Banking Consultant, Dr. Richmond Atuahene, says banks and other investment firms have not been fair to Ghanaian investors.
According to him, banking officials have failed to adequately educate and inform clients of the risks involved in buying government bonds at the point of sale.
Their failure to do so, he says, has led to several Ghanaian bond holders losing huge chunks of their investments due to the directive by the Bank of Ghana that banks implement the mark-to-market policy on bond investments.
Speaking on JoyNews’ PM Express, he stated that it is unfair for banks to be implementing the mark-to-market policy on investments when they have not pre-informed investors of any possibility of such a situation occurring.
“We have what we call treating customers fairly. These are principles in investment and in banking. When a person comes to buy a product, a bank product or investment, you’ve got to tell him specifically this condition how it prevails, except in only this part of the world. In UK, when you buy the bond they will tell you that if the price goes down this is what you’re going to have.
“But you see if you don’t treat the investor or the customer fairly and then when he comes to redeem you want to apply it, you’re not being fair to the customer because if you had told him initially the investor would have a choice to buy or not to buy. So my only question is that if you are applying the marked market were they informed before the sales?
“If they were not informed then you’re not treating them fairly. If you go to any jurisdiction, maybe apart from Ghana, you’re not going to have it easy because they have been tricked into it. They have not been told the nuances of what will be the position,” he said.
He mentioned that some investors have threatened to sue their banks for their losses.
“I am currently dealing with about three cases of this and some are threatening to go to court to defend their position.”
Latest Stories
-
Let’s live peacefully and shame our saboteurs – Savannah executives of NPP, NDC
3 hours -
Reconstruction of Agona-Nkwanta-Tarkwa road 80 per cent complete
4 hours -
Internet penetration: 10.7 million Ghanaians offline – LONDA Report
4 hours -
USC cancels grad ceremony as campus protests against Israel’s war in Gaza continue
4 hours -
Harvey Weinstein’s 2020 rape conviction overturned in New York
4 hours -
US Supreme Court divided on whether Trump can be prosecuted
4 hours -
There’s enough justification for Affirmative Action Bill to be passed – Minka-Premo
4 hours -
Don’t allow people to manipulate you into vaccine hesitancy – Dr Adipa-Adappoe
4 hours -
Suspend implementation of Planting for Food and Jobs 2.0 for 2024 – Stakeholders
4 hours -
Parkinson’s disease no longer confined to the elderly – Public Health Physician, Dr Momodou Cham warns
4 hours -
Persons living with Parkinson’s disease appeal for support as they face stigmatization
4 hours -
36-year-old-trader sentenced for stealing employer’s money
5 hours -
9 signs you’re falling in love with someone who thoroughly enjoys emotional manipulation
5 hours -
Catholic Diocese of Keta Akatsi hosts Parkinson’s support group meeting
5 hours -
Wa Naa appeals to Akufo-Addo to audit state lands in Wa
5 hours