Performance of GSE positive - Yamoah

Accra, Dec. 29, GNA - Mr Kofi Yamoah, Managing Director of the Ghana Stock Exchange, has given a positive assessment of the performance of the bourse in 2006, saying it has recovered sufficiently from the downturn of the previous year.

He told the Ghana News Agency (GNA) in an interview that although the general expectation was that the GSE All-Share Index, its benchmark measure, would outperform inflation, the gains gave an impressive reflection of the growing confidence of the investing public in the Exchange.

The Bourse in the year saw the listing of four companies - Ecobank Ghana Limited, Ecobank Transnational Incorporated, Aryton Drugs and Transaction Solution Ghana Limited (Transol).

There was also the listing of Government of Ghana two- and three-year fixed rate bonds, Standard Chartered Bank's Preference Shares and Standard Chartered Bank Medium Term Notes.

Mr Yamoah said while the listings set the pace for brighter trading prospects in 2007, the GSE would vigorously pursue the listing of more companies.

The State Insurance Company and Ghana Oil Company Limited are two companies expected to list during the year.

Mr Yamoah said new developments such as the implementation of the revised rule book; automation of the trading platform and passage of the Bill relating to the Central Securities Depository to allow for the step-by-step migration of securities to the platform and thereby eliminating paper works currently associated with secondary trading in shares were positive.

He acknowledged that the main challenge for the GSE would be public education in order to get more people to appreciate the importance of the GSE.

Mr Yamoah urged Small and Medium scale enterprises to come to the Exchange to enable them to raise capital to expand their businesses. Meanwhile, Transol was admitted to the official list of the Ghana Stock Exchange on Friday December 29 2006 with an opening price of 1,000 cedis.