The Minister for Finance and Economic Planning, Hon Kwadwo Baah-Wiredu, yesterday at the floor of the Ghana Stock Exchange (GSE), called on the Ghanaian media to remain focused in their reportage since the year 2008 is full of crucial national and international activities.

Hon Baah-Wiredu mentioned programmes and activities like the Continental Cup of Nations tournament dubbed, Ghana 2008 , the 2008 General Elections and UN Trade Conference, among several others, to be held this year.

Journalists need not allow themselves to be over-swayed by the events as they go about their professional duties, but they are to be mindful of the important role of the GSE, that many businesses can be created at the exchange through positive information flow by the media, he added.

He made these remarks at the official commissioning of the Automated Trading System of GSE, where he disclosed, ‘It has always been the priority of the Government of President Kufuor to support the development of the local capital market which is a key component of the Ghanaian economy.’

He observed, ‘so far government has issued two long – term bonds namely the 5- year fixed rate bond on the domestic market and a 750 million Eurobond on the international. In addition, many two and three year fixed-rate bonds issued together with the 5-year domestic bonds, were all listed in furtherance of the objective of developing Ghana’s capital market, but the success story is not yet told.

The Managing Director of GSE, Mr Yamoah, briefing the media on the purpose of the automation, said it was to achieve efficiency and come closer to international standards in the market place and therefore put Ghana in a stronger position to compete as an investment destination.

Furthermore to improve liquidity especially for retail and small investors, reduce risks associated with the market including loss of certificates and impersonation, fraud and many others, and to improve our surveillance of trading and related activities, are all of paramount concern to the government.

Associating himself with the crucial role of the media, Mr Yamoah disclosed that GSE wants them to tell the public not just today but throughout Ghana 2008 tournament and throughout party political campaigning era that: ‘‘liquidity is going to be on the rise once the projects are completed: Ghana will be-coming to all investors to a Depository account once these projects are completed since the Exchange will discourage the use of paper certificates.

The GSE in 2007 went through an international competitive bidding process, selected a winning bid and signed a contract with Infotech (Pvt) Ltd of Pakistan which hopefully would see the Exchange go through automated trading in June 2008.

Source: ISD (Daniel Agyiri)
Posted: 11/01/08

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