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Lessons of the Sam Bankman-Fried case for Global South nations like Ghana

Feature Article Sam Bankman-Fried found guilty in financial fraud trialFTX founder Sam Bankman-Fried was found guilty in his criminal fraud trial by a federal jury in Manhattan.
NOV 3, 2023 LISTEN
Sam Bankman-Fried found guilty in financial fraud trial FTX founder Sam Bankman-Fried was found guilty in his criminal fraud trial by a federal jury in Manhattan.

Dear critical-reader, what lessons, if any, can financial sector regulatory bodies in Global South nations learn from the Sam Bankman-Fried case in the U.S., judgement for which has just been pronounced, with the accused being found guilty?

Hopefully, lessons will be learnt worldwide - so that hardworking innocents-abroad, globally, aren't fleeced so easily because of regulatory-failure-impacts.

Ghanaians must ensure that their nation's system isn't hijacked by such smooth-talking likeable-rogues, because they spread investor cash liberally, to buy the services of the best lawyers and other sector-leading professionals, as their local enablers to enable them 'legitimise' their egregious-illegalities - because the anguish their fraudulent-scheming cause, actually ruins many families and individual lives. No question.

Were Ghana to take swift steps to ban all foreign investors using legal vehicles domiciled and registered in offshore tax havens, such as Luxembourg and Mauritius, from operating in its jurisdiction, it would prevent sundry foreign rogues, from attempting to dupe local entrepreneurs they partner, through ruinous unconscionable-partnership-agreements, made possible by so-called reputable law firms that ought to have known better but allowed greed for filthy-lucre to cloud their judgement, oooo, Ghanafuor.

Global South nations that are wise and aspirational, must definitely learn useful lessons from the Sam Bankman-Fried case, dear critical-reader. That is why it is vital that Ghana's financial sector regulatory bodies take swift steps to ensure that Parliament passes needed legislation to ensure the conducive business-friendly environment so critical for an emerging nation dependent on ethical private sector entrepreneurship, to power its growth sufficiently, and long enough, to enable its national economy to underpin societal transformation that lifts tens of millions out of poverty. A word to the wise...Yoooooooo...

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