Details of SIC Insurance Company Limited

Company Profile

SymbolSIC
Company NameSIC Insurance Company Limited
Stated CapitalGHC 2,500,000
Security
Nature of BusinessInsurers and reinsurers generally for risks of every type and description
Date Incorporated
Comments
Date Listed25th/01/2008
Registered OfficeNyemitei Hse. 28/29 Ring Road East
Postal Address
Tel0
Fax0
Emailsicinfo@sic-gh.com
Websitewww.sic-gh.com
Types of Traded SecuritiesOrdinary Shares of no par value
Issued Shares(GH) (mil.)195.65
Authorised Shares500.000.000
DirectorsMrs. Felicity Acquah
Change of NameState Insurance Corporation
Comments

Press Releases

July 2016

Final Dividend

SIC announces that the Board of Directors of the company will be recommending to the shareholders at its upcoming Annual General Meeting the payment of a final dividend of GH¢0.0214 per share for the financial year ended December 31, 2015.

Qualifying date

All shareholders registered in the books of SIC at the close of business on Thursday, 11th August, 2016 will qualify for the final dividend.

Closure of Register

The Register of shareholders will be closed on Friday, 12th August, 2016.

Ex-Dividend Date

In view of the foregoing, the ex-dividend date has been set as Tuesday, 9th August, 2016. Consequently, an investor purchasing SIC shares before this date will be entitled to the final dividend. However, an investor buying SIC shares on or after Tuesday, 9th August, 2016 will not be entitled to the final dividend.

Dividend Payment Date

The proposed dividend if approved will be paid on Friday, 30th September, 2016.

Annual General Meeting

SIC announces that the Company’s Annual General Meeting will be held at the Ghana College of Physicians and Surgeons on Thursday, 4th August, 2016 at10.00 am.

Issued at Accra, this 19thday of July, 2016.

July 2015

PR. No. 230/2015 refers.

SIC announces that due to unavailability of venue, the date of the Company’s Annual General Meeting has been changed to Friday, July 31, 2015 at the Ghana College of Physicians and Surgeons at 10.00 am.

The Directors will not recommend dividend for the 2014 financial year.


Issued at Accra, this 14th day of July, 2015.

January 2015

The Board of SIC at its Emergency Meeting held on January 26, 2015, interdicted the Managing Director.

The board of SIC has appointed Mr. Kwei Mensah Ashidam, Deputy Managing Director(Technical), to act as Managing Director.

Issued at Accra, this 30th day of January, 2014.

June 2014

SIC announces that the Company’s Annual General Meeting will be held at the Ghana College of Physicians and Surgeons on Thursday, 31st July, 2014 at 10.00 am.


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

November 2013

SIC announces the retirement of Mr. Prince K. Mawuvenu, the company secretary from the service of the company. 
 
The company further announces that Mrs. Lydia Hlomador has been appointed as the Acting Company Secretary effective 14th November, 2013. 
  
Mrs. Lydia Hlomador
She is a bilingual Lawyer with over twelve (12) years experience at the Bar spanning secretarial, litigation and legal advisory services.
She previously worked with Ghana Trade Fair Authority as a Translator in 1994 and 1998 and provided secretarial support services to the Ghana Bar Association in 1999. She also worked as a Legal Assistant with Unilever Ghana limited and with the Law Reform Commission as a Legal Officer.
Mrs. Hlomador entered full scale ligation starting with a short stint with G.A. Sarpong and then continued with Hesse & Larsey. With the experiences gathered, she went into private practice in 2005, and managed a law firm - Excel Legal Consultancy – which provided broad spectrum legal services to both national and expatriate clients.
She joined SIC Insurance Company Ltd in 2008. She is a Senior Manager in the Legal Affairs Department and currently holds the position of Company Secretary in an acting capacity.
She graduated from the University of Ghana, 1998 with a combined Bachelors Degree in Law and French. She qualified as a lawyer on graduating from the Ghana School of Law in 2000.
  
 
Issued in Accra, this 28th
day of November, 2013
SIC announces the resignation of the following Directors from the Board of the company effective 14th November, 2013.
i Mr. Max Cobbina
ii Dr. Anaab-Bisi
iii Mrs. Yvonne Osei-Tutu
iv Mr. Kwame Awuah-Darko
 
The company also announces the appointment of the following Directors to the Board of SIC effective 14th November, 2013 to replace the out-going directors.
i Mrs. Felicity Acquah – New Chairperson
ii Mr. Fiifi Gyabra-Forson
iii Ms. Nancy Dakwa Ampofo
iv Mr. Robert Afflah Sackey
 
PROFILE OF NEW DIRECTORS
 
1.     Mrs. Felicity Acquah - Chairperson
Felicity Acquah holds an Executive Masters degree in Business Administration; MBA (Finance), a BA in Economics and Law and a Postgraduate diploma in Project Appraisal and Management. She is also a certified trainer in Entrepreneurship and a Certified Business Development Advisor. She is a Project Analyst and Development Advisor. She is a Project Analyst and Development Banker by profession.
 
With over 30 years of banking and business development experience, she has served in senior positions in the Agricultural Development Bank, National Investment Bank, Merchant Bank and Women’s World Banking. She served as Managing Director of Eximguaranty Company (GH) Limited, a Finance House for 10 years.
 
She was also a pioneer in establishing an Entrepreneurship and Business Development Institution (Empretec Ghana Foundation) initially sponsored by UNCTC; UNDP; DFID, World Bank. She served with Empretec Ghana for eight years and assisted in installing Empretec programmes in Botswana, Zimbabwe, South Africa and Sierra Leone.
 
She pioneered and led the implementation of the Relationship Management Workshop for Bankers between 1995 and 1997 for the benefit of the Agricultural Development Bank, Merchant Bank Ghana Limited and Barclays Bank.
 
She won meritorious awards on the celebration of Empretec Ghana Foundation’s 10th Anniversary. Ghana association of Women Entrepreneurs accorded her two awards for her contribution to business development in the country, having led the conduct of over 30 Entrepreneurship Workshops and over 40 Management Seminars for SMEs in Ashanti; Greater Accra; Western and Northern Regions. She won an African Leadership Award in 2005.
 
She was adjudged the Marketing Woman of the year 2006 by the Chartered Institute of Marketing Ghana and is a fellow of the Chartered Institute of Bankers.
 
She was accorded the Ghana Women’s Excellence Award through the Ministry of Women and Children’s Affairs in April 2012. An International NGO, GWIN awarded her a medal and certificate at the innovative Women in Business; Workplace and Leadership Awards ceremony in April 2012.
 
She had previously served on the Boards of : Food Research Institute; Gold Coast Securities; Metropolitan and Allied Bank; National Board for Small Scale Industries; Women’s World Banking; Empretec Ghana Foundation; Ghana Education Trust Fund (GETFund); Ghana Social Marketing Foundation (GSMF); the Chartered Institute of Bankers, the Association of African Development Finance Institutions (AADFI) the Guarantee Committee of the Guarantee Fund for West Africa (GARI) and Eximguranty Company (GH) Limited. She is currently serving on the Boards of the Catholic Institute of Business and Technology (CIBT, and is the Vice President of the Business Council of Africa (Ghana). She is a patron of FIDA (Ghana) and a patron of Empretec Women’s Forum (Accra Chapter).
 
2.     Ms Nancy Dakwa Ampofo
She is a Lawyer of 31 years standing at the Ghana Bar. She is also a Notary Public. She previously worked with Addae Twum and Company, Redco Limited and R. Kocuvie Tay and Co.
 
In the year 2000, Ms Ampofo established her own Legal Firm, N.D. Ampofo Associates based on the record of accomplishment and expertise garnered over nearly two decades. She offers legal consultancy services to both local and international clients in all areas of law. She has experience in Law of Contract, Commerce, Finance and Investment, Corporate and Commercial Law, Property Law and Real Estate, Construction law, employment and industrial Relations and Information Technology and Communications law. She also has expertise in Land Law, land tenure system and land registration.
 
She is currently the National Treasurer of the Ghana Bar Association and serves on the boards of the Legal Service and Agricultural Development Bank.
 
She holds a B.A combined Degree in Law (with Political Science) from the University of Ghana. She obtained her Professional Law qualifying certificate in 1981 from the Ghana School of Law. She was called to the Ghana Bar on 20th November 1981.
 
3.     Mr Fiifi Gyabra – Forson
He has expertise in Strategic and Tactical Analysis, Petroleum and Commodity Trading and Sports Administration.
 
Mr Forson has previously worked as a Business Development Strategist with R.S Amegashie and Partners and Courair Ghana Limited. He later moved into the petroleum sector taking appointment with Bunker Trade and Transportation Services Limited, Hydrocarbon Industries limited in the United Kingdom, and Modern Petroleum Limited (Ghana). He also served as Technical Consultant in Project Development and Financing with International Bi-Lateral Trade Council where he was responsible for DR Congo, Guinea, Niger and Liberia.
 
As a Sports enthusiast, he is a Management Member of Accra Hearts of Oak, Member of Ghana Football Association Marketing and Sponsorship Committee as well as the Manager of Hearts News.
 
He is currently the CEO and majority shareholder of Wodjoynts Limited, a wood joinery company.
 
He graduated from the University of Ghana with a Bachelor of Arts Degree in Economics.
 
4.     Mr Robert Afflah Sackey
He has over twenty-six (26) years experience in insurance, a career he started with the Social Security and National Insurance Trust (SSNIT) during his national service days in 1995. Due to his passion and interest in the subject, he quickly rose through the ranks and is currently the Insurance Manager, a position he has held since 1997.
 
Mr. Sackey is an Associate of the Chartered Insurance Institute (ACII), UK and a qualified lawyer   called to the Ghana Bar in 1999.
 
He graduated from the University of Ghana with a Bachelor of Arts Degree in Sociology and Political Science.
 
 
Issued in Accra, this 28th          
day of November, 2013

May 2013

SIC announces that at a meeting of the Board of Directors held on 30th April 2013, Mrs. Doris Awo Nkani, who had acted as the Managing Director of SIC since 3rd May, 2012, was confirmed as the substantive Managing Director with immediate effect.
 
Mrs. Doris Awo Nkani, the first female Managing Director of the Company, is a Chartered Insurer and fellow of the Insurance Institute of Ghana. She is a lawyer and has held several top positions in the insurance industry. Prior to her appointment as Deputy Managing Director (Technical) of SIC with effect from 1st September 2010, she was the Managing Director of Phoenix Insurance Company where she helped to re-position the Company.
 
Currently, she is the President of the Bureau of Guarantors of the Inter State Road Transport Association of ECOWAS. She is also an Executive Council Member of the West African Insurance Companies Association (WAICA) and member of the Governing Council of the West African Insurance Institute. She serves on the Board of SIC Life, Novotel and Superannuation Management Committee of the Atomic Energy Commission.
 
She is a holder of an LLB Hons. from University of Ghana and a BL from the Ghana Law School. She is a member of the Chartered Insurance Institute of UK and the Chartered Institute of Marketing.
 
At the same meeting of the Board a new Deputy Managing Director (Technical) in the person of Mr. Kwei-Mensah Ashidam, was appointed by the Board. Mr. Ashidam, before his appointment, was the acting General Manager, Technical and the Head of the Reinsurance Department of SIC. He brings on board over twenty-nine (29) years of experience in the insurance industry.
 
Previous positions he held include Head of Fire Department, Area Manager, Tema, Executive Assistant to the Managing Director and Head of Risk Department.
He holds a Bachelor of Science Degree in Mathematics from the Kwame Nkrumah University of Science & Technology, Kumasi, post-graduate Diploma in Marketing from CIM UK, and Diploma in Insurance from the West African Insurance Institute, Gambia.
 
He is Fellow of the Chartered Insurance Institute of UK and the Insurance Institute of Ghana, as well as a foundation member and lecturer for various courses previously organized by the Insurance Institute of Ghana, now the Ghana Insurance College.
 
 
Issued in Accra, this 10th
day of May, 2013

October 2010

SIC has released its un-audited Financial Statements for the third quarter ending September 30, 2010 as per the attached.
 
Issued in Accra, this 29th          
day of October. 2010

August 2010

SIC has released its un-audited Financial Statements for the half-year ended June 30, 2010 as per the extracts attached.
 
Issued in Accra, this 2nd   
day of August. 2010

April 2010

Final Dividend
SIC has announced a final dividend of GH¢0.0177 per share in respect of its financial year ended December 31, 2009.

Qualifying date
All shareholders registered in the books of SIC at the close of business on Thursday, May 13, 2010 will qualify for the final dividend of GH¢0.0177 per share which would be approved at the Annual General Meeting.

Closure of Register
The Register of shareholders will be closed from Friday, May 14, 2010 to Thursday, May 20, 2010 (both dates inclusive).

Ex-Dividend Date
In view of the foregoing, the ex-dividend date has been set as Tuesday, May 11, 2010. Consequently, an investor purchasing SIC shares before this date will be entitled to the final dividend. However, an investor buying SIC shares on or after Tuesday, May 11, 2010 will not be entitled to the final dividend.

Dividend Payment Date
The final dividend of GH¢0.0177 will be paid on Monday, June 21, 2010.

Annual General Meeting
The Company’s Annual General Meeting will be held at the National Theatre, Accra on Thursday, May 20, 2010 at 10 am.


Issued at Accra, this 21st
day of April, 2010
SIC has released its audited Financial Statements for the year ended December 31, 2009 as per the extracts attached.


Issued in Accra, this 7th
day of April, 2010


CLICK HERE TO VIEW DETAILS

January 2010

SIC has released its un-audited Financial Statements for the year ended December 31, 2009 as per the extracts attached.


Issued in Accra, this 29th
day of January, 2010.


CLICK HERE TO VIEW DETAILS

August 2009

SIC has announced that the under-listed persons have been appointed as the Board of Directors of the Company.

i. Mr. Max Cobbina - Chairman - May 21, 2009
ii. Mrs. Yvonne Osei-Tutu - Member - May 21, 2009
iii. Mr. Kingsley Awuah-Darko - Member - July 16, 2009
iv. Dr. Vitus Annab-Bisi - Member - July 16, 2009
v. Mr. Benjamin Acolatse - MD - July 16, 2009

July 2009

SIC INSURANCE COMPANY LIMITED ()

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


Issued at Accra, this 30th
day of July, 2009.



CLICK HERE TO VIEW DETAILS

Financial Statements

July 2018

SIC has released its audited Financial Statements for the year ended December 31, 2017 as per the attached.

Issued in Accra, this 9 th day of July, 2018.

March 2018

SIC has released its un-audited Financial Statements for the year ended December 31, 2017 as per the attached.

Issued in Accra, this 8 th day of March, 2018.

November 2017

SIC has released its un-audited Financial Statements for the third quarter ending September 30, 2017 as per the attached.

Issued in Accra, this 7 th day of November, 2017.

August 2017

SIC has released its un-audited Financial Statements for the first quarter ending March 31, 2017 as per the attached.

Issued in Accra, this 7th day of August, 2017.

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

Issued in Accra, this 7 th day of August, 2017.

SIC has released its un-audited Financial Statements for the first quarter ending March 31, 2017 as per the attached.

Issued in Accra, this 7th day of August, 2017.

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

Issued in Accra, this 7 th day of August, 2017.

March 2017

SIC has released its un-audited Financial Statements for the year ended December 31, 2016 as per the attached.

Issued in Accra, this 9th day of  March, 2017.

 

 

November 2016

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

Issued in Accra, this 18th day of  November, 2016.

 

August 2016

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

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

 

February 2016

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

Issued in Accra, this 2nd day of  February, 2016.

August 2015

SIC has released its un-audited Financial Statements for the half year ending 30th June, 2015 as per the attached.

Issued in Accra, this 17th day of August, 2015.

February 2015

SIC has released its un-audited Financial Statements for the year ended December 31, 2014 as per the attached.

Issued in Accra, this 30th day of January, 2015.

November 2014

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


Issued in Accra, this 3rd day of November, 2014.

August 2014

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


Issued in Accra, this 21st
day of August, 2013.

November 2013

SIC has released its un-audited Financial Statements for the nine months ended September 30, 2013 as per the attached.


Issued in Accra, this 1st
day of November, 2013

July 2013

SIC has released its un-audited Financial Statements for the half year ended 30th June, 2013 as per the attached.


Issued in Accra, this 31st
day of July, 2013

February 2013

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


Issued in Accra, this 1st
day of February, 2013

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

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