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-
“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
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