The Ghana Stock Exchange (GSE) has marked its 31st anniversary of trading on the floor of the Exchange by ringing the ceremonial bell in the presence of some industry actors including ministers, the sector regulator, chief executives of listed companies and licensed brokers.
The 31st anniversary celebration was themed ‘Digitalising Stock Market Operations, a Catalyst for Capital Market Development’, highlighting the current digital wave that is sweeping across all business sectors including stock market operations.
Minister of Public Enterprises, Joseph Cudjoe in his remarks, indicated that: “The national digitalisation agenda is on course and that 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.
On his part, the Director-General of the Securities and Exchange Commission, Rev Daniel Ogbarmey Tetteh said: “The regulator will continue to provide the enabling environment to support the 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 digitalization journey as far back as 2009, where 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 where 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 the establishment of Central Securities Depository in collaboration with Bank of Ghana.
Managing Director of the Ghana Stock Exchange, Mr. 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 licensed 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,” he added.
As of November 12,2021, the GSE Composite Index had returned 53.02percent with a market capitalization of GHS65.24billion. The bond market had traded 178.76billion representing 65.39percent more than the full year of 108.41billion traded last year.