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MD of Ghana Stock Exchange calls on Governor of Bank of Ghana

Abena Amoah is the managing director of the Ghana Stock Exchange

A five-member delegation, led by the managing director of the Ghana Stock Exchange (GSE), Abena Amoah, has paid a courtesy call on Governor Ernest Addison and management of the Bank of Ghana (BoG).

In her remarks, Abena Amoah expressed delight about the warm reception accorded her by the BoG Governor and his team and complimented Dr Addison on his leadership, which has had a positive impact the financial sector.

Amoah said that in equities trading, the Ghana Composite Index recorded a decline of about 13% as of the end of last year, compared with the previous year.

She pointed out, however, that the largest value (roughly GHC1.3 billion) was traded in 2022.

This, she said, was attributable to MTN Ghana floating more of its shares on the stock exchange. The MD added that about GHC230 billion was traded in securities, a low figure in comparison to the previous year.

Formal forex market

Amoah told the Governor that in 2022 the GSE was admitted as a full member of the World Federation of Stock Exchanges, placing GSE on a par with the major players in the global stock exchange space.

Commenting on the impact of the Domestic Debt Exchange Programme (DDEP) on the GSE, the managing director said that the DDEP which was undertaken by the government as a condition precedent to Ghana’s entry into the International Monetary Fund (IMF) programme, had eroded investor confidence in the country.

She highlighted the need for increased financial literacy engagement to bolster confidence again, as well as the importance of sufficient, readily available investment information and diversification of the products on the market.

On the foreign exchange market, Amoah said the GSE intends to liaise with the Bank and other stakeholders to form a committee to work on formalising the foreign exchange market.

Governor Addison congratulated Abena Amoah on her appointment as the GSE managing director and expressed confidence in her ability to ensure a seamless transition from her predecessor, given her experience in the sector.

Private sector to lead

The Bank of Ghana Governor added that the economic outlook remains good and expressed the hope that a robust economy will soon improve the GSE’s fortunes.

Addison said the DDEP’s purpose is to facilitate fiscal consolidation and that it will help achieve macroeconomic stability and sustainable growth.

He stressed that the private sector has a vital role to play in transforming the economy and that private sector investment must lead, with the state providing an enabling environment. The lessons from current economic events will inform this shift, he said.

Dr Addison also urged the GSE to collaborate with ARB Apex Bank Ltd to promote the idea of exploring a listing on the alternative exchange for rural and community banks.

The GSE MD was accompanied by the acting deputy managing director of the stock exchange, Frank Berle, the head of its Ghana fixed income markets division, Augustine Simons, its head of strategy and international relations, Diana Okine, and the head of marketing and public relations, Jerry Boachie-Danquah.

In the Governor’s team were the first deputy governor of the Bank of Ghana, Dr Maxwell Opoku-Afari, the directors of the BoG’s financial markets, research and governors’ departments and other officials of the Bank.

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