Business News of Tuesday, 10 August 2021
Source: www.ghanaweb.live
2021-08-10Ken Ofori-Atta inaugurates new SEC Board
The new Board of the SEC has been inaugurated
The new board of the Securities and Exchanges Commission (SEC) has been launched with a mandate to deliver a strong body that is visible and effective.
Speaking during the inauguration, the minister of finance, Ken Ofori-Atta, emphasized the need for the board to develop “dynamic and vibrant firms in the industry that understand the securities
Read full articlemarket and have the right products and services.”
He also spoke about some of the successes that have been chalked by the SEC under the Nana Addo Dankwa Akufo-Addo administration, as contained in his address and made available to GhanaWeb.
“The market capitalization of the GSE has climbed up to GHS62.6 billion on the main board with all time high trading volumes being recorded in the GFIM in 2020 (GHS108 bn; HY 2021 GHS107 bn).
“There has also been a rebound of the performance of the market index to 41% (40% in US dollars) year-to-date (best performance on the African continent and one of the best in the world),” he said.
Ken Ofori-Atta also indicated that with strong measures put in place, the economy is showing good signs of recovery.
“I am happy to say that our economy is already showing signs of recovery. Indeed, our economic indices reflect this state of affairs as inflation remains within the medium-term target of 8%±2%, while the cedi depreciation has been largely muted over the last twelve (12) months (depreciation rate of ~2.1% in the last 12 months).
“It is not surprising that the effective management of the country by our President has won international recognition leading to the European Union considering Ghana as a hub for the production of vaccines for the COVID-19 pandemic in the sub-region,” he stated.
He, therefore, urged the board to work to ensure it actualizes the 3-Cs contained in the recent budget presented to parliament.
“I wish to remind you of the overarching theme of the 3-Cs as contained in my recent Budget presentation to Parliament: Completion, Consolidation, and Continuity. You need to take stock and apply the needed effort and focus to ensure completion, consolidation, and continuity,” he stated.
