The Minister of Finance, Ken Ofori-Atta has inaugurated the Board of the Securities and Exchange Commission (SEC).
The reconstitution of the Board was in line with the Securities Industries Act, 2016 (Act 929) as amended.
Speaking at a ceremony to inaugurate the Board for the SEC, the Ghana Revenue Authority and the Social Security and National Insurance Trust, SSNIT, Ken Ofori-Atta charged the newly constituted eleven-member board of the Securities and Exchange Commission to ensure that it regulates and streamlines the development of the capital market to make it more effective and efficient for the development of the Ghanaian economy.
He noted that improving access to long-term finance would be a key enabler for achieving the objectives of the government’s ‘GH¢100 billion Ghana Cares/Obatanpa programme’, which is aimed at helping the economy recover from the impact of COVID-19.
“The role of the SEC in the capital market is key to the development of the country. The challenges are enormous and the issue of the gap between our short term funds and how to reconstitute our long term funds is very crucial to our development and so your role in facilitating and promoting this is key to Ghana’s transformation. The year has not been that bad. The stock exchange has done reasonably well and market capitalization has climbed up to about 63 billion on the main board with an all-time high trade involvement recorded in 2020 which is 180 billion halfway through 2021. For those who took the risk, I think they are doing very well indeed, so we don’t start and stop as we have been doing in the past. But all of this then leads to the infrastructure for long time financing, and this is where the SEC has to be clearly innovative about,” he said.
He further noted that, despite the challenges encountered, the Ghanaian Financial Sector has made some significant progress.
“The Capital Market over the last few years has made some key achievements including the significant growth reached in market capitalization of the GSE; the asset management industry clean up exercise which has helped to restore and rebuild investor confidence in the industry; the removal of Ghana from the Financial Action Task Force (FATF) grey list and the launch of the Capital Market Master Plan this year to provide the blueprint for the development of the Capital Market in Ghana, among others. This shows the important role of the SEC to the future of Ghana’s economic transformation and to making it an attractive hub for investors,” he added.
Below is the list of Board members: