The Ghana Stock Exchange (GSE) is to intensify its public education of the investing public to ensure the smooth start in the automated trading and the depository systems.
Mr Frank Adu Jr, Chairman of the Ghana Stock Exchange Council, who announced said between now and next year a lot of innovative activities would take place on the floor of the exchange and this calls for support from the mass media.
Speaking at the 18th Annual General Meeting of the exchange in Accra yesterday, Mr Adu said the automated trading system project, the clearing and settlement and depository system as well as the establishment of the GSE Securities Depository Ltd were all on course.
He said the exchange was at an advanced stage of refurbishment to accommodate these new systems and make the exchange a preferred placement for investment.
The chairman hinted that the council was working towards the acquisition of a suitable plot of land which the exchange could develop in the future as its own office premises.
Giving an overview of secondary trading, Mr Adu said there was a tremendous improvement during the year under review and that volume of shares traded rose by 193 per cent to 287 million shares valued at GH¢140.71 million compared with 98 million shares valued at GH¢47.6 million in 2006.
He said market capitalisation increased by more than one billion Ghana cedis from GH¢11.25 billion to GH¢ 12.37 billion at the end of December 2007 mainly as a result of the impressive secondary market activity and the listings of Goil and Ghana Commercial Bank rights issue.
The GSE All-Share Index which is used to measure the performance of the market, gained 31.84 per cent in 2007 which compared favourably with the marginal 4.28 per cent recorded in 2006.
The chairman also disclosed that the exchange was expected to begin the process of demutualisation which involved the conversion of the exchange from a public company limited by guarantee to a public company limited by shares and if possible to offer shares to existing dealers and associates as well as other relevant stakeholders.
Story by Lloyd Evans
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