GSE: Modest achievements vindicate founding fathers

The Managing Director of the Ghana Stock Exchange (GSE) said on Friday that the modest achievements of the bourse over the past 10 years have vindicated the vision and wisdom of the founding fathers and all those who played a role in its establishment.

"The Exchange has pioneered the development of Ghana's capital market and served as an important pivot for capital mobilisation,' Mr Yeboa Amoa said in a statement to mark the 10th anniversary of its first floor trading which fell on November 12.

The GSE said the anniversary, which is on the theme "Capital market - The way forward for economic development," will cover the period between now and January 11 next year, which will be the official launch of the 10th anniversary.

"The exchange has come to symbolise Ghana's commitment to sun a market-oriented economy, reform its financial sector and use the private sector as the engine for economic growth," he said.

Mr Amoa said additionally, the GSE has helped in the process of integrating the national economy into the global economy. "The period of 10 years of stock market operations has put the country on the map of the world's financial markets." The GSE was twice in 1994 and 1998 voted one of the best performing emerging markets in Africa and the world.

Mr Amoa said the GSE has assisted in the government's divestiture programme. He said, through initial public offerings and other primary market activities, long-term capital of over 160 billion cedis had been raised on the exchange. It has also provided liquidity to portfolio investors where none existed previously.

Mr Amoa said under the aegis of the Securities and Exchange Commission, the GSE would strive and make more impact on private sector development through its role in long-term capital mobilisation.

"In keeping with changes in the industry, there will be more modernisation in order to boost investor confidence and attract more portfolio investors," he said