The Securities and Exchange Commission (SEC) is facing mounting criticism over its handling of locked-up investments belonging to more than 20,000 customers of First Fund, an investment scheme once managed by the now-defunct First Banc Financial Services.
Nearly six years after SEC revoked the license of First Banc, investors say they are yet to access their savings, estimated at over GH¢170 million. The delay, they argue, is eroding public trust in the regulator’s ability to safeguard the interests of ordinary Ghanaians.
Since 2019, SEC has appointed three different fund managers to oversee disbursements — TTL, OctaneDC, and most recently SEM Capital Advisors. But none has successfully released payments to affected clients. SEM Capital is still in the process of reconciling accounts, leaving many investors frustrated.
“This is not just about our money anymore. It’s about confidence in the financial system,” said Johnny Kwabena Nketiah, co-convener of the investors’ group. “How can we trust investment products in Ghana if regulators themselves cannot ensure accountability?”
The investors have written several letters to SEC and the fund’s Board of Directors, but say their concerns have been ignored. They are now demanding direct intervention from the Finance Ministry, President John Dramani Mahama’s government, and Parliament.
“If nothing concrete happens in two weeks, we will have no choice but to take to the streets,” Mr. Nketiah warned.
Analysts caution that continued delays could fuel broader disillusionment with Ghana’s regulated investment schemes, undermining government efforts to rebuild trust in the financial sector following the 2017–2019 banking and investment sector clean-up.
