The Ghana Stock Exchange (GSE) and the London Stock Exchange Group (LSEG) have signed a Memorandum of Understanding (MOU) in London to strengthen their common interest in collaborating to support the development of the capital market in Ghana.
Both institutions have the desire to assist Ghanaian businesses to raise capital and support business growth both domestically and internationally.
As part of this MoU, LSEG will assist the GSE to take necessary steps to move from a frontier market to an emerging market, support cross-listing between the LSE and GSE as well as raise awareness of capital raising opportunities; establish a centralised corporate news dissemination platform in Ghana to promote efficient disclosure practices and price formation and also to support future public market fund raising for the Ghana Infrastructure Investment Fund (GIIF).
A statement issued by the GSE said as part of the MoU, the GSE and the Securities & Exchange Commission (SEC) would sign a commercial contract with the LSEG Academy to provide series of capacity building programmes to support product development and market diversity in Ghana.
These capacity building programmes are designed to support aspects of Ghana’s Capital Market Plan which focuses on building key competences to develop a green, social and sustainable bond market.
Commenting on the MoU in their brief remarks, Mr Ekow Afedzie, Managing Director of GSE, said, “This is a very historic moment as the GSE today will sign an MOU with the largest stock market in the world.
“It is also significant because after thirty years of operating as a stock market in Ghana, the GSE will be working to join the league of emerging markets thereby promoting market confidence and attracting global investors,” he said.
He added that the GSE was committed to promoting the government of Ghana’s transformational agenda of making Ghana a regional financial hub and positioning it as an International Financial Service Center.
Rev. Daniel Ogbarmey Tetteh, Director General of the SEC also noted “‘I wish to put on record that the Securities and Exchange Commission – Ghana is particularly delighted on the occasion of the signing of this MOU between the London Stock Exchange and the Ghana Stock Exchange.”
He said “The timing is very opportune as we have recently completed our 10-year Capital Market Master Plan and are about to commence the phased implementation.”
A key outcome of this partnership between LSE and GSE is for Ghana to progress into the ranks of emerging markets and we are happy to note that a lot of the initiatives that have been identified under the partnership will complement the four pillars under our Capital Market Master Plan.’
The President, Nana Akufo-Addo, the President of the Republic of Ghana was present to witness the signing.
BY TIMES REPORTER