TechInAfrica – The African Development Bank Group (ADB) together with the Securities and Exchange Commission (SEC) of Ghana have launched a $400,000 project to ensure Ghanaian capital markets’ durability in the future.
The grant will provide technical assistance and capacity building for the SEC, the markets regulator, and the Ghana stock exchange.
The project will enhance the SEC’s institutional capacity and readiness to transition from a compliance-based to a risk-based supervision approach for the securities. It will also micromanage the development and the streamlining of policy and regulatory frameworks for pooled funds, and the introduction of new products such as asset-backed securities.
Ahmed Attout, Manager of the Bank’s Capital Markets Development Division, commented on the investment, “The collaboration with the Securities and Exchange Commission to promote an enabling regulatory and supervisory environment with diversified financial market products and instruments is timely. This support demonstrates the Bank’s desire for a deepened and broadened financial system – a driver of investment and economic growth in Ghana.”
Mr. Ekow Afedzie, Managing Director of the Ghana Stock Exchange said, “Thus, the introduction of the new products will boost investor confidence and achieve the ultimate goal of making the Ghana Stock Exchange a preferred investment destination in the sub-region.”
Ghana Stock Exchange and other market stakeholders will work together with SEC to run the project.
Source: APO Group