BoG boss courts support for CSD

Governor of the Bank of Ghana Dr. Kofi Wampah says stakeholders’ support of the Central Securities Depository (CSD) operations is very essential for holistic financial market development.

Dr. Wampah, speaking at the launch of CSD’s 10th anniversary in Accra, said the merger of the central bank and the Ghana Stock Exchange’s depositories is a step in the right direction, and that the fusion portends a bright future for the country’s market.

“We have already started seeing the benefits of the merger -- which include synergy of pooling the resources of the two institutions, credibility, lower transaction and operational costs among others,” he said. CSD was established in 2004 by the Bank of Ghana alongside an Electronic Auction system to handle the issue, custody, dealing and redemption of government securities.

“In looking forward to the next decade, the depository seeks to make itself more relevant in the financial market. This is reflected in the new vision that has been crafted for the depository in its strategic plan for 2015-2019,” Dr. Wampah added.

The new vision of the CSD is “to be a leading global provider of reliable post-trade services, playing a pivotal role in the financial market in Ghana”.

According to CSD’s CEO Stephen Tetteh, in the next five years the company will work hard to register its presence in the international capital cross-border links/accounts with the other regional CSDs.

“We are moving steadily toward global recognition. In the next few years we hope to take a giant leap toward being a global institution by installing a state-of-the-art depository platform capable of trading the whole all gamut of securities,” he said.

The depository, Mr. Tetteh said, will partner with Securities and Exchange Commission (SEC), BoG, SEC and other stakeholders in laying a firm foundation for orderly development of the market. 10th anniversary

Activities lined up for the anniversary celebration continue today with a panel discussion at Alisa Hotel on the theme “10 years of Depository Services in Ghana: Achievements and Challenges”.

There will be further activities subsequently, including a seminar -- an outreach programme at the University of Ghana Business School on the topic “Role of the CSD in Ghana’s Financial Market”.

On Wednesday there will be an anniversary lecture on the topic “Depository Services in Ghana -- The next Decade”, which will wind-up activities marking the anniversary.