Business News of 2014-01-16

2nd tier pension helps GSE performance

Mr Kofi Yamoah, Managing Director of the Ghana Stock Exchange has said the performance of the exchange in 2013 was as a result of the 2nd tier Private Pension Fund Managers participation in the market.

He said another factor that accounted for the outstanding performance was the excellent results of listed companies for full year 2012 and first to third quarters of 2013.

Mr Yamoah was speaking at a press conference on the GSE market performance for the year ended December 31, 2013 in Accra on Wednesday.

He said trading was very likely to be active on the back of continued participation in the market by the 2nd tier Private Pension Fund Managers if listed companies continue to post extremely good results in 2014.

Mr Yamoah said during the year, the new market dedicated for small and medium size companies and start-ups dubbed: “Ghana Alternative Market” took off with two companies accessing the listing support fund.

The Managing Director indicated that the exchange has made efforts at integration of West African Capital markets and that enough progress has been made in that direction.

He announced that a potential of three companies would be listed on the Ghana Alternative Market and three on the Main Board.

He said Capital requirement of Licensed Dealing has changed from GH¢100,000 to GH¢1 million in December 2013, meanwhile companies have up to March 2014 to comply.

Source: GNA
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