Franklin Cudjoe gets ‘haircut’; loses over GHS100k in Ecobank’s EDC

President of IMANI AFrica, Franklin Cudjoe has said he lost over Ghs100,000 in Ecobank’s EDC Investment due to the Mark-to-Market directive currently being implemented.

MyNewsGh.com reported how customers of EDC, Databank and other Investment companies were crying foul over the mark to market directive by SEC causing investors to lose money.

According to the IMANI President, he lost over Ghs100,000 from his Investment. He also rubbished assurance that those who leave their investments will yield the full return when things normalize. According to him, this normal should take more than 8 years based on only hope.

“I have been given a haircut of a little over 100,000 cedis in my EDC investment made over the years based on Marked to Market value. My fund manager adds a note rather painfully, that  “Investors that choose to remain in the fund until Ghana’s macroeconomic health and bond prices improve are not likely to realize these losses.” He writes.

“Folks, based on IMANI’s analysis of government handling of finances from 2010 to 2022, leading to the publication of IMANI’s  Fiscal Recklessness Index,  this means waiting for at least 8 years for governments not to be so reckless in pretending to manage the economy. And this will be hoping against hope.  Until we fix our broken political system that rewards cheap sloganeering with limitless tax and borrowed funds to be splurged at will, we are going no where” he said.