Group CEO of MTN commends Ghana Stock Exchange as a viable platform to raise capital

As part of a three day working visit to Ghana, the Group CEO of MTN, Mr. Ralph Mupita paid a courtesy call to the Ghana Stock Exchange to express their appreciation following a successful listing of Scancom PLC(MTN Ghana) in September 2018.

He also used the opportunity to get a first-hand account of the performance of their shares since the initial Public Offer(IPO) in 2018. MTN has become a major player on the Exchange currently contributing 24.52% and 39.88% of total volume and value traded on the market, respectively.

The visit, among other things, seeks to strengthen the partnership between the two entities and to explore other areas of collaboration including digitization, to bring more convenience and speed to the investing public.

In his remarks, the Group CEO, Mr. Ralph Mupita said, ‘the role the Stock Exchange plays in providing a platform for mobilizing capital to support the expansion and growth of companies, is very crucial. He added that the national economy gets a huge boost when companies grow from the injection of capital from the Stock Exchange as more people get employed, and the citizenry become the ultimate beneficiaries.’

Despite the devastating impact of COVID-19, the Ghana Stock Exchange saw its April year-to-date Composite Index posting a return of 31.93%, and the Market Capitalization hitting GHS60.8bn, representing a growth of 10% versus last year.

The April year-to-date volumes traded was GHS 230.7 million, up 79% versus same period last year; and value traded, up 86% to GHS 184.5 million during the same period.

The Managing Director of the Ghana Stock Exchange, Mr. Ekow Afedzi reiterated, ‘As business activities are bouncing back in some sectors, retail and institutional investors should take advantage of the platform the exchange provides, to invest their funds in equities and the fixed income market.

The exchange also provides an added value platform for companies to list as a public company to raise long term capital through the issuance of equities and bonds.

In line with its 3-year strategic plan, the stock exchange plans to introduce new products such as derivatives, green bonds and others into the market, to provide more liquidity and attractive investment options for existing and potential investors. Investor education programs are receiving the needed priority to improve the investment culture in the country.