The Exchange is governed by a Council of nine representing three independent members, two representatives of licensed dealing members, two listed company representatives and two executives
The Council of the Exchange has various committees, which enable it to give special attention to various aspects of the operations of the Exchange. They are the Listing, Finance and Risk Management and Surveillance.
The following are the key roles of the various Committees.
- Listing Committee considers applications for listing
- Finance Committee considers the financial aspects of the Exchange’s operations, including budgets and remureration.
- Risk Management and Surveillance Committee appraises, and approves applications for membership.
The day-to-day management of GSE is the responsibility of management staff headed by the Managing Director and assisted by the Deputy Managing Director.
MR. ANSELM RAY SOWAH – CHAIRMAN
Ray Sowah has been a Banker in the City of London for 30 years and has worked extensively in the erstwhile Ghana Commercial Bank London Branch, Ghana International Bank London and Bank of Montreal Capital Markets, London.
He is a commercially astute Business Banker & Lawyer with a consistent record of success in optimising the market, revenue, profit and service performance of organisations operating in challenging environments. He has held senior management positions in Compliance, International Trade Finance, Retail Banking, Business Development and in the UK Capital Markets.
Ray Sowah attended Mfantsipm School, Cape Coast, and has a BA Honours Degree in English & Philosophy from the University of Ghana, Legon. He is a Barrister at Law and Solicitor of the Supreme Court of Ghana and a member of the British Banker Association, Business Council for Africa and the Association of Foreign Banks, all in London.
MR. ARMAH I. J. AKOTEY
Armah is the Head of Brokerage at Databank Brokerage Limited (DBL) – a licensed dealing member of Ghana
Stock Exchange (GSE). He is responsible for the development and execution of the strategic intent of the firm. Armah has over 13 years’ experience in Ghana’s Securities Industry. He has an in-depth understanding and working knowledge of Ghana’s capital market, particularly equity and debt capital markets. Prior to this role, he supervised the Trading and Back Office operations of DBL. Armah has been instrumental in the maintenance of DBL’s strong equity trading on the GSE, as well as developing strategic trading relationships in North and South Africa.
Armah holds a Dealers’ Representative License from the Securities and Exchange Commission (Ghana) and is an Authorized Dealing Officer of the Ghana Stock Exchange. He is also a professional member of the
Chartered Institute of Bankers (Ghana). He holds a postgraduate degree in Finance (MBA) and a BSc in
Business Administration (Finance and Banking) both from the University of Ghana.
MRS. LETICIA OSAFO ADDO
Madam Leticia Osafo-Addo is the current national treasurer of the Association of Ghana Industries. She is also the founder and CEO of Samba Foods, the first company to commercialize shito.
She was educated in Germany from 1969 to 1979 and holds SRN from Krankenhaus-Maria Hilf, a diploma in Anesthesiology and Intensive Care Therapy from Universitat Klinik – Staedtishe Kranken Anstalt, Krefeld in Germany, an MBA (Management Technology & Innovation) from Wageningen Agricultural University, Wageningen, The Netherlands. A Diploma in Quality Assurance & Marketing in Food Processing from International Agricultural Center, Wageningen, The Netherlands. She is also a Fellow of Ron Brown Institute, Georgia State University, Atlanta Georgia, USA and holds a certificate in Food Processing & Preservation from the Food Research Institute, CSIR, Ghana.
Madam Leticia Osafo-Addo is a resource person in Entrepreneurial Development Training; a motivational speaker and mentoring of young people in tertiary institutions; trainer in the training of women in food processing and preservation; a role model ambassador of the Government Role Model Programme of COTVET under the Ministry of Education.
She serves on various government boards and institutions throughout the country.
MR. EKOW AFEDZIE
Mr. Ekow Afedzie was appointed Managing Director on January 1, 2020, having acted in that capacity since August 1, 2019. Prior to this, he had been the Deputy Managing Director for 10 years.
Having worked with the Exchange since its inception in 1990, Mr. Afedzie has over 28 years of experience in the capital market, some of which were spent as the Head of Marketing, Research and Systems and as General Manager of the Exchange.
Mr. Afedzie has been associated with many transformational projects at the Ghana Stock Exchange. He coordinated the automation of the trading, clearing and settlement functions of the Exchange as well as the establishment of a depository company for equities. He was also instrumental in the establishment of the Ghana Fixed Income Market (GFIM) and the Ghana Alternative Market (GAX). Mr. Afedzie is experienced in stock market operations and has participated in many international conferences in that area. He has also made significant contributions to local and international research on stock markets and presented papers on stock market operations at many local and international fora.
Mr. Afedzie holds a Master’s Degree in Business Administration and a Master of Arts Degree in Economic Policy Management, both from the University of Ghana. He also holds a Bachelor’s degree in Law from Mountcrest University College.
The rich experience and remarkable dynamism of Mr. Afedzie is invaluable, especially as the Exchange undergoes the critical period of modernising and transitioning from a frontier market to an emerging market, in alignment with Government’s plan to make Ghana the financial hub of the West African sub-region. A successful transition will attract more investors to participate in the capital market, which will increase liquidity and profits, improve market efficiency and enable the Exchange to develop a greater level of market influence.
Mr. Afedzie’s historical and current knowledge of the market stands him in good stead to spearhead the transition.
Abena Amoah is responsible for the operational activities of the Exchange, namely, Trading and Surveillance, Listings and New Products, the Ghana Fixed Income Market and the IT systems of the Exchange, as well as assist the Managing Director in defining and implementing the Exchange’s corporate strategies and plans, among other responsibilities.
Ms. Amoah is an accomplished investment banker and capital markets expert who has led on many landmark transactions for more than 20 years.
Abena’s experience covers stock market listings and trading, mergers and acquisitions advisory, investment research, asset management, private placement of equity, debt and hybrid instruments, large infrastructure project development, business start-ups and incubation, public education on investment and financial matters, and capital markets development strategies, across diverse sectors of the Ghanaian environment.
She has served on boards of companies – publicly listed, private and not-for-profit – such as Access Bank PLC, African Women’s Development Fund, Ghana Stock Exchange, Ghana Petroleum Funds, Kosmos Energy Ghana HC Advisory Council, The Foschini Group Ghana Ltd, University of Ghana Council, Venture Capital Trust Fund and Wapic Insurance Ghana Ltd. She has been an advisor to the Government of Ghana and financial sector regulators in West Africa on the deepening of financial markets, and is highly respected in her industry for her outstanding professionalism and integrity.
Abena started her career as an investment analyst and stockbroker, growing to build and lead top investment banks in Ghana. She has previously worked with the BlackIvy Group LLC, where she led development of the 400-acre WestPark Industrial Park at Shama in the Western Region; Renaissance Group, where she was CEO of NewWorld Renaissance Securities Ltd and Head of Investment Banking & Finance in West Africa (ex-Nigeria) for Renaissance Capital; and Strategic African Securities Ltd, where she was the Executive Director of the company.
Abena is an alumna of the University of Ghana Business School, and has also undertaken academic and leadership studies at the Stanford Graduate School of Business, Harvard Business School and the University of Denver’s Daniels College of Business, all in the USA. She was a founding executive of the Ghana Securities Industry Association, an Authorised Dealing Officer of the Ghana Stock Exchange and an Assessor (Capital Markets Expert) of the Commercial Division of the High Court of Ghana.
Edem Akpenyo is currently the Managing Director of FirstBanC Brokerage Services Limited. He joined the Securities brokerage community in 2004 as a national service person. He was licensed by the Securities and Exchange Commission as a Dealer’s Representative and the Ghana Stock Exchange as an Authorized Dealing Officer in 2005. He comes with vast experience in the stock brokerage industry in Ghana. His responsibilities have included: trading on the Ghana Stock Exchange, financial analysis, portfolio structuring and management, investment advisory services and research. He has taught in various investment seminars and currently lectures Securities Trading and Investment Advisory Techniques in the Ghana Securities Industry Course organized by the Ghana Stock Exchange.
Prior to joining FirstBanC, Edem worked with Capital Alliance Company Limited, NTHC Securities Limited and HFC Investment Services Limited, where he acquired further experience as a manager of a Mutual Fund. Edem graduated from the University of Ghana Business
School with a BSc. Administration degree in Finance and recently earned a Post Graduate Certificate in Anti-Money Laundering and Financial Crime. He is a member of the Institute of Directors (loD), Ghana. He is in the final stages of earning a Master’s degree in Finance and Control with the Amity University. He has undertaken various capital market courses with the United Nations Institute for Training and Research (UNITAR) and the Ghana Stock Exchange.
PROF. PHILIP EBOW BONDZI-SIMPSON
Independent Member Nominee
Philip Ebow Bondzi-Simpson, a Professor of Law, is an experienced Barrister and Solicitor and presently the Rector of the Ghana Institute of Management and Public Administration. He is the Founding Dean of the Faculty of Law, and former Dean of the School of Business, both at the University of Cape Coast. He has taught full- and
part-time, served as external examiner, and assessed for professorship for several other universities across the globe.
He has been the and Editor-in-Chief of the Journal of Business and Enterprise Development of the University of Cape Coast; Editor, Ghana School of Law Journal, Ghana School of Law; and he edited the well-received book, Law and Economic Development in the Third World. Indeed, Professor Bondzi-Simpson has a number of pioneering publications – journal articles and textbooks alike – standing to his name.
A former Director of Legal Services and Investigations of the Commission on Human Rights and Administrative Justice, he has also had significant experience as a private legal practitioner both in Ghana and Ontario, Canada. Professor Bondzi-Simpson’s private legal practice has been in the areas of Corporate and Commercial Law and aspects of Public Law (notably Constitutional and Human Rights Law). He has served as Legal Counsel, Director and Company Secretary to a number of reputable companies and he has participated in international commercial arbitration at the International Court of Arbitration at The Hague, The Netherlands. The author was privileged to have been a member of the Committee of Experts whose work culminated in a draft Bill for consideration by Government and Parliament and the subsequent passage of the 2019 Act.
Of Mfantsipim School, Cape Coast and St. John’s School, Sekondi, his tertiary qualifications include LLB (Ghana), LLM (Saskatchewan), SJD (Toronto), and BL (Ghana) and PGDE (Cape Coast). He has also taken courses at The Hague Academy of International Law, The Hague, The Netherlands; the International Institute of Human Rights, Strasbourg, France; the Institute of International Public Law and International Relations, Thessaloniki, Greece; the Ghana Stock Exchange, Accra; Galilee International Management Institute, Galilee, Israel; and University of Witwatersrand, Johannesburg, South Africa.
Independent Member Nominee
Mrs Abena Osei-Poku is the Managing Director of Absa Bank Ghana, previously known as Barclays Bank Ghana. She is responsible for driving a positive transformation having successfully led the Barclays transition from a “100 year old brand and household name” into a new brand – Absa. Abena is very passionate about colleague empowerment, client experience and devolved leadership and this has enabled the bank to be the most profitable bank in Ghana even during the transition. Prior to this, she worked at Absa in South Africa as Managing Director responsible for the Corporate & Investment Banking business in East and West Africa.
Mrs Osei-Poku has over 25 years of in-depth Pan-African experience from Standard Chartered Bank and Barclays Bank. She has held various leadership positions including risk management, corporate governance, business management, strategy, client coverage and change management.
She has broad board experience having previously sat on boards in Telecommunications (Airtel Mobile Money Limited), Banking (Barclays Bank), Commerce (United Kingdom and Ghana Chamber of Commerce), and hospitality (Country Kitchen Ltd). She is currently the Chairperson of the Advisory Board of the College of Health Sciences, University of Ghana. In addition, she sits on the executive councils of the Ghana Association of Bankers and the National Banking College.
Abena Osei-Poku is an Economist, holds a Bachelor’s degree from the University of Ghana, an MBA (Strategy & Finance) from the Manchester Business School in the United Kingdom, and has attended various leadership and other programs worldwide.
YAO AGBELENKO ABALO
Independent Member Nominee
Mr. Yao A. Abalo is the Chief Executive Omcer of the Central Securities Depository (GH) Ltd, a position he has held since June 2017. He previously worked with the Bank of Ghana, rising to become an Advisor to the Governor of the Bank, with oversight on treasury operations. Among other positions held in the Bank, he was Director and Head of the Treasury Department, Risk Management Department and Director of the External Financial Relations Department.
Mr. Abalo holds an M.A. in Economic Policy Management from McGill University, Canada, a Graduate Diploma in Population Studies and a B.A. (Hons) in Economics and Statistics from the University of Ghana.
Akua Oparebea Amponsah
Akua is the Company Secretary and Legal Advisor of the Exchange. She joined the Exchange in May 2017 from the law firm of Bentsi-Enchill, Letsa & Ankomah, where she was an Associate in the Energy and Natural Resources Practice Group of the firm. She has also previously worked in Human Resources and Administration at AngloGold Ashanti Limited.
She holds a B.A in Management and Psychology as well as an LLB from the University of Ghana. She also holds a Qualifying Certificate in Law from the Ghana School of Law.
Akua is a member of the Ghana Bar Association and the Commonwealth Lawyers Association.