GSE, BoG to establish formalisation committee for foreign exchange market

In her remarks, the Managing Director (MD) of the GSE, Ms. Abena Amoah expressed delight about the warm reception accorded her by the Governor and his team and congratulated the Governor for his leadership, which has positively impacted the financial sector.

Ms. Amoah indicated that in equities trading, the Ghana Composite Index recorded a decrease of about 13% as at the end of last year, compared with the previous year.

She however pointed out that the largest value of about GH¢1.3 billion was traded in 2022.

This she said was attributed to MTN Ghana floating more of its shares on the stock exchange. The MD added that about GH¢230 billion was traded in Securities, which in comparison with the previous year was low.

She informed the Governor that in 2022, GSE was admitted as a full member of the World Federation of Stock Exchangers, placing GSE at par with the major players in the global Stock Exchange space.

Commenting on the Impact of the Domestic Debt Exchange Programme (DDEP) on the GSE, the MD stated that the DDEP which was undertaken by Government as a condition precedent to the country’s entry into the International Monetary Fund (IMF) Programme, had eroded investor confidence in the country.

To bolster investor confidence, the MD highlighted the need for increased financial literacy engagements, availability of sufficient investment information and the diversification of products on the market.

On the foreign exchange market, The MD stated that it is the intention of GSE to liaise with the Bank and other stakeholders to form a Committee for the formalization of the foreign exchange market.

On his part, the Governor, Dr. Addison congratulated Ms. Abena Amoah on her appointment as MD of GSE and expressed confidence in her ability to ensure a seamless transition from her predecessor, given her experience in the sector.

The Governor added that the outlook of the economy remains positive and was hopeful that a robust economy would improve the fortunes of GSE.

Governor Addison noted that the DDEP is to facilitate a fiscal consolidation and indicated that the objective is to achieve macroeconomic stability and sustainable growth.

The Governor further stated that the private sector has a key role to play in the transformation of the economy and that private sector investment must lead with the State providing an enabling environment. He added that the lessons from the current economic events will inform this shift.

The Governor also urged the GSE to collaborate with the ARB Apex Bank Limited to promote the idea of exploring the possibility of listing on the alternative exchange for rural and community banks.

The MD of the GSE was accompanied by the Acting Deputy Managing Director, Mr. Frank Berle, the Head of the Ghana Fixed Income Market, Mr. Augustine Simons, the Head of Strategy & International Relations, Mrs. Diana Okine and the Head of Marketing & Public Relations, Mr. Jerry Boachie-Danquah.

In the Governor’s team were the First Deputy Governor, Dr. Maxwell Opoku-Afari, the Directors of Financial Markets, Research, Governors’ Departments and other officials of the Bank.