The Ghana Stock Exchange (GSE) has marked its 31st anniversary of trading on the floor of the Exchange by ringing the ceremonial bell with some dignitaries – including the Minister of Public Enterprises, regulator of the capital market, Chair of the GSE Council, Chief Executive Officers of listed companies and their representatives, Licenced brokers and market players.
The 31st anniversary celebration was themed ‘Digitalising Stock Market Operations, a Catalyst for Capital Market Development’. This theme was born out of the current digital wave that is sweeping across all business sectors, including stock market operations. The acceleration and adoption of new digital tools by companies to grow their businesses cannot be overemphasised.
The Minister of Public Enterprises, Joseph Cudjoe said: “The national digitalisation agenda is on course and no sector should be left out in this digital era”. He also advised that organisations should list on the Exchange to enhance their corporate governance and access patient capital to expand their businesses.
In his address, The Director General of the Securities and Exchange Commission, Rev Daniel Ogbarmey Tetteh said: “The regulator will continue providing an enabling environment to support digitalisation of the capital market; and also develop the relevant rules to guide the introduction of new products such as green bonds, asset-backed securities and other products”.
The Exchange started its digitalisation journey as far back as 2009, when its trading was fully automated and brokers traded virtually without coming to the trading floor. This won the Exchange the most innovative African Stock Exchange by African Investor (Ai) in 2010. The flotation of MTN’s initial public offer in 2018 – when investors bought shares using mobile money – also contributed to the Exchange being adjudged the most innovative Stock Exchange in Africa by the same organisation.
Before automation of trading, the Exchange had established an electronic clearing and settlement system culminating in establishment of the Central Securities Depository in collaboration with Bank of Ghana.
Managing Director of the Ghana Stock Exchange, Ekow Afedzie said: “The Exchange had no disruptions to its operations during the onset of COVID-19, since it had been operating electronically over the past ten (10) years”.
He added that some licenced brokers and Ghana Fixed Income Market dealers have already launched digital tools such as apps, web portals and USSD to make it possible for their clients to buy and sell shares and debt instruments electronically.
GSE will continue to invest in technology on this digitalisation journey to help enhance its operations and contribute to the development of the capital market, as well as making a significant contribution to the economy of Ghana.
As of November 12,2021, the GSE Composite Index had returned 53.02% with a market capitalisation of GH¢65.24billion. The Bond market had traded 178.76 billion representing 65.39% more than the full year of 108.41 billion traded last year.
