The Ghana Investment and Securities Institute (GISI) has been launched to take over the running of courses in the securities industry which were hitherto done by the Ghana Stock Exchange (GSE).
By this new arrangement, any individual who wishes to be licensed by the Securities and Exchange Commission (SEC) to operate in the industry will be required to first complete the securities courses run by GISI.
At the launch in Accra, the Chairman of GISI and Director-General of SEC, Rev.Daniel Ogbarmey Tetteh, said the change was to enhance the human capital base in the industry.
“We know human capital is very important in the industry so we have reviewed the course structure to better equip people with what it takes to do well in the industry.
“We are also introducing continuous professional development programmes because we are saying not only must you have the qualification that will get you the licence, but on an ongoing basis, you need to refresh your knowledge,” he stated.
He said GISI was a collaboration among SEC, GSE, Central Securities Depository (CSD) and the Ghana Securities Association.
“The whole idea is to take the training higher and improve on what the GSE has been doing for over 20 years.
“GISI will take over and give it more depth so that we have the right people with the right competence, ethical orientation to develop a stronger capital market,” he said.
Role of CISI
Rev. Ogbarmey Tetteh noted that the training would be done with support from the Chartered Institute of Securities and Investment (CISI).
Commenting on the role of CISI, he said: “CISI is an international trainer in the securities industry and as part of the enhancement, we thought it would be good to collaborate with them to deliver the training.”
“It is bringing an international flavour to the training, and what the CISI qualification will do for those who get it is that anywhere that CISI is recognised in the world, once you have that qualification you can be recognised and operate in that jurisdiction,” he said.
Rev. Ogbarmey Tetteh said that was going to benefit the securities industry because it was an industry that required human capital to be effective.
“Everything runs on human capital in the industry. The industry doesn’t use machines and equipment; it is about the human capital. The human capital will need technology to do their work but essentially the human capital is key because it’s a service industry,” he said.
“So the programme will deepen their capacity and refresh their knowledge on a continuous basis,” he added.
The Managing Director of the GSE, Mr Ekow Afedzi, also speaking at the launch, said the GSE had been running the securities courses for over 20 years but was now making way for another institute to take over.
“We are moving on to a bigger, more professional body that will handle the securities industry courses.
Going forward, he said, it was looking at transforming the GISI into a chartered institute where one would have to become a member to practise in the securities industry.
“This might take three to four years but we will surely get there, so it is important we take this first step more seriously. This is the beginning and we hope to build from there,” he said.