEY TETTEH IS A RECIPE FOR COLLUSION, CORRUPTION AND A THREAT TO FAIRNES IN THE SECURITIES INDUSTRY.
DYMOG applauds His Excellency, Nana Akufo-Addo for constituting the SEC Board on 9th August, 2017. This act by the President, although long overdue is a positive one since it is never too late to do what is right.
The Movement also congratulates the Board members for earning the trust of the President to execute the governing affairs of the Securities and Exchange Commission.
DYMOG however judges the appointment of Mr. Daniel Ogbarmey Tetteh as Director General of the regulatory body as a recipe for collusion, corruption and a threat to fairness-the most vital tenet in any securities market.
The objection of DYMOG to the appointment of Mr. Daniel is firmly premised on the industrial and friendly relationship between Mr. Daniel Ogbarmey Tetteh and Finance Minister Hon. Ken Ofori-Atta. The new SEC Boss has worked for Hon. Ken Ofori-Atta over sixteen (16) good years at Data Bank Group, a securities dealing Company largely owned by Hon. Ken Ofori-Atta.
The first parameter to substantiate our claim is that, the appointment of Mr. Daniel Ogbarmey Tetteh creates the conducive environment for possible favoritism towards Databank against other Securities dealing companies, since violations of the industry laws by Data Bank may not attract the sanctions they deserve.
Secondly, per the Securities Industry Law 2016 (Act 929), SEC is responsible for Licensing of all industry players which is subject to renewal annually. The appointment of Mr. Daniel Ogbarmey Tetteh as SEC Boss creates the possibility of stifling the entry of new securities dealing companies all in an attempt to reduce competition to Data Bank and its associates.
Furthermore, per the Securities Industry Law, the Director General is an automatic member of the Administrative and Hearing Committee (AHC) of SEC. The AHC is the mediation and conflict resolution body of SEC. As a matter of fact, the laws requires all petitions to be addressed first to the Director General and based on his judgement, the matter could be forwarded to the AHC or not. If there is a conflict between Databank and any of its clients or partners, clearly Mr. Daniel Ogbarmey Tetteh will be found in a clear Conflict of Interest scenario if a petition is brought before him.
Lastly, SEC by Law has supervisory role over all securities transactions including Government Bonds. As a matter of fact, one of the key mandates of SEC is to advise the Finance Minister on all issues of Securities including Bonds. The relationship between Hon. Ken Ofori-Atta and Mr. Daniel Ogbarmey makes it morally inappropriate to advise the Finance Minister on Securities since it is highly possible he will dance to the tune of his long time Boss irrespective of the consequences.
DYMOG by this statement, is appealing to the President, to withdraw the appointment of Mr. Daniel Ogbarmey Tetteh on grounds that, the move is a threat to fairness in the Securities Industry and worse off, a high possibility of collusion between Hon. Ken Ofori-Atta and Mr. Daniel Ogbarmey Tetteh when it comes to issuances of Government Bonds.
Convener for DYMOG