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27.11.2008 Business & Finance

All records are intact – GSE Managing Director

By GNA
All records are intact – GSE Managing Director

The Ghana Stock Exchange has asked investors not to panic because all records of transactions on the bourse are intact.

“I wish to state that no records were lost and therefore investors are assured that our database is safe. The data centre is intact, so are the automated floor and the security depository," Mr Kofi Yamoah, Managing Director of the exchange, told a press conference in Accra on Wednesday.

The assurance came after fire gutted parts of Cedi House at dawn on Wednesday forcing trading session to be relocated to the auditorium of the Ghana Export Promotion Council.

Mr Yamoah said the interim trading arrangement would be in place for sometime as the exchange undertook a thorough assessment of the situation.

The GSE expects to revert to operations at the Cedi House by the close of the week.

It is not yet clear how the fire outbreak might affect the switch to electronic trading scheduled to be launched in the next few weeks.

"The extent of the damage is still being assessed," Mr Yamoah said, adding that based on the assessment the exchange would determine whether it was possible to start before the end of the year or early next year.

Mr Yamoah, however, said there would be a temporary hold up in the migration of securities into the depository.

The Bank of Ghana and GSE said in a joint statement that the fire outbreak occurred at about 0350 hours on Wednesday.

It said the Ghana National Fire Service was called to the scene and they responded promptly and put out the fire.

There were no injuries and the cause of the fire is being investigated.

The statement said top officials of the Bank of Ghana, the GSE and Securities and Exchange Commission have visited the scene to assess the situation.

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