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Ghana Stock Exchange

GHANA STOCK EXCHANGE (GSE) POSTS IMPRESSIVE RESULTS AT ITS 31ST ANNUAL GENERAL MEETING

By July 29, 2021No Comments

Accra, 28TH July 2021: The Ghana Stock Exchange (GSE) has held its 31st Annual General Meeting posting impressive results despite the devastating effects of COVID-19 in 2020. The Exchange showed a solid financial performance in the year under review, within the difficulties of the world’s capital markets amid the COVID-19 pandemic that disrupted many economies around the world.  The net profit after tax of the Exchange in 2020 was GHS23.46 million compared to GHS 8.43 million in 2019.This is the highest in the history of the Exchange.

The Chairman of the GSE Council, Mr. Anselm Ray Sowah said, “The year 2020 was unusual by all standards as the Coronavirus pandemic (COVID-19) ravaged the world and posed some of the biggest organisational challenges in history. The GSE Composite Index closed the year at 1,941.59 points, which represented a decline of 13.98%, slightly higher than the -12.25% recorded at the end of 2019. The Market Capitalization for all listed securities ended the year with GHS54.37 billion compared with GHS56.79 billion recorded in 2019 representing a dip of 4.25%. However, the Exchange had a record-setting year across its markets despite the challenging times. The equities market recorded its second highest annual volume traded in its 30-year history, with higher liquidity during the last quarter. A record 695,396,188 shares valued at GHS575,269,873.22 were traded.”

The year 2020 marked 30 years of operations of the Ghana Stock Exchange, which commenced trading on 12th November 1990. The meeting highlighted some of the successes and challenges of GSE during its 30 years of existence. From a modest beginning, the GSE has set up three markets namely the Main Market, Ghana Alternative Market (GAX) for SMEs and Ghana Fixed Income Market (GFIM) through which companies have raised over GHS 18 billion in long-term capital. On the equities markets, GHS5.5 billion worth of shares have traded and the average annual return to investors in the last 30 years is 25%. The GSE was adjudged best the performing Exchange in Africa in 2008 and 2018 respectively by Africa Investor (Ai) and continues to shine on the continent.

In his remarks, The Managing Director of the GSE, Mr. Ekow Afedzie said, “The Exchange performed beyond expectation amid challenges occasioned by the COVID-19 pandemic which slowed down economic activities globally, collapsed businesses and brought the lives of people to a standstill. Nonetheless, the Ghana Fixed Income Market (GIFM) smashed the 100 billion ceiling for trade volumes and the Equity Market closing the year on a high note despite the difficult conditions.”

The Exchange has developed a 3-year Strategic Plan to transform from a frontier market to an emerging market; demutualized entity operating at optimal capacity with an innovative and competitive orientation; and become the preferred platform for financing and investment for both public and private sectors. All these are aimed at creating a vibrant Exchange to support its mission of providing an efficient securities market in support of national economic development.

GHANA STOCK EXCHANGE (GSE) POSTS IMPRESSIVE RESULTS AT ITS 31ST ANNUAL GENERAL MEETING, Ghana Stock Exchange

GHANA STOCK EXCHANGE (GSE) POSTS IMPRESSIVE RESULTS AT ITS 31ST ANNUAL GENERAL MEETING, Ghana Stock Exchange