Ghana's World-Beating Stocks
A flood of private pension fund money has helped drive gains in Accra market “We are seeing more participation from local institutional investors, especially the pension funds,” said Sena Agbo, head of investment banking at SAS Finance Group, which runs the country’s second-best performing mutual fund. “The temporary pensions account now transferred to them is enabling them to increase their take of stocks.” The index was little changed at 3,334.1 at 12:50 p.m. Wednesday in Accra, Ghana’s capital. The value of stocks traded by local investors increased almost five-fold from a year earlier last month, according to the Accra-based Central Securities Depository Ltd. As of Tuesday, the 36-member Ghana Stock Exchange Composite Index had risen more than the 95 other benchmarks tracked by Bloomberg in dollar terms since Jan. 1, boosted by a World Bank forecast that the economy will expand by 8.3 percent in 2018, the fastest pace on the continent. “The economy is growing and a lot of incentives like tax cuts and utility price decreases are out there to make businesses competitive,” Sidney Koranteng, a stock trader at Databank Group in Accra, said by phone. “It shows we’re in a period of a boom. The market is not hot yet.”DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Sons shouldn’t be mothers’ emotional support system – Ethel Adjololo
14 mins -
Family threatens to take on Trinity Hospital over missing corpse
20 mins -
Kofi Kinaata unfazed by death prophecies
26 mins -
Jospong Group partners Komptech to train over 600 stakeholders on integrated solid waste management
33 mins -
Two East Africans charged in UK migrant deaths investigation
38 mins -
DR Congo legal warning to Apple is ‘first move’ – lawyer
48 mins -
Question Time: Did policing minister confuse Rwanda and Congo?
51 mins -
We need better sets for theatre productions – Omar Sherrif Captan
57 mins -
KPMG report on SML must be published and laid in Parliament – Isaac Adongo to Akufo-Addo
1 hour -
Rainstorm causes havoc in Anloga District
1 hour -
Akufo-Addo nominates new MCE for Krachi East Municipal Assembly
1 hour -
Sunyani Technical University refutes sex-for-grades claim, describes allegation as baseless
1 hour -
I’ll win TGMA Artiste of the Year at the right time – Kofi Kinaata
2 hours -
Meet Fred Amugi’s 100-year-old mother
2 hours -
Nkomor Ghana pilots Medicine Delivery Service at the Ghana Autism Conference
2 hours