• The Ghana Stock Exchange (GSE) says it expects much more improvement in
    secondary market activity in 2017, on the basis of the positive macro-economic
    environment.
    The Managing Director of the GSE, Mr. Kofi Yamoah, said the improvement in
    the macro-economic environment that had seen inflation and interest rates
    trending downwards and the cedi relatively stable this year offered hope for the
    Exchange.
    He said, “We count on the fact that the macro-economic environment would
    continue to be good this way and on the basis of that we expect much more
    improvement as far as secondary market activity is concerned.”
    Mr. Yamoah made this known in an interview after the Exchange’s 27th Annual
    General Meeting in Accra.
    On the listing front, Mr. Yamoah said not much headway had been made to date
    but expected a number of companies to formalize their processes and steps
    towards listing in due course.
    “The only unfortunate aspect is that the Securities and Exchange Commission
    doesn’t have its full complement of commissioners in place and we hope that
    would also come sooner than later so that we can have the full gamut in place for
    the second half of 2017,” he said.
    Mr. Yamoah encouraged multinationals in Ghana to list on the Ghana Stock
    Exchange to make their customers and Ghanaians generally part of their
    business activities by giving them some of those shares through public offers.
    This, he said, would help the Exchange to have a great and wider sectoral
    representation of economic activities as far as the exchange is concerned.
    “There are 33 banks and more than 26 insurance companies. But so far we have
    only two insurance companies and about seven banks. We want that to improve
    so that when you talk about the Exchange and the indices and so on it becomes
    a much broader representation of economic activity,” he said.
  • On the restoration of the capital gains tax incentive, Mr. Yamoah said it was a
    welcome idea for the Exchange as it would help not only the retail investors but
    also the non-resident investors who participate in the market.
    Touching on the West Africa Market Integration project, Mr. Yamoah said the idea
    was to gradually ensure that the Exchanges in the sub-region were opened to all
    issuers so that a public offer could be marketed in all the West African Countries
    while in the same way an investors can participate in markets across the sub-
    region.
    “The whole idea is to open up to West Africa to all issuers, open up West Africa to
    all investors and hopefully from our individuals’ small sizes we can have a bigger
    pool of West Africa market,” he said.
    Mr. Yamoah said the 2nd Phase of the project involved granting autonomy to
    dealers to be able to trade directly in the market in another jurisdiction.
    In the first phase the dealers had to go through a dealer in the other market.
    He said the second phase was to make sure that the dealer could satisfy certain
    additional requirements so that he could participate directly in markets in order
    jurisdictions.
    Mr. Albert Essien, Chairman of the GSE Council, said despite the economic and
    market conditions in 2016, the Exchange recorded a surplus of GH¢5.38 million
    compared to GH¢2.55 million in 2015.
    On market performance, Mr. Essien said the GSE Composite Index, which
    measured the performance of the entire market, ended 2016 with a negative
    15.33 per cent on the back of subdued performance by listed banks.
    The volume of shares traded stood at 253 million shares valued at GH¢242
    million compared to 246 million shares valued at GH¢247 million in 2015.
    The Market capitalization of listed securities at the end of December 2016 was
    GH¢52.7 billion compared to GH¢57.1 billion in 2015, representing a decrease of
    7.75 per cent.
    Also, domestic market capitalization fell by 2.75 per cent at GH¢ 10.9 billion
    compared to GH¢11.2 billion in 2015

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Conformity to Occupational Health & Safety (OHS) Systems through the implementation of OHS management systems by local...