The Securities and Exchange Commission, Ghana (SEC Ghana) has become the second capital market regulator to formulise its participation in Financial Sector Deepening Africa’s (FSD Africa) flagship Africa Regulator Support Programme, a continent-wide initiative designed to strengthen the continent’s capital market regulators to reach international standards. The cooperation agreement was signed at the Ghana Academy of Arts and Sciences during the 3rd Market Conference on the 21st November. The conference also celebrated the 20th anniversary of the establishment of the SEC.
Ghana was chosen to be part of the programme because of its unique position: strong interest from international investors towards the country’s development and active support from the government to drive capital markets development to raise long term finance and support sustainable economic growth.
Through the programme, FSD Africa will provide holistic support to SEC Ghana. First, it will fund an institutional capacity assessment to identify strengths and areas of improvement in SEC Ghana’s strategy and operations, providing support to implement key recommendations. The programme will also conduct a scoping study got the non-government bond market and help to develop the country’s private debt market for cedi corporate bonds.
The two and half year Africa Regulator Support Programme, will provide world class technical assistance, encourage closer collaboration among regulators and conduct research to support the development of new policies and regulations.
Ghana Country Director for the UK Department for International Development stated that “The development of capital markets is critical to enable access to sustainable financing for infrastructure and private sector investment. FSD Africa is funded by the UK Government, and this is an exciting new element to the UK’s offer in Ghana which will be critical in helping the country to move ‘Beyond Aid’ and deliver the Sustainable Development Goals”
Director General of the Securities and Exchange Commission Ghana also noted that “FSD Africa has been keen to support Ghana’s capital market development with its resultant impact on the real economy. As the Commission deepens its capacity, the need for technical support and insights is very much appreciated. Another important exercise that will come out of this partnership is a bond study. This will enhance the work being done on the Capital Markets Master Plan Working Group.”
Director of FSD Africa Mark Napier added that “Ghana was chosen to be part of FSD Africa’s Regualtor Support Programme because of government’s strong commitment to driving capital markets development.”
The signing was undertaken by Daniel Ogbarmey Tetteh and Director of Financial Markets, FSD Africa and observed by the Finance Minister Ken Ofori-Atta as well as the Country Director for UK’s Department for International Development (DFID) in Ghana.
