Kofi Ahovi

 The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has stated that the stock exchange is collaborating with the State Interests and Governance Authority (SIGA), to list about 10 State Owned Enterprises (SOEs) on the local burse this year. This, according to her, is to create additional opportunities for the private sector to buy shares and diversify the activities of the enterprises. Even though, Ms Amoah did not disclose the names of the SOEs, she however stressed that the listing of the enterprises on the Stock Exchange is aimed at improving their efficiencies and corporate governance structures. “We are working with SIGA, to have 3-10 SOEs list on the market, raise capital and do the expansions and production of goods and services.  We want them this year”, she said. She added that, although the paper works have been finalised, what is left now is for government to give its approval for the commencement of the listing. We have asked government to make th...

  The cedi suffered a steep decline in value against the world major currencies in the third quarter of the year. The local currency depreciated against the US dollar, the British pound, and the euro by 37.5 per cent, 24.1 per cent, and 27.5 per cent, respectively, on a year-to-date (YTD) basis as of September. Investment advisors, Sem Capital Advisors disclosed this in their third quarter investment update shared with the Daily Graphic. Causes The depreciation of the cedi relative to the major currencies can be attributed to foreign investors reducing their exposure to local bonds due to the three credit rating agencies (Fitch, S&P and Moody’s) downgrading of the country’s bonds to junk status. Ghana’s inability to access the international bond market to support its foreign reserves can also be considered as a factor for the depreciation of the cedi. Another factor is the Russia-Ukraine war. The war has a negative impact on the global supply chain, disrupting the flow of goods...