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    E-cedi will not affect MoMo business – Bank of Ghana

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    Bank of Ghana to widen its scope on cryptocurrency

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

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    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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Delay in setting SEC board killing investor confidence-Former SEC Boss

bycitibusinessnews
June 8, 2017
in Banking And Finance, Government, Local Economy, Top Stories
former Director General of Securities and Exchange Commission- Dr. Adu Anane Antwi

former Director General of Securities and Exchange Commission- Dr. Adu Anane Antwi

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Some stakeholders in the financial sector have expressed worry over the delay on the part of the president to announce a new board of directors for the Securities and Exchange Commission (SEC).

Under the laws governing the securities industry, the board is mandated to vet and approve the listing of bonds, equities, registration of investment advisory firms, asset management firms, and the creation of mutual funds.

By this, it is impractical for the commission to operate smoothly without a board.

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Some reports suggest that the commission may have missed an opportunity to raise millions of cedis in the first six months of the year as activities slow down on the bourse.

Speaking to Citi Business News, a former Director General of the Commission, Dr. Adu Anane-Antwi described the situation as a setback in boosting investor confidence; hence the president must announce a new board immediately.

“People come to the market based upon market situation and they are advised by clients and advisors that if you want to raise money at the market and be successful this is right time. Assuming I have been advised that I should go to the market in March to raise funds, and by March I have gone to the market and the SEC tells me that we cannot approve your document because we don’t have a board, then there is a challenge,” he lamented.

He explained that raising funds on the bourse is always done according to time and strategy.

He pointed out that denying an investor the right time could kill their confidence and cause some challenges to companies listed on the market.

“The board may come at a time that I think the market is not right for companies to raise the  funds. The opportunity should be there so that anytime somebody wants to raise funds he can raise the funds but not to delay the companies,” he said.

As it stands, Dr. Anane-Antwi maintained that it is practically impossible for serious activities to take place on the market since almost all activities are managed and approved by the board.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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