Details of Ecobank Transnational Incorporation

Company Profile

SymbolETI
Company NameEcobank Transnational Incorporation
Stated CapitalUS$867,714,000
SecurityEquity
Nature of BusinessFinancial Institution and Bank Holding Company
Date Incorporated3/10/2006
Comments
Date Listed11th/9/2006
Registered Office2 Rue du Commerce. Togo.
Postal AddressBP 3261. Lome-Togo
Tel0
Fax0
Emailinfo@ecobank.com
Websitewww.ecobank.com
Types of Traded SecuritiesEquities
Issued Shares(GH) (mil.)24067.75
Authorised Shares800000000
DirectorsMr. Emmanuel IKAZOBOH -Chairman(NED), Mr. Ade AYEYEMI - Group Chief Executive Officer, Mr. Greg DAVIS - Group Executive (Finance), Mr. Abdulla AL KHALIFA - Non-Executive Director, Ms. Dolika BANDA - Non-Executive Director, Mr. Monish DUTT - Non-Executive Director, Mr. Bashir Mamman IFO - Non-Executive Director, Mr. Brian KENNEDY - Non-Executive Director, Mr. Tei MANTE - Non-Executive Director, Dr Daniel Mmushi MATJILA - Non-Executive Director, Dr Catherine NGAHU - Non-Executive Director, Mr. Alain NKONTCHOU - Non-Executive Director, Mr. Mfundo NKUHLU - Non-Executive Director, Mr. David O’SULLIVAN - Non-Executive Director
Change of Name
Comments

Press Releases

July 2018

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 19 th day of July, 2018.

June 2018

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 14 th day of June, 2018.

March 2018

ETI announces that the Company’s 30 th Annual General Meeting will be held at the Conference Centre, Ecobank Pan African Centre, 2365 Boulevard du Mono, Lomé, Togo on Tuesday, 24 th April, 2018 at 10.30 am to transact the following
businesses:
1. Approval of the Accounts.
2. Appropriation of the Results.
3. Renewal of the mandates of Directors.
4. Ratification of the Co-option of Directors.
5. Renewal of the appointment of the joint Auditors.


The Notice of the meeting is attached.

Issued at Accra, this 23 rd day of March, 2018.

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 21 st day of March, 2018.

September 2017

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 5 th day of September, 2017.

May 2017

ETI announces that the Company’s Extraordinary General Meeting and 29th Annual General Meeting will be held at the Conference Centre of the Ecobank Pan African Centre, 2365 Boulevard du Mono, Lomé, Togo on Friday, 16th June, 2017 at 10.30 am to transact the following businesses:

I. EXTRANORDINARY GENERAL MEETING

  1. Fund Raising
  2. Amendment of Articles of Association

 

II. ANNUAL GENERAL MEETING

  1. Approval of the Accounts
  2. Appropriation of the Results
  3. Re-election of Directors
  4. Ratification of the Co-option of a Director
  5. Renewal of the appointment of the joint Auditors

 

The Notice of the meeting attached.

Issued at Accra, this 24th day of  May, 2017.

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 23rd day of  May, 2017.

February 2017

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 14th day of  February, 2017.

November 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 28th day of  November, 2016

October 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 28th day of  October, 2016.

 

August 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 2nd day of  August, 2016.

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 29th day of  June, 2016

June 2016

Final Dividend

ETI announces that as approved at the 28th Annual General Meeting held on June 17, 2016, a total amount of US$48.20 million (being 0.2 cents per share) was declared as dividend in respect of its financial year ended December 31, 2015.

Qualifying date

Members registered in the books of ETI at the close of business on Monday, 18th July, 2016 will qualify for the payment of the final dividend.

Closure of Register

The Register of shareholders will be closed on 19th July, 2016.

Ex-Dividend Date

The ex-dividend date has been set as Thursday, 14th July, 2016. Consequently, an investor purchasing ETI shares before this date will be entitled to the final dividend. However, an investor buying ETI shares on or after Thursday, 14th July, 2016 will not be entitled to the final dividend.

Dividend Payment Date

The final dividend will be paid on Tuesday, 9th August, 2016.

Issued at Accra, this 21stday of June, 2016.

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 20th day of  June, 2016.

May 2016

ETI announces that the Company’s 28th Annual General Meeting and an Extraordinary General Meeting will be held at the Conference Centre of the Ecobank Pan African Centre, 2365 Boulevard du Mono, Lomé, Togo on Friday, 17th June, 2016 at 10.30 am to transact the following businesses:

I. ANNUAL GENERAL MEETING

1. Approval of the Accounts

2. Appropriation of the Profits

3. Re-election of a Director

4. Ratification of the Co-option of Directors

5. Election of Directors

6. Renewal of the appointment of the joint Auditors

II. EXTRANORDINARY GENERAL MEETING

1. Consolidation of shares

2. Rights Issue

3. Amendment to Articles The Notice of the meeting attached.

Issued at Accra, this 24th day of May, 2016.

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 20th day of  May, 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 16th day of  May, 2016.

April 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 13th day of  April, 2016.

March 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 23rd day of  March, 2016.

February 2016

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 16th day of  February, 2016.

December 2015

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 22nd day of  December, 2015.

August 2015

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 5th day of August, 2015.

July 2015

PR. No. 224/2015 refers.  In view of the public holiday falling in between 17th and 20th July, 2015, our PR No. 224/2015 has been amended as follows:

Bonus Shares
Further to the approval by the shareholders of ETI at its Annual General Meeting held on 19th June, 2015, ETI announces a Bonus Issue in the ratio of one (1) new share for every fifteen (15) existing shares held.

Qualifying Date
The qualifying date for the Bonus Issue has been set for Tuesday, July 21, 2015.  Only shareholders on the register of members of ETI as at the close of business on Tuesday, July 21, 2015 will be entitled to the bonus shares.

Closure of Register
The Register of Members of ETI will be closed to the general public from Wednesday, July 22, 2015 to Monday, July 27, 2015 (both dates inclusive).

Ex-Bonus Date
Consequently for the purposes of trading on the Exchange, the ex-bonus date will be Thursday, July 16, 2015.  This means that investors buying ETI shares on or after Thursday, July 16, 2015 will not be entitled to the bonus shares.  Those buying before this date will be entitled to the bonus shares.

Electronic (book entry) Certification
In line with the Exchange’s requirement, paper certificates will not be issued in respect of the bonus shares for those in Ghana.  Investors who have their shares in the Central Securities Depository (CSD) will be automatically credited with the bonus shares due them on the application date.  Paper certificates holders or investors who have not as yet put their ETI shares in the CSD are advised to visit any of the brokerage houses and use their certificates as well as the allotment letter for the bonus shares to deposit all existing and new (bonus) shares in a Depository account.

Price
A reference price (reflecting the bonus issue) for ETI Shares shall be set by the Exchange on Thursday, July 16, 2015.

Issued at Accra, this 13th       
day of  July, 2015.

PR. No. 209/2015 refers.

Bonus Shares
Further to the approval by the shareholders of ETI at its Annual General Meeting held on 19th June, 2015, ETI announce a Bonus Issue in a ratio of one (1) new share for every fifteen (15) existing shares held.

Qualifying Date
The qualifying date for the Bonus Issue has been set for Tuesday, July 21, 2015. Only shareholders on the register of members of ETI as at the close of business on Tuesday, July 21, 2015 will be entitled to the bonus shares.

Closure of Register
The Register of Members of ETI will be closed to the general public from Wednesday, July 22, 2015 to Monday, July 27, 2015 (both dates inclusive).

Ex-Bonus Date
Consequently for the purposes of trading on the Exchange, the ex-bonus date will be Friday, July 17, 2015. This means that investors buying ETI shares on or after Friday, July 17, 2015 will not be entitled to the bonus shares. Those buying before this date will be entitled to the bonus shares.

Electronic (book entry) Certification

In line with the Exchange’s requirement, paper certificates will not be issued in respect of the bonus shares for those in Ghana. Investors who have their shares in the Central Securities Depository (CSD) will be automatically credited with the bonus shares due them on the application date. Paper certificates holders or investors who have not as yet put their ETI shares in the CSD are advised to visit any of the brokerage houses and use their certificates as well as the allotment letter for the bonus shares to deposit all existing and new (bonus) shares in a Depository account.

Price
A reference price (reflecting the bonus issue) for ETI Shares shall be set by the Exchange on Friday, July 17, 2015.
Issued at Accra, this 3rd
day of July, 2015.

June 2015

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 23rd day of June, 2015.
ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 22nd day of June, 2015.
ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 22nd day of June, 2015.
ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 9th day of June, 2015.

May 2015

ETI has announced that the Company’s 27th Annual General Meeting will be held at the Julius Nyerere International Convention Centre, 10 Shaaban Robert Road, Dar es Salaam, Tanziania on Friday, 19th June, 2015 at 10;30 am to transact the following businesses:

I. ORDINARY BUSINESS
1. Approval of the Accounts;
2. Appropriation of the Profits;
3. Re-election of a Director;
4. Ratification of the Co-option of Directors;
5. Election of a Director;
6. Appointment of the Joint Auditors.

II. SPECIAL BUSINESS
1. Issue of bonus shares.
Issued at Accra, this 18th
day of May, 2015.

February 2015

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 13th day of February, 2015.

December 2014

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 12th day of December, 2014.
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 4th day of December, 2014.

November 2014

ETI has added 4,512,618,890 ordinary shares to the company’s number of issued shares. This was as a result of Nedbank Group acquiring a 20% shareholding in ETI.

Issued at Accra, this 11th day of November, 2014.

October 2014

ETI has released the attached announcement for the information of the general investing public.

Issued at Accra, this 29th day of October, 2014.
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 2nd
day of October, 2014

September 2014

ETI has listed an additional 838,323,352 ordinary shares. This was as a result of Option Agreement between ETI and IFC ALAC Holding Company and IFC Capitalization Fund, L.P (Cap Fund).


Issued at Accra, this 19th
day of September, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 5th
day of September, 2014

August 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 4th
day of August, 2014

July 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 17th
day of July, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 2nd
day of July, 2014

June 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 27th
day of June, 2014
ETI has released to the investing public that it has acquired Banco ProCredit and has commenced trading in Mozambique.

This Press Release supersedes an earlier one, PR No. 156/2014 dated 4th June, 2014.


Issued in Accra, this 10th
day of June, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 10th
day of June, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 9th
day of June, 2014

March 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 11th
day of March, 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 11th
day of March, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 4th
day of March, 2014

February 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 24th
day of February, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 11th
day of February, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 11th
day of February, 2014

January 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 24th
day of January, 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 13th
day of January, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 13th
day of January, 2014.

October 2013

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 28th
day of October, 2013

September 2013

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 24th
day of September , 2013

August 2013

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 6th
day of August , 2013

May 2013

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 15th
day of May, 2013

April 2013

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 22nd
day of April, 2013

November 2010

ETI has released the attached announcement for the information of the general public


Issued in Accra, this 22nd
day of November, 2010


CLICK HERE TO VIEW DETAILS

October 2010

ETI has released the attached announcement for the information of the general public.


Issued in Accra, this 18th
day of October, 2010


CLICK HERE TO VIEW DETAILS

June 2010

Final Dividend
ETI has announced a Final Dividend of 0.3 US cents per share for the year ended December 31, 2009.

Qualifying date
All shareholders registered in the books of ETI at the close of business on Thursday, June 24, 2010 will qualify for the final dividend of 0.3 US cents per share which was approved at the Annual General Meeting.

Closure of Register
The Register of shareholders will be closed on Friday, June 25, 2010.

Ex-Dividend Date
In view of the foregoing, the ex-dividend has been set as Tuesday, June 22, 2010. Consequently, an investor purchasing ETI shares before this date will be entitled to the final dividend. However, an investor buying ETI shares on or after Tuesday, June 22, 2010 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend of 0.3 US cent per share will be paid on Friday, July 9, 2010.


Issued at Accra, this 15th
day of June, 2010.

January 2010

ETI has informed the Exchange that it has signed a co-operation agreement with the Bank of China. The Bank of China is China’s leading international bank.

One of the features of this agreement between the two banks is that it provides for the establishment of a China desk in one or more of Ecobank’s subsidiaries. These Ecobank subsidiaries will host several Bank of China staff, who will assist Bank of China customers in Africa.

Ecobank already has an alliance relationship with South Africa-based Nedbank.


Issued in Accra, this 26th
day of January, 2010.
ETI has informed the Exchange that it has opened a 100% owned banking subsidiary in Tanzania, under the name of Ecobank Tanzania, on January 19, 2010, in line with the overall expansion strategy of the Group..

Tanzania is the 29th country in which Ecobank Group is present.


Issued in Accra, this 26th
day of January, 2010.
ETI has informed the Exchange that it has opened a representative office in South Africa in December 2009, making South Africa the 30th African country in which the pan-African bank has a presence.

The representative office is intended to enable Ecobank better serve the growing number of its customers currently doing business with South African establishments, as well as accompany South African corporations seeking to expand or consolidate business ties with the rest of Africa.


Issued in Accra, this 26th
day of January, 2010.
ETI has informed the Exchange that it has received a US$6 million grant from the Bill & Melinda Gates Foundation to promote low-cost savings accounts in rural and poor neighborhoods in Africa. This grant provides Ecobank the opportunity to expand banking services to a broader group of people. The project will start off with a three-year pilot in Ghana and Liberia, two of the thirty countries in Africa where Ecobank has a presence.

This grant to Ecobank is part of the Bill and Melinda Gates Foundation’s Financial Services for the Poor initiative. It works with a wide range of public and private partners to harness technology and innovation in order to bring quality, affordable savings accounts and other financial services to the doorsteps of the poor in developing countries.

The Foundation believes that setting aside small sums in a safe place allows people to guard against risk, build assets and provide opportunities for the next generation.


Issued in Accra, this 26th
day of January, 2010.

November 2009

ETI has listed an additional 1,181,055,863 ordinary shares on the Exchange. This is as a result of the conversion of a US$100 million convertible loan into shares as per the attached release.



Issued at Accra, this 19th
day of November, 2009.

October 2009

ECOBANK TRANSNATIONAL INCORPORATED ETI - APPOINTMENT OF CHAIRMAN

ETI has released the attached announcement for the information of the general public.

Issued at Accra, this 1st
day of October, 2009.


CLICK HERE TO VIEW DETAILS

May 2009

Final Dividend
ETI has announced a Final Dividend of US$0.2 cents per share for the year ended December 31, 2008.

Qualifying date
All shareholders registered in the books of ETI at the close of business on Thursday, June 4, 2009 will qualify for the final dividend of US$0.2 cents per share if approved at the Annual General Meeting.

Closure of Register
The Register of shareholders will be closed from Friday, June 5, to Friday, June 12, 2009 (both days inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend has been set as Tuesday, June 2, 2009. Consequently, an investor purchasing ETI shares before this date will be entitled to the final dividend. However, an investor buying ETI shares on or after Tuesday, June 2, 2009 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend will be paid on Monday, June 22, 2009.


Issued at Accra, this 18th
day of May, 2009.

ETI has announced that the Annual General Meeting of the Company will be held at Salle des Banquets – Ouaga 2000, Ouagadougou (Burkina Faso), on Friday, June 5, 2009 at 10.30 am.


Issued at Accra, this 11th
day of May, 2009.

Financial Statements

July 2018

ETI has released its unaudited Financial Statements for the half year ending 30 th June, 2018 as per the attached.

Issued at Accra, this 19 th day of July, 2018.

April 2018

ETI has released its un-audited Financial Statements for the first quarter ended March 31, 2018 as per the attached.

Issued at Accra, this 23 rd day of April, 2018.

Attachment

August 2017

ETI has released its audited Financial Statements for the half year ending 30 th June, 2017 as per the attached.

Issued at Accra, this 24 th day of August, 2017.

October 2016

ETI has released its un-audited Financial Statements for the third quarter ending September 30, 2016 as per the attached.

Issued at Accra, this 28th day of  October, 2016.

August 2016

ETI has released its un-audited Financial Statements for the half year ending 30th June, 2016 as per the attached.

Issued at Accra, this 29th day of  July, 2016.

April 2016

ETI has released its audited Financial Statements for the year ended December 31, 2015 as per the attached.

Issued at Accra, this 13th day of  April, 2016.

May 2015

ETI has released its un-audited Financial Statements for the first quarter ending 31st March, 2015 as per the attached.


Issued at Accra, this 11th day of May, 2015.

April 2015

ETI has released its audited Financial Statements for the year ended December 31, 2013 as per the attached.


Issued at Accra, this 28th
day of April, 2015.

October 2014

ETI has released its un-audited Financial Statements for the third quarter ending September 30, 2014 as per the attached.

Issued at Accra, this 29th day of October, 2014.

July 2014

ETI has released its un-audited Financial Statements for the half year ending June 30, 2014 as per the attached.


Issued at Accra, this 31st
day of July, 2014
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 31st
day of July, 2014

June 2014

ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 10th
day of June, 2014

April 2014

ETI has released its audited Financial Statements for the year ended December 31, 2013 as per the attached.


Issued at Accra, this 30th
day of April, 2014
ETI has released its un-audited Financial Statements for the first quarter ending 31st March, 2014 as per the attached.


Issued at Accra, this 30th
day of April, 2014

October 2013

ETI has released its un-audited Financial Statements for the third quarter ended September 30, 2013 as per the attached.


Issued in Accra, this 29th
day of October, 2013

July 2013

CORRECTION

Reference to press release numbered PR-210.

The heading of PR-210 should have read Ecobank Transnational Incorporated (ETI) instead of Ecobank Ghana Ltd.

We therefore re-issue the unaudited financial statements for ETI for the half year ended 30th June, 2013 as per the attached.


Issued in Accra, this 30th
day of July, 2013

April 2013

ETI has released its un-audited Financial Statements for the first quarter ending 31st March, 2013 as per the attached.


Issued at Accra, this 23rd
day of April, 2013
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 23rd
day of April, 2013
ETI has released the attached announcement for the information of the general investing public.


Issued at Accra, this 3rd
day of April, 2013

March 2013

ETI has released its audited Financial Statements for the year ended December 31, 2012 as per the attached.


Issued at Accra, this 26th
day of March, 2013

April 2010

ETI has released its un-audited Financial Statements for the first quarter ending March 31, 2010 as per the attached.

Issued in Accra, this 29th
day of April, 2010


CLICK HERE TO VIEW DETAILS

Market News & Information

November 2015

REMARKS DELIVERED BY HON. MONA HELEN K. QUARTEY, DEPUTY MINISTER OF FINANCE ON THE OCCASION OF THE LISTING OF IZWE LOAN LIMITED GHS80 MILLION M MEDIUM TERM NOTE ON THE GHANA ALTERNATIVE MARKET (GAX), 14TH NOVEMBER, 2014, GHANA STOCK EXCHANGE (GSE) TRADING FLOOR AT 9:30AM

The Chairman of the Ghana Stock Exchange (GSE)
The Director General of the Securities and Exchange Commission (SEC)
The Managing Director of GSE
The Deputy Managing Director of GSE
The Chairman of IZWE Loan Limited
The Managing Director and Management of IZWE Loan Ltd
Members of the media,
Distinguished invited Guests,
Ladies and Gentlemen

1.    It is a great pleasure to be part of this landmark event. Today IZWE Loan Limited is listing GH¢ 80 MILLION MEDIUMTERM NOTE on the Ghana Stock Exchange (GSE). This is a remarkable achievement for us as policy makers and key stakeholders in the transformation of our financial sector. This listing is the first local currency-denominated corporate bond and an opportunity for us to use the newly launched GAX.

2.    Let me welcome IZWE Loan Ltd to the bourse and congratulate the Board, Management and staff for this important stride in the business. Special thanks to Lead Arrangers and all other related institutions for this transaction.

3.    I have been informed IZWE Ghana is part of a Pan-African Financial Services Group operating in Zambia, Kenya and South Africa. The Board and Management deserve special commendation for efficiently and effectively managing the company and issuing this bond in Ghana. We expect that this step will not only broaden the investment scope and diversify their portfolio with those in the fixed income market, but also lead to an enhanced liquidity of corporate bonds on the Exchange.
Mr. Chairman

4.    IZWE Loan Ltd listing on GAX today is a clear demonstration that the company is poised to meet the high expectations of investors and the general public. The Company will now be expected to set higher targets including higher returns on investment, profitability capital adequacy for itself. I therefore urge IZWE Loan Management and employees to continue with their zeal in providing quality services and improved financial performance to the satisfaction of all its Stakeholders.

5.    It is also noted that IZWE is currently serving over 35,000 customers in Ghana with loan book of about GH¢90million. The proceeds from the Notes are to be used to finance IZWE loan activities and manage its liquidity situation. Let me advise the managers of the fund to use the funds judiciously and for the set objectives. In this way, IZWE will be contributing immensely to the development of our capital market and the economy in general.

Distinguished Ladies and Gentlemen
6.    Government’s strategic direction is to expand opportunities for all and ensure an accelerated socio-economic transformation in partnership with the private sector. Through various reforms in the financial sector over the years, progress has been made in expanding the range of financing options for businesses seeking to raise capital. We are of the view that these options still remain narrow, dominated by the banking system which generally is only able to offer short-term financing and a limitation for medium to long-term financing.

7.    We therefore need to harness all resources towards the achievement of more robust, deeper and broader financial system. Developing the capital market will enable us attract the financing needed for critical investment for both Government and the private sector. In this regard, Government is working assiduously with other stakeholders to place the corporate bond market on a sustainable growth path.

8.    A vibrant capital market will help close the infrastructure gap, create wealth, unleash the creative potential of the people, inject efficiencies in the operation of public utilities and enterprises, and turn ideas into marketable products of global dimensions. The capital market as part of the financial system is therefore critical for our economic development process.

Mr. Chairman,
9.    The importance of Small and Medium Enterprises (SMEs) and their contribution to economic growth, social cohesion, employment and community development is acknowledged worldwide. This sector continues to play a vital role, as a tool for the economic empowerment of the poor. In Ghana, SMEs account for over 90% of business enterprises and continue to contribute largely to the creation of new jobs.

10.    It is estimated that SMEs provide about 85% of manufacturing employment, account for over 90% of existing businesses and are the primary driver for GDP growth. Broadly, SMEs contribute to economic diversification, employment creation, provision of basic goods and services, and generation of exports and tax revenues for our development process.

11.    It is gratifying to note that Government’s efforts in establishing the alternative Market, (GAX) has begun yielding positive results. The focus of GAX on start-ups and existing enterprises with the potential for growth is a step in the right direction. In addition, listing on the Exchange also bring enormous benefits. Let me note a few below.

•    Initial listings increase a company’s ability to raise further capital;
•    The Exchange facilitates transparency in transactions of listed securities in a competitive condition;
•    Reinforce the culture of equity ownership across the wider Ghanaian public;
•    Expand investment options for all Ghanaians; and
•    Improve corporate governance

12.    We therefore urge all other businesses to follow the foot prints of IZWE Ghana to use GAX as a medium to raise capital to finance new projects, undertake expansions, diversifications and for acquisitions.

Mr. Chairman,
13.    Government will continue to support this alternative market through various collaborative initiatives to improve infrastructure and create a conductive environment that will attract investors. The Government will also continue to issue and list bonds with a view to providing an important benchmark for other securities offered in the market.

14.    Currently, all indications signal a potential for growth in the securities market. The over subscription recorded in recent past securities issued both in domestic and global markets testifies to the huge potential in the sector that can be mobilized and channeled to fuel our economy. We therefore need to intensify our education and awareness campaign for potential investors and issuers as well as the general public.

15.    I wish to reiterate that the capital market and for that matter the Exchange remains the most appropriate source of capital and a trading platform for all businesses seeking to raise long term financing at a relatively lower cost for their operations. We need to rely on this alternative financing route to complement the financing from the banking system. In this way, the private sector will be able to play its role in the development process more meaningfully.

16.    Once again, I commend all stakeholders for this significant achievement in our financial sector development process. To IZWE Ghana, congratulation on a successful bond listing, and I wish you all the best as you forge ahead with your business.

Thank you all

January 2014

The Ghana Stock Exchange in 2013 experienced another outstanding performance of listed equities since its establishment in 1990. The GSE Composite Index which measures the performance of the entire market went up by 78.81%, obviously one of the best in Africa. In US dollar ($) terms it was up by 55% second to Malawi in Africa. The exceptional 2013 performance was buoyed largely by increased investor awareness and good operating results of many of the listed companies supported by the renewed investor confidence in the Ghanaian market and economy.
 

May 2013

The Ghana Alternative Market (GAX) is a parallel market operated by the Ghana Stock Exchange. It focusses on businesses with potential for growth. The GAX accommodates’ companies at various stages of their development, including start-ups and existing enterprises, both small and medium.

October 2011

Accra, Ghana, 20th September, 2011 – The Ghana Stock Exchange (the “Exchange” or “GSE”) and Fidelity Capital Partners Limited (FCPL) have signed an MoU in which the two organisations intend to work to promote the growth and future listing of companies, especially Small and Medium-sized Enterprises (SMEs) on the Exchange.

February 2010

The patch that the market went through in 2009 resulted from the effect of the global financial crisis which began to be felt in the fourth quarter of 2008 and the fact that in 2009, the Exchange also effectively began migrating from paper certification to electronic book entry securities under our new automated Trading System.

November 2009

The Ghana Stock Exchange (GSE) has approved the application for Provisional Listing of Comet Properties Limited. The application was sponsored by Worldwide Securities Limited, a licensed dealing member of the GSE.

August 2009

INTRODUCTION:

The market continued to witness low trading volumes during the first half of 2009.

Aside the global economic crisis, the low activities can also be attributed to the somewhat slow process of immobilization of share certificates into the new depository system. This has to some extent slowed down activities as only shares in the depository are allowed to trade. It is expected that the trend will change when more investors dematerialize their paper certificates and the Ghanaian economic climate improves.

MARKET PERFORMANCE

Index
The GSE All-Share Index recorded a decrease of 48.00% to end the half year of 2009 at 5,423.98points. This is in sharp contrast to the 55.77% gain recorded during the same period in 2008. This means that during the half year to June 2009, the GSE All-Share Index was significantly below the interest equivalent on 91 day Treasury bills of 25.49%.

Turnover
Turnover recorded for the period under review was significantly lower than that for the same period in 2008. The half year to June, 2009 recorded a total volume of 41.47million shares valued at GH¢37.69million compared with a volume and value of 189.08million shares and GH¢196.53m respectively for the same period in 2008.

Active Shares
The ten most actively traded equities for the period January to June, 2009 contributed to total volume and values of trades recorded on the market. In volume terms, GCB continued to lead the pack contributing 28.87% to total volume traded, followed by SCB and CAL with 22.40% and 13.7% respectively. BOPP was fourth with 10.15% while FML, ETI, AYRTN, UNIL, SIC and UT, followed in that order with between 6% and 1% of total volume traded.

In value terms, SCB led the half year with a contribution of 39.33% to total value traded followed by GCB and UNIL with 24.87% and 9.04% respectively. Other companies including CAL, PZ, BOPP, FML, ETI and GGBL contributed between 5.74% and 0.99% to total value traded.

Market Capitalization
Market capitalization at the end of June, 2009 was GH¢15,279.49m (approx. US$10,465.40m) compared with GH¢15,587.76m (approx. US$15,133.74m) at the end of June 2008.

DEPOSITORY

The process of immobilizing share certificates into the GSE Securities Depository system continued to be vigorously pursued by the Exchange. The GSE Securities Depository Company Ltd (GSD) and the Exchange during the period under review consulted and collaborated with stakeholders, particularly Registrars, Dealers and Listed Companies in this regard. It is expected that the evidence of the positive results of the GSE automation will soon be significant as a good number of share certificates are deposited in depository accounts by existing shareholders and new accounts are opened by potential investors.

To facilitate this programme, all listed companies at their respective AGMs passed resolutions as directed by the Exchange to amend their company regulations in order to allow for the conversion of paper certificates into electronic securities. The Exchange and the GSD had the opportunity at these AGMs to speak to shareholders on the benefits of the Depository. So far the top ten with respect to the level of dematerialized securities are:

OUTLOOK

Although the impact of the global financial crisis is being felt in the Ghanaian economy, recent attention on Ghana from the international community as a result of the country’s relatively stable political environment in the sub-region, the visit by the US president, President Barack Obama and Government’s effort aimed at greater economic stability are indications that opportunities still abound for wealth creation and stability augurs well for both existing and potential investors on the stock market. Analysts also believe that the Exchange’s performance in this first half of the year presents an opportunity for stock market investments as shares are relatively cheaper at current prices.

May 2009

The stock market performance during the first quarter ending March 31, 2009 was not much different from the downward trend on most global capital markets. There were generally, low market activity characterized by low demands and large offers for listed securities resulting in a downward pressure on share prices.

Statistics