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27.11.2008 Education

GSE Conducts Trading…Despite Fire Outbreak

By Daily Guide

THE GHANA Stock Exchange (GSE) says it has put in place interim measures to carry on trading on the Accra Bourse despite the fire outbreak that occurred yesterday.

Fire gutted some portions of the sixth floor of the GSE at approximately 3:50 am yesterday, a situation that delayed trading in the morning since it had to be moved to the premises of the Ghana Export Promotions Council (GEPC) Trade House located opposite the Cedi House- the building that houses the GSE.

CITY & BUSINESS GUIDE gathered that the fire outbreak may be due to an electrical fault though officials remain tight-lipped.

At a press conference that took place at the premises of the Bank of Ghana yesterday, Kofi Yamoah, Managing Director of GSE said his outfit is presently conducting assessment to establish the extent of damage on the GSE.

Mr. Yamoah allayed the fears of investors saying no records have been lost and that trading will continue as usual.

The automation, depository and clearing systems are intact, Mr. Yamoah added.

“We connected three routes, the Local Area Network, a system that connects all brokerage houses and the internet system as nothing has happened to any of them.”

He however noted that migration of shares to the Central Securities Depository (CSD) or electronic form has been suspended until the situation has been resolved. The CSD is to enable all paper share certificates to be converted into electronic form, a move that will improve liquidity and attract investors to the stock market.

With regard to whether the automation of the trading platform that is expected to be launched next month will go on as schedule, Mr. Yamoah did not comment, adding that until the assessment is over he cannot tell.

The Central Bank and the GSE yesterday released a joint statement at a new conference read by Kofi Adu Larbi, Adviser to Dr. Paul Acquah, Governor of the Bank of Ghana.

According to the statement, the Ghana National Fire Service responded promptly and put out the fire that occurred within the premises of the Cedi House.

It further added that officials of the Central Bank, the GSE and the Securities and Exchange Commission have visited the scene to assess the situation.

By Charles Nixon Yeboah