Category: Markets
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Banking crisis partly to blame for collapse of some fund managers — Securities Industry Association
The Ghana Securities Industry Association (GSIA) says some of the collapsed fund managers had their funds locked up in savings and loans and microfinance companies that were placed into receivership by the Bank of Ghana. The association, whose membership includes capital market players, in its response after the capital market regulator shut down 53 fund…
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List of Fund Managers remaining after SEC mass license revocation
The Securities and Exchange Commission last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches. A press release issued by SEC said the companies among other things failed to honour clients’ redemption requests, placed funds in unregulated investments, used clients’ funds to fund related parties’ activities. Out of the 53 companies,…
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Hundreds rendered jobless after SEC’s closure of struggling fund managers
The Securities and Exchange Commission’s decision to withdraw the licenses of struggling fund management companies has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their…
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Frequently Asked Questions on SEC’s revocation of licences of Fund Managers
The Securities and Exchange Commission yesterday revoked the licenses of 53 fund management companies. In the aftermath of the mass shut down, there are a number of questions that are begging for answers and SEC has put together this Frequently Asked Questions (FAQs) on Revocation of Licences of Fund Managers. 1. What has called for…
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Frequent changes to tax laws worrying – Economist
Ahead of the 2020 budget presentation next week, Economist Dr. Lord Mensah has expressed concern about the frequent changes made to the country’s tax laws. According to him, such changes could ward off investors who might find them bad for long-term business planning. The current Finance Minister in an attempt to create a conducive environment…
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Pay workers appropriately to prevent corruption – TUC Chairman
Ahead of the implementation of the 2020 National Daily Minimum Wage (NDMW), the Trades Union Congress (TUC), the main umbrella organization for trade unions activities in Ghana has warned there could be a rise in corruption if workers are not paid enough. The 2020 National Daily Minimum Wage (NDMW) has gone up 11 percentage points…
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Esoko data shows 3.9% drop in food prices in third quarter
Commodity Analyst Esoko Ghana says the prices of foodstuff on the market have declined by 3.9 percent for the third quarter of the year. Esoko says the decline is not surprising especially as the period is the harvesting season. With the 10 percent increase in transport fares, one would thought prices of foodstuff will also…
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SEC freezes issuance of new fund management licenses
The Securities and Exchange Commission (SEC) has placed a six-month moratorium on the issuance of new fund management licensing as it begins processes to overhaul the licencing regime as well as clean up troubled sector. A release issued by the Commission stated that it will, however, continue to review applications for renewals for existing Fund…
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Foreign investors want minimum capital requirement reduced
A new report by CUTS Ghana has shown that foreigners who wish to invest in Ghana want the minimum capital requirement set by the GIPC Act, 2013 (Act 865) reduced. The research was conducted in collaboration with the World Economic Forum and the Ghana Investment Promotion Centre (GIPC). According to the research findings, some foreigners…
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Ndoum resigns from board of Gold Coast Brokerage; changes company’s name
The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has resigned from the Board of Gold Coast Brokerage Limited. A statement from the Ghana Stock Exchange to Citi Business News confirmed the announcement. Dr. Papa Kwesi Nduom is resigning from the Board together with Patrick Kobina Anumel. They are being replaced by Dr. Olivia Anku-Tsede,…