The government is committed to deploying targeted policy initiatives to diversify investor base, reduce external dependency and broaden market participation within the securities and exchange sector, Minister of Finance, Mr Ken Ofori-Atta, has said.
He mentioned the development of the framework for domestic credit rating agencies, which would provide impartial assessment of companies and securities, as one of the initiatives.
MrOfori-Atta was speaking at the Ghana Capital Market Conference (GhaCMaC) organised by Securities and Exchange Commission (SEC) in Accra on Friday.
Under the theme’Deepening and diversifying Ghana’s Capital Market towards a more resilient financial system’, the conference, which formed part of activities to mark the 25th anniversary of the Commission, aimed at discussing critical issues within the sector to diversify Ghana’s capital market towards making Ghana’s economy more resilient.
As part of the conference, a five-year strategic plan was also launched to deepen and expand markets, enhance market awareness and education, and build the capacity and capability of SEC, while strengthening market infrastructure to develop a robust legal and regulatory framework.
MrOfori-Atta said for a sector that contributed about 14 per cent of the Gross Domestic Product and impacted about 10 million of the country’s population, there was a need to ensure that the sector had a more positive impact on the economy.
He said through the development of Bank of Ghana, the government was facilitating to underwrite the issuance of equity securities, guarantees and strategic support to amplify investment opportunities and bolster economic growth.
The Director-General (D-G) of SEC, Reverend Daniel OgbarmeyTetteh, said the fast-changing financial landscape presented unique challenges to stakeholders of the capital market.
The situation, he noted, demanded the country’s financial markets to “evolve, innovate and develop versatile investment products”.
The Board Chairman, DrYeboahAmoa, said the primary focus of SEC was to reinforce the regulatory framework to better shield the Ghanaian investing public, adding that “promoting financial resilience lies at the heart of the SEC’s tri-fold mission of fostering fair, orderly, and efficient markets.”
BY VIVIAN ARTHUR
