Automation of trading on the Ghana Stock Exchange (GSE) is expected to commence by the first half of this year, Kofi Yamoah, Managing Director of the GSE has told CITY & BUSINESS GUIDE.
The automation of the trading platform has been on the drawing board for sometime now due to negotiations with the remaining vendors of the bidding document in order to allow the winning vendor to be chosen.
Just last week, the exchange awarded the contract for the automation of the trading platform to Infotech of Pakistan, regarded as one of the top information technology firms in the world.
Infotech is a well established security infrastructure company having worked on a number of large projects with IBM. It also represents Microsoft and Cisco.
Mr. Yamoah explained that the process which was supposed to have commenced late last year had to be delayed because of Economic Management Capacity Building (EMCB) procedures. The EMCB Secretariat is the coordinating wing of the Ministry of Finance.
“We needed to be cautious with each step taken in order not to fault the procedures, hence the delay”. Meanwhile, the GSE will today launch work on its automated trading system.
Infotech is expected to begin implementation of the trading platform immediately the launch is over.
The automation of the trading platform, according to stock analysts, will enhance liquidity on the market as well as improve trading on the exchange.
The GSE continues with its impressive trend this year with market activities for the last couple of days experiencing appreciations.
Shares of Ghana Commercial Bank, SG SSB, Ecobank Ghana, Cal Bank and Guinness Ghana Limited have sustained their performance from last year by making positive gains on the Accra Bourse.
It is expected that the automation system will also enhance the bond market which is gradually gathering momentum.
It will also enhance GSE's move to develop a programme that will help lure small and medium scale enterprises (SMEs) to list on the exchange.
By Charles Nixon Yeboah