President Nana Addo Dankwa Akufo-Addo says his administration is bent on getting Ghana a strong stock exchange that will be the most competitive on the African continent.
Addressing the Managing Director and staff of the Ghana Stock Exchange (GSE) during a familiarization tour, President Akufo-Addo said the country had in the last few months gone through some harrowing times, as has the entire world. This, he noted, has had major impact on the economies of countries of the world.
“If indeed, the stock exchange is one of the critical instruments for growing a country’s economy, and thereby growing the possibility of the people becoming more prosperous, I think it is important that those of us who have to make decisions affecting the economy, have a clear idea of what is going on here. That is the main reason why I came to find out the impact of the COVID-19 pandemic, where you in terms of growing the exchange, and what, obviously, government on its part can do to assist the process of getting Ghana a really strong stock exchange,” President Akufo-Addo said.
“My presidency is signaling to you that this government is particularly keen on the things you are doing here and what it can do also to assist you,” President Akufo-Addo added.
MD of GSE
The Managing Director of the Ghana Stock Exchange, Ekow Afedzie, in his remarks noted that the GSE, has a few challenges, the most pressing of which is how to get more companies to list on the Exchange’s market.
“How do we get Ghanaian entrepreneurs to utilize this market to raise money, to raise long term funding? We will keep on doing education, we will keep on creating incentives internally for them but we also need to get the government to look at various policies that can also help and attract some of these companies to also go out there and raise capital on this market,” Ekow Afedzie stated.
The Ghana Stock Exchange
The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency. The GSE is located within the Cedi House in Accra.