Ghana Stock Exchange records 130% jump in profit

Ghana Stock Exchange records 130% jump in profit
Source: Ghana | Philip Nanfuri | JoyBusiness
Date: 05-07-2018 Time: 04:07:44:pm

The Ghana Stock Exchange has recorded a profit of GH¢12, 368,456 for the year ended 31 December 2017. This was a massive increase from the 2016 figure of GHC 5,377,510, indicating a 130% jump in profit.

Speaking at an Annual General Meeting (AGM) in Accra, the Chairman of the GSE, Albert Essien, highlighted on the positive growth trajectory the exchange has been on for the year under review, 2017 and described it as one of the best-performing markets in the sub-region.

He said, “Composite Index (GSE-CI) which measures the performance of the entire market recovered from its negative trend in 2016 to end the year strongly with 52.73% compared with the (-15.33%) recorded at the end of 2016.

The GSE Financial Stock index (GSE-FI) also recorded a positive gain of 49.51% compared to a negative (-19.93%) recorded at the end of 2016.”

Mr Essien added, “Market capitalization for all listed securities at the end of December 2017 was GH¢58.8 billion compared to GH¢52.7 billion in 2016 representing an increase of 11.48%.

Domestic market capitalization also gained 45.23% ending December 2017 at GH¢16.2 billion compared to GH ¢10.9 billion at the end of December 2016.”

Capital Market Policy

Mr Essien also disclosed that government through the Financial Services Division of the Ministry of Finance had constituted a capital market working group which will seek to put together a framework that would guide activities and shape the future of the industry in the next ten years.

The stock exchange was part of the deliberations of the meetings that were held to develop the terms of reference of the group and had also been appointed as a member of the working group. The working group commenced work in March 2018.

The meeting brought together the governing council, management of the exchange as well as some players in the capital market industry such as representatives of listed companies, stock brokers and licensed dealing members.

 

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