Ghana Gaming Commission moves to recover GHC5m investment from SIC Financial Services
The gambling regulator seeks to retrieve funds invested in 2019, highlighting concerns over transparency and financial oversight in Ghana’s gaming sector.
Ghana.- The Ghana Gaming Commission (GGC), the statutory body responsible for regulating gambling activities in Ghana, has moved to recover GHC5.16m (€411,000) invested with SIC Financial Services Limited (SIC‑FSL) in 2019 that remains outstanding.
The GGC regulates and oversees gambling and gaming activities in Ghana. Funded through licensing fees, permits and levies from operators, the Commission uses these resources to uphold fairness, transparency and responsible gaming across the sector.
The current lock-up of the investment has raised concerns about financial oversight and the Commission’s ability to regulate the gambling sector effectively, according to auditors and parliamentary reports.
During a session before Parliament’s Public Accounts Committee (PAC) on 30 September, GGC Acting Commissioner Emmanuel Quainoo said he discovered the funds had not been redeemed when he assumed office. He told the committee that the Commission had written to SIC‑FSL requesting repayment.
Quainoo said, according to GhanaWeb: “When I took over office, I realised that we had invested GHC5.165m with SIC Financial Services Limited, and the investment had not been redeemed. I wrote to SIC for the money to be refunded. They replied that their investments had been escrowed at the Ministry of Finance due to the banking sector clean‑up.”
Quainoo confirmed that the Commission has now referred the matter to the Attorney‑General’s Department for legal guidance. “I have written to the Attorney‑General for advice, and the matter is still pending there,” he said.
PAC questions SIC-FSL
PAC Chair Abena Osei‑Asare raised concerns over SIC‑FSL’s explanation. He said: “The problem of SIC did not start with the banking clean‑up, so that excuse cannot stand.”
The funds have remained locked since 2019. Auditors have emphasised the urgency of retrieving them, and parliamentary records show concerns about accountability.
While the Commission has described the funds as part of its investments, the retrieval effort is viewed by stakeholders as important for maintaining transparency and financial accountability in its operations.
