Ghana’s capital market is set to turn into a beehive of activity with the proposed listing of strategic state institutions on the Ghana Stock Exchange (GSE), Chief Executive Officer (CEO) of Dusk Capital, Mr Bernard Osei-Tutu has said.
According to him, the growth in the market will support private sector growth while policies outlined by the new government should also culminate in the highly expected growth targets.
It will be recalled that President Akufo Addo in his state of the nation address announced plans to list the Volta River Authority (VRA) and the Ghana Grid Company Limited (GRIDCo) on the GSE.
Following that announcement, the GSE welcomed the President’s statement, describing the decision as one that would boost the confidence of both domestic investors in the bourse and ensure greater efficiency of the companies.
Dusk Capital CEO told the press in Accra last week that “the development presents a lot of opportunities for us as investment managers…The government acknowledges that the private sector is the engine of growth, plus a finance Minister with a capital market background is an indication that the government has our interest at heart.”
Though the stock market recorded a negative growth for the past few years, the managers are confident of improved performance this year.
Bernard Osei-Tutu however urged fellow investment managers to be prepared for the task ahead.
In his view, a private sector growth coupled with a developed investment climate should reduce government’s over reliance on grants, aid and the rising external debts.
“It is just fair that we as managers should prepare ourselves to face the challenge that lies ahead of us. Developed countries have used their capital markets to grow their economies and it is time that developing economies like Ghana takes it capital market seriously in order to reduce its dependence on borrowing from the developed ones,” he suggested.
The Dusk Capital Limited CEO spoke to on the sidelines of a ceremony to mark the signing of a partnership agreement with International Investment Management Group Africa.
The agreement will give the company access to over 300 international mutual funds from other leading institutions like JP Morgan, HSBC and Goldman Sachs.
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