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Sunday, August 14, 2022

‘Govt Taking Steps To Strengthen Economy’

 

John Kumah

DEPUTY MINISTER of Finance, Dr. John Ampontuah Kumah, has hinted that the Akufo-Addo-led government, in collaboration with the Securities and Exchange Commission (SEC) and other financial sector regulators, are taking steps to continuously strengthen the domestic capital market to create the needed environment that will support the integration agenda of the sub-region.

According to the Deputy Minister, who is also MP for Ejisu, the innovative financing and a strong capital market in West Africa is key to raising potent capital for economic growth and prosperity of the African Continent.

He said government is championing the ongoing implementation of a 10-year Capital Market Master Plan (CMMP) to shape the future of the capital market industry in Ghana and aid Government’s economic development agenda.

Dr. John Kumah made this known recently in Accra.

The conference, themed “Deepening and strengthening the Capital Market access across West Africa through effective regulation,” sought to discuss economic integration through the capital market in West Africa, and proffer innovative solutions to reduce the gap between the capital market and the financial needs of the economy.

Dr. Kumah noted that the established – Ghana Commodity Exchange connects markets, connects people, and provides opportunities by using the most modern, interactive, and appropriate technology that meets the needs of our markets and stakeholders.

He explained that the cleanup of the Banking and the Asset Management Industries as a result of which the financial sector has been streamlined with fewer but stronger market operators adding this has helped to rescue the investment of over 4.6 million depositors and 100,000 investors respectively.

“At the end of 2020 when COVID was biting hard, the stock market recorded one of its most successful years with volume trades of 695 million shares (the second highest in the exchange’s 30-year history), whilst the value traded of GH¢575 million was the 3rd highest. Total market capitalization at the end of 2020 was GH¢54,374.88 million, down 4.25 percent on the previous year’s close’’ he noted.

He stated further that this is a reflection of the resilience of the markets in trying times, adding that the moment of awakening is dawning on the government to give more attention to the building of an ecosystem of financial intelligence that will increase participation in the capital market and also to see the liquidation of the market and promote mass participation for greater wealth generation.

 

BY Daniel Bampoe

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