GSE ready for all transactions -Mr. Yamoah

Mr. Yamoah

Mr. Yamoah

The Ghana Stock Exchange (GSE), has the capacity for MTN and other four banks seeking to raise GH¢ 4.46 billion in the capital market, Managing Director, GSE Kofi Yamoah has said.
He said because the market was opened to both resident and non-resident investors it gives limitless capacity to handle big-ticket transactions of such nature.

Speaking to journalists on the sidelines of the annual general meeting of the GSE in Accra on Thursday he said the value under management for private pension funds alone was more than GH¢10billion.

Access Bank, Agricultural Development Bank (ADB), Republic Bank and Societe  Generale Bank are hoping to raise GH¢450million, GH¢310million, GH¢255million and GH¢170million respectively.

MTN recently launched its Initial Public Offer (IPO), seeking to raise an amount of GH¢3.48billion from the capital market within a space of six months.

Mr. Yamoah said the market was deep enough to accept the Initial Pubilc Offerings of the companies seeking to raise additional capital.

On the listing of MTN on the Accra bourse after its IPO Mr. Yamoah said it would add a new sector dimension to the market because currently there was no telco or services sector operators on the GSE.

He said it would provide an avenue for investors to enjoy reasonable returns on their investment because MTN was one of the profitable businesses in the country.

He lauded MTN for bringing new innovations into the market where shares could be bought through mobile money and also online.

Mr.Albert Essien, Chairman, GSE Council addressing the meeting said the GSE Composite Index which measures the performance of the entire market recovered from its negative trend in 2016 to end the year strongly with 52.73 per cent compared with the -15.33 per cent recorded at the end of 2016.

The GES Financial Stock Index (GSE-FSI) also recorded a positive gain of 49.51 per cent compared to a negative (-19.93 per cent) recorded at the end of 2016.

“Similarly, the index performance impacted positively on market turnover in 2017 as volume and value recorded were higher than the previous year 2016,” he said.

The volume of shares traded for the year 2017 stood at 323million shares valued at GH¢ 18 million compared to the volume and value of 253 million shares worth GH¢242 million respectively recorded in 2016.

Market capitalisation for all listed securities at the end of December 2017 was GH¢ 58.8 billion compared to GH¢52.7 billion in 2016, representing an increase of 11.48 per cent.

Domestic market capitalisation also gained 45.23 per cent ending December 2017 at GH¢ 16.2 billion compared to GH¢ 10.9 billion at the end of December 2016.

The Exchange also continued to improve its financial performance and recorded a surplus of GH¢ 12.37 million in 2017 compared to a surplus of GH¢5.38 million in 2016.

By David Adadevoh

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