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The Ghana Stock Exchange (GSE) will work to roll out a mobile application for secondary trading of listed securities.
GSE chief executive, Kofi Yamoah, said the stock market would support the mobile money application approach, where investors could buy their shares and trade on the stock market. secondary market.
Mr Yamoah was speaking at a press briefing regarding the stock market review in 2018 in Accra.
He said that "the GSE is considering taking advantage of what MTN did during its last IPO."
He said the global stock market in 2018 had the worst year of its decade and that almost all African markets had also suffered losses.
Regarding the global market environment, the general manager said that global growth was slowing down, especially in China, and that political uncertainty and setbacks in the US and Europe had also affected the market.
He said that the GSE composite index was stable at -0.29% and that the GSE financial index had lost 6.79%, against positive values of 52.73% and 49.51% respectively. in 2017.
According to him, in 2018, the telecommunications sector, currently represented on the market due to the listing of the largest telecommunications company, MTN, is now available.
"Three non-performing stocks have been removed from the list," he said.
Yamoah said inflation has been trending downward, reaching a single digit figure for the first time in five years, to 9.4% in December 2018.
He said the new discoveries of oil and gas deposits, resulted in additional revenue for the government, as well as the satisfactory review by the International Monetary Fund of the Ghanaian economy that contributed to the performance.
He explained that the market performance of GSE was also due to the maintenance of investor confidence and interest in the Ghanaian economy, adding that while it was positive, the market had also experienced negative effects, such as that the pressure exerted on the Cedi by the strong dollar at a depreciation of 8. 39% of the Cedi.
He added that the banking and non-banking sectors, where seven banks have failed in the past two years, have experienced difficulties, mixed results for publicly traded companies and the sale of securities by non-resident investors. due to higher US federal rates and profit taking. , affected the market.
Mr Yamoah said on the outlook for 2019 that the GSE would facilitate the introduction of loan and securities lending and would improve market compliance by brokers and issuers through the use of technologies such as a reporting portal.
"We will continue to engage stakeholders on GSE projects to demutualize in the short and medium term," he added.
He said that Vodafone Ghana should be made public to offload part of the 30% of the company in order to allow the public to hold a stake in the company.
He added that bank shares acquired by the Bank of Ghana from Unibank-related entities should, in the medium term, be sold to the public on the market.
The MD said that viable state-owned enterprises should be encouraged and allowed to raise shares or debt, depending on their balance sheet, to better fulfill their mandate.
"Ghana should have a formal, centralized reporting framework for forex trading to enable better price discovery in the foreign exchange market," he said.
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Credit: GNA
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