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Ghana watchdog launches forensic audits of 21 investment firms, fund managers

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Ghana watchdog launches forensic audits of 21 investment firms, fund managers

Ghana's Securities and Exchange Commission is conducting a forensic audit of around 21 local fund managers and investment firms to determine their financial positions and their ability to continue business operations, Joy Business reported.

The regulator's deputy director, Paul Ababio, told the newswire that the audit could potentially result in license revocations for some companies, while those deemed recoverable will be asked to present a road map on how they will tackle their troubles.

"Sometimes we need a third party to come in to verify their assets and look at their interconnection with other industry players among others and this will give a good appreciation of what action to take," Ababio said, according to the report.

The watchdog has come under fire recently for not having an effective mechanism to handle nonperforming investment firms and dealers in Ghana which has resulted in many locked up funds of both depositors and investors, the report said.