Barley one week after Kofi Yamoah, Managing Director of the Ghana Stock Exchange (GSE) called for legislation that would compel foreign companies to float some of its shares on the Accra Bourse, Tullow Oil has announced its intention to list on the exchange. The oil company, which is one of the operators of the Jubilee Oilfields, last week announced at a conference that it would invite Ghanaians to own shares in the company. The British firm, which is also expected to list in Uganda, mentioned that it would list on the GSE in July this year. Dai Jones, General Manager of the oil firm said it was the company’s agenda to allow the local people to benefit from its business anywhere that it operates. According to him, its decision to allow Ghanaians to own part of the company is an indication that it is here for the long haul. The offer document must be completed by the Securities and Exchange Commission and GSE to approve the listing, but the amount of shares the company intends to list is however not clear. Mr. Yamoah described Tullow’s move as welcomed news since it would boost activities on the market. According to him, it was in line with plans to get many foreign-owned companies to cede some ownership to Ghanaians through the stock market. Mr. Yamoah recently said it was advocating a local content legislation for the capital market that would compel all multinational firms in Ghana to float some shares on the Accra Bourse to enable Ghanaians share in their fortunes. A similar situation took place in Tanzania recently where legislation was passed to mandate foreign firms operating in the country to list on its local bourse. Source: Business Guide/Ghana