Business News of 2014-07-29

‘Ghana's capital market needs to penetrate regional markets’

The Deputy Minister of Finance and Economic Planning, Madam Moona Quartey has called for the integration of Ghana's capital market into regional markets such as Nigeria as well as in Francophone markets.
She said the development of such interrelated markets would not only contribute to regional financial stability but also strengthen related companies in the economy.
Madam Quartey was speaking at the fourth edition of the Ghana Investment Awards (GIA) on the theme "Ghana's Capital Market in the New Ghana Economy." The occasion also saw the unveiling of the official magazine for the 2013 GIA.
About the Awards
The event, organised in collaboration with the Premier Networking Investment Club (PNIC), seeks to recognise excellence in the country's investment industry.
The award assesses the performance of 22 brokerage firms and 63 investment advisor firms duly licensed by the Securities and Exchange Commission (SEC) and all listed equities on the Ghana Stock Exchange (GSE).
In all 10 out of the 12 categories of awards were presented, with the award for the Deal of the Year and the Advertising Campaign of the Year being going to no one.
The Capital Market
Madam Quartey said Ghana's capital market since its establishment had gone through various stages of development. "Today, the market arguably is one of the best performing markets in Sub-Saharan Africa," she said.
Madam Quartey said however that there was the need to put in more effort to broaden and deepen its goals.
To achieve this, she said there was the need for the country to have an efficient and effective market that was strong, sustainable, well-structured and played an essential role in national development.
She said there was also the need for an enabling environment that would allow for the transformation of the Ghanaian economy by becoming the first point of call for domestic savings for an interactive investment. "They must be able to finance our nation's huge developmental needs as outlined in our medium term development framework," she said.
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, Gold Coast Securities won the Fund Manager of the Year award followed by Data Bank Asset Management Services and SIC Financial Services who won silver and bronze respectively.
Data Bank Brokerage Limited won the Broker Dealer of the Year for the highest values of transactions undertaken within the year. African Alliance Securities Limited and IC Securities, followed closely with silver and bronze awards respectively.
The Best Growing New Investment Bank went to Frontline Capital Limited while HFC Equity Trust won the Equity Fund of the Year.
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. He was keenly contested by Madam Gifty BONDZIE of IFS Capital and Mr Jeffery Mason of CAL Brokers Limited who took silver and bronze respectively.
The Lifetime Investment Achievement Award was bestowed on Dr Yeboa Amoah, former Managing Director of the Ghana Stock Exchange and presently a Capital Market Consultant while Mr Ekow Afedzie of HFC Investment Limited, for the third time running, won the Portfolio Manager of the year.
Source: graphic.com
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