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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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Position yourself to take advantage of AfCFTA – Akufo-Addo to GSE

byBobbie Osei
August 27, 2020
in Economy, Local Economy, Markets, Top Stories
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President Nana Addo Dankwa Akufo-Addo has charged the Ghana Stock Exchange to strategically position itself to be able to attract more local and sub-regional companies to list on the local bourse.

According to him, the siting of the Secretariat of the African Continental Free Trade Area (AfCFTA) and the coming implementation of the agreement, offers immense opportunities for the Ghana Stock Exchange.

The composite index (GSE CI) which reflects the average performance of shares of listed companies, witnessed a significant drop of about 17 percent from January to June of 2020.

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The composite index instead witnessed a drop of about 8 percent within the same period in 2019.

During a courtesy call on the management of the local bourse, President Akufo-Addo encouraged the leadership of the bourse to fortify themselves and take advantage of the siting of the Secretariat of AfCFTA in Accra and the coming implementation of the agreement itself to attract more companies.

“The AfCFTA has the potential to be a major transformative initiative for our continent if we see to its proper functioning. And in the process, the country that hosts the secretariat has such a dynamic contribution to ensuring its success. We are attempting to make Ghana the regional financial hub and the role of the exchange is going to be critical.”

While accepting the challenge of the President, the Managing Director of the Ghana Stock Exchange, Ekow Afedzie, called on the government to implement more policies to attract more companies onto the bourse.

“As an exchange we have challenges. One of them being, how do we get more Ghanaian companies to utilize this market to raise money and long-term funding? We’ll do our part, but we also need government to look at various policies to attract some of the companies to utilize the market.”

On his part the Minister of Finance, Ken Ofori-Atta, assured the that government has laid the needed foundation to ensure the exchange thrives in the coming years.

“There’s a lot to do, but I think we have really set up the platform to be able to move forward God willing when the President is re-elected in December. Following the stability of the economy, what we have done on the international bond market, it’s now time to really unfurl ourselves, get companies listed to be able to make sure the regional financial services centre becomes real and we demutualize so that there will be more capital to do what we want to do.”

 

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