President Nana Addo Dankwa Akufo-Addo on Tuesday said government is keen on making Ghana a regional hub for financial services.
Thus, it is committed to supporting the country’s financial market to enable it contribute to that vision of making Ghana a capital market destination.
Speaking on the floor of Ghana Stock Exchange (GSE), he said the Exchange has critical role to play in building a robust market economy.
“A strong Exchange is a reflection of a strong economy,” he said.
The president’s visit is the first of a sitting leader to the floor of the exchange. He was at the GSE to assess impacts of the COVID-19 pandemic on its operations and the assistance needed from government.
President Akufo-Addo emphasised collaboration with other Stock Exchanges in growing the country’s capital market performance and made reference to the Memorandum of Understanding (MoU) signed between GSE and the London Stock Exchange last year, aimed at transforming the GSE from a frontier market to an emerging one.
He said the partnership is indicative of government’s interest in improving the GSE for economic growth.
The president also urged the Exchange to take advantage of the African Continental Free Trade Area (AfCFTA) to expand its activities and unleash the continent’s vast wealth.
He said the GSE should leverage its reputation as one of the best performing and innovative financial markets on the continent to increase the quantity and quality of investment.
He gave assurance that government will provide GSE the needed assistance ensure its proper functioning.
Mr. Ekow Afedzie, Managing Director of the GSE said the COVID-19 pandemic did not impact much on the Exchange’s performance.
He told the president that the market has done very well, with some GH¢59billion worth of bonds trade by the end of July this year.
Mr. Afedzie said the GSE will achieve the objective of the MoU signed with the London Stock Exchange, to become an emerging market.
He urged government to provide incentives and policies to attract companies onto the capital market.