Business News of 2014-07-28

‘Position capital market to attract domestic savings’

A Deputy Ministry of Finance and Economic Planning, Madam Mona Quartey, has stressed the need for the capital market to position itself to become the first port of call for domestic savings and international investors.

She said the market should also be able to finance the country’s huge development needs as outlined in the medium-term development policy framework. Madam Quartey made the call at the fourth Ghana Investment Awards (GIA) and the unveiling of the official magazine for the 2013 GIA.

The event, which attracted high profile players from the capital markets, was on the theme: "Ghana's Capital Market in the New Ghana Economy." Madam Quartey said “to realise the full potential, our country must have an effective and efficient market that is strong, sustainable, and well-functioning and plays a central role in our nation’s development.”

She stated that Ghana's capital market, since its establishment, had gone through various stages of development, and added: "Today, the market arguably is one of the best performing markets in sub-Saharan Africa.” However, Madam Quartey said there was the need to put in more effort to broaden and deepen its goals.

Madam Quartey, therefore, called on stakeholders in the financial sector to play an invaluable role as members of the investment fraternity in consolidating the gains made so far, while recommitting themselves to the stability, efficiency and development of the Ghanaian capital market.

Award winners

Under the Corporate Awards category, Gold Coast Securities was adjudged the Fund Manager of the Year, followed by Data Bank Asset Management Services and SIC Financial Services, which won silver and bronze, respectively.

Data Bank Brokerage Limited won the Broker Dealer of the Year for the highest values of transaction undertaken within the year. African Alliance Securities Limited and IC Securities followed with silver and bronze awards, respectively.

The Best Growing New Investment Bank went to Frontline Capital Limited, while Equity Fund of the Year was awarded to HFC Equity Trust. The Balance Fund Of the Year, Money Market Fund of the Year,and the Best Performing Stock of the Year categories were awarded to Data Bank Balance Fund, First Bank, and PZ Cussons, respectively.

For the individual awards category, Mr Yaw Adu Koranteng of NDK Asset Management Limited was adjudged the Most Promising Young Investment Professional Of The Year. Madam Gifty Bondzie of IFS Capital and Mr Jeffery Mason of CAL Brokers Limited took silver and bronze, respectively.

The Lifetime Investment Achievement Award was bestowed on Dr Yeboah Amoah, a Capital Market Consultant, while Mr Ekow Afedzie of HFC Investment Limited, for the third time running, won the Portfolio Manager of the Year.

Organisers' Remarks

In his address, the President of PNIC, Mr Kelvin K. Abdullah, said the GIA awards were the premier and only awards programme that recognised the performance of the various parties in the investment sector.

"It was born of our desire to encourage a competitive and active investment market because we felt that the investment industry was not getting its own fair share of attention and recognition in comparison with the banking industry," he said.