Skip to main content

Restoring confidence in capital market post DDEP: Business associations urge regulators to do more

 The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industry (AGI) are calling on regulators of the financial sector to do more to protect the investments of Ghanaians.

The two associations are of the view that if confidence and trust would return to the capital market, the Bank of Ghana and the Securities and Exchange Commission (SEC) must do more in terms of regulation.

Speaking in an interview on the sidelines of the Graphic Business/ Stanbic Bank Breakfast meeting, the President of the GUTA, Mr Joseph Obeng, said the regulators must build a strong capital market that would be attractive to traders.

The breakfast meeting, which was held on the theme “Domestic Debt Exchange Programme; Lessons and Implications for How to Invest”, brought together policy makers, regulators, experts and people in academia.

 Ato Afful (right) , MD, Graphic Communications Group Limited, exchanging pleasantries with Prof.Ebo Turkson (left), Associate Professor, Department of Economics, University of Ghana. With them is Dr Dan Seddoh (middle), Non-Executive Director, Databank MFund Limited. Pictures: ESTHER ADJORKOR ADJEI

All that we need is confidence in the system. We are importers and are in the informal sector but at the same time, we have to diversify our business and that is what we do in trading in the bonds through the banks.

“If it comes to a time that we cannot have the worth of our investments, then we will take back our investments and trade in what we know best,” he stated.

He continued that, “when we make investments, we expect that it is well managed. Policies should be tailored such that it will enhance investment rather discouraging the people.”

He said if the regulators do not step up their game and do more to protect the industry, the country would return to the revolutionary days where people shunned away from investing or putting their money in the bank.

Regulators must play active role 

For his part, the President of the AGI, Dr Humphrey Ayim Darke, urged the regulators to play an active in deepening the capital market and restoring confidence in the sector.

He said the regulators have over the years not done enough to protect the industry, a situation which must change.

Dr Darke said the AGI welcomed the discussion that investors and financial institutions should begin to invest their money in the private sector instead of investing them in government securities.

He said the private sector was ready to take advantage of the new era and attract some of these investments to further develop.

We agree to the position of diversification of the market from traditional government instruments and looking more into the private sector but we also request that the regulators play their role in regulating the market create market opportunities for private sector to take advantage of the long term funds that are seated with the pension funds and other long term funds,” he pointed out.

 Participants at the ceremony.

Re calibrating development paradigm 

The AGI President also noted that the DDEP presented an opportunity to re-calibrate our developmental paradigm to focus on investing a lot more in the private sector.

So it’s a welcoming position, as difficult as it is that we have got to this stage, taking advantage of the opportunity is the next major discussion and actualising the outcomes of this discussions,” he stated.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...