Former SEC boss supports suspension of non-compliant companies on GSE

Former SEC boss supports suspension of non-compliant companies on GSE
Source: Ebenezer Sabutey | JoyBusiness
Date: 30-08-2017 Time: 12:08:56:pm

Former Director General of the Securities and Exchange Commission, (SEC), Dr Adu Anane Antwi, is backing decision by the Ghana Stock Exchange, GSE, to take action against companies who flout the rules of operations on the stock market.

The Ghana Stock Exchange, in recent times has suspended some companies from trading on the market due to failure to publish financial results, inability to hold Annual General Meetings for shareholders among others.

In an interview with JOYBUSINESS, Dr Adu Anane said this will instill confidence in the stock market and strengthen operations on the bourse.

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He said, suspending the firms are the best options available.

Dr. Adu Anane spoke to JOYBUSINESS on the sidelines of a lecture in Accra under the theme ‘The Securities Act of 2016; enhancing regulation for the development of an efficient capital market.’

Meanwhile, Deputy Managing Director of the Ghana Stock Exchange, Ekow Afedzi has rejected assertions that the suspension of some companies from trading on the capital market will have a negative effect on the quest to attract more businesses to list on the Stock Exchange.

According to him, this should rather strengthen companies listed on the company.

The latest company that faced the wrath of the GSE is the Cocoa Processing Company, CPC.

The company has been suspended from trading due to inability to meet certain requirements of the burse.

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