╨╧рб▒с>■  *,■   )                                                                                                                                                                                                                                                                                                                                                                                                                                                ье┴M Ё┐objbjт=т= % АWАWU      l<<<<<<<PШШШ8╨ ▄P]·№№"▄▐▐▐▐▐▐$W w <┌<<┌┌┌.<<▄┌▄┌┌▄<<▄Ё ░╟░б(╞PHШL^▄▄-0]▄} к0} ▄┌PP<<<<┘SPEECH BY THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION, PROF. G. K. A. OFOSU-AMAAH, AT ITS ANNUAL DINNER HELD AT THE CRESTA ROYALE HOTEL ON FRIDAY 27TH, JANUARY 2005 It is a pleasure to have such distinguished guests and the whole secretariat of SEC to this our maiden end-of-year dinner. We want this event to become an annual affair and we intend to use the occasion not only for feasting but also to allow us to take stock of the past year and to meet with some of the important stakeholders of the Securities Market in a relaxed and convivial atmosphere. Of course, the real and important stakeholders are the numerous institutional and individual investors in the listed companies, collective schemes and the incipient bond market Ц all too numerous to be invited. We had also hoped that such as an event would provide a platform for the Minister of Finance and Economic Planning, our Sector Minister, to express his views on the Securities industry as a whole. Let me quickly sum up what we are supposed to do and what we have been trying to do in the past four (4) years since this Commission was reconstituted. We are expected to create and maintain confidence in the securities sector by maintaining surveillance over the stated activities and to ensure orderly, fair and equitable dealings. This main function, if it properly and scrupulously carried out should secure the right degree of protection and comfort for investors. We do this by vetting at entry, to allow only those firms and individuals satisfying the necessary criteria (including honesty, competence and financial soundness) to engage in the market. Once we have licensed them we expect that they will operate according to the standards set by the law and by our Regulations, directives and market guidance statements. We monitor how these firms are meeting our standards and where serious problems arise, we investigate and if appropriate, we admonish, discipline and make public the various infractions. The Commission is aware we have not been doing this perfectly. Recent market surveillance visits have revealed a distressing level of non-compliance. These failures are due in part to weaknesses in leadership and vigilance on our part and to manpower constraints, lack of logistics, office space etc. as well as certain insouciance on the part of market players. In the past 18 months, we have made determined efforts to improve on our performance, to increase our professional staff, to pay more attention to detail and to raise the profile of SEC in the industry. In the coming year we will continue our efforts and also institute a Securities and Capital Market Week to create public awareness about the securities industry. The year 2005 has been bearish as compared with the bull years of 2003 and 2004 on the Stock Exchange. Speaking for myself, I am not sure that the general gloom is warranted. The plain fact is that the listed companies are not wildly profitable. The price/earnings ratios are not encouraging. There must be more shareholder value lurking somewhere in the books, even in the case of the listed banks. There appears to be a preference for Initial Public OfferТs (IPOТs) by investors and 2005 was not brilliant year for them. 2005 was thus a corrective year. Shares traded on the Stock Exchange amounted to: 2003 : 389 billion 2004 : 657 billion 2005 : 464 billionЕ.. The Collective Investment Scheme (CIS) mobilized 320 billion in 2005 as well. The shortfall, which has generated so much pessimism, is not so great after all. Has it not been said that low prices are attractive to discerning investors on the secondary market? What is then needed is to whip up enthusiasm and to market what we have with greater skill. Are we ready for the challenges???. The Commission is and I invite you all to join the crusade for the deepening and development of our Sector. Thank you. PAGE  PAGE 2 Яб▒╒ RUV\]^`aghijknoЇчЇ▀┌▀╥╦╚╦╚╦╚╦└╦╚╥0JmHnHu0J j0JUOJQJ]Б^JOJQJOJQJ]Б^J5Б>*H*OJQJ\Б^J5Б>*OJQJ\Б^J░▒,-╘╒  ╨ ╤ = > лм#$89PQЯаDE·°єєєєє°ёєєєєєєєєєєєєєєєєєєє$a$$a$Un¤¤EFGRSTU^_`klmno······ёыщёыщщ·Дh]ДhД° Д&`#$$a$# 01Рh░╨/ ░р=!░"░#Р8$Ра%░ i8@ё 8 NormalCJ_HaJmH sH tH <A@Є б< Default Paragraph Font<B@Є< Body Text$a$OJQJ]Б^J, @, Footer  ╞р└!&)@в& Page Numbero     ░▒,-╘╒╨╤= > л м   # $ 8 9 P Q Я а DEFGRSTU`klpШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААЪ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААШ0ААЪ@ААЪ@0ААШ@0АА o Eo n !Х!┤ ХАE I | Б Ump  >   $ * 9 ? ╙╫Ump33333░░▌▐;;z НЦнн#Wegg  A E ▄ ▀ Т У █ ▀     \ ] ` RTU]`jp  Vida Harrison-IndomehC:\Documents and Settings\vindome\My Documents\DR. SOWA\speech by chairman at dinner 27 january 2006.doc @АE E XГ╬E A oа@  Unknown            GРЗ:  Times New Roman5РАSymbol3&Р З:  ArialCFРЗЯComic Sans MS"1ИЁ╨hывЖFвж)вЖ┤47д !Ё8┤┤ББ0dЖ2ГЁ  FSPEECH BY THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION, PROFVida Harrison-IndomeVida Harrison-Indome■ рЕЯЄ∙OhлС+'│┘0▄ШаЁ№(4D dp М Ш д ░╝─╠╘фGSPEECH BY THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION, PROFPEEVida Harrison-IndomeN OidaidaNormalrVida Harrison-IndomeN O180Microsoft Word 9.0e@8Ё+@Ўнr(╞@z^╤э'╞@L б(╞7д ■ ╒═╒Ь.УЧ+,∙о00 hp|ДМФ Ьдм┤ ╝ фSECЖэ GSPEECH BY THE CHAIRMAN OF THE SECURITIES AND EXCHANGE COMMISSION, PROF Title ■   ■    ■   "#$%&'(■   ¤   +■   ■   ■                                                                                                                                                                                                                                                                                                                                           Root Entry         └Fp$╞б(╞-А1Table            WordDocument        % SummaryInformation(    DocumentSummaryInformation8            !CompObj    jObjectPool            p$╞б(╞p$╞б(╞            ■                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           ■       └FMicrosoft Word Document MSWordDocWord.Document.8Ї9▓q