GSE automation project to be ready by June
(As reported by the Chronicle 12th September 2006.Story by Joseph Coomson)
Mr. Ekow Afadie, General Manager (GM) of the Ghana Stock Exchange (GSE), has hinted that the manual trading process on the Ghanaian bourse would be a thing of the past by June next year, when an automated trading platform would be ready. The GM revealed this during the official listing of ETI on the GSE in Accra yesterday.
An international competitive bidding process for an automated trading platform for the Ghana Stock Exchange (GSE) would soon be opened after approval from the World Bank, for which discussions are still ongoing for approval.
The World Bank is assisting the GSE to kick-start its automation process next year.
The installation of the automation platform would help reduce the tedious T+3 settlement system being used currently.
The plan for installing an automated trading platform was conceived several years ago but inadequate finance has hampered the smooth implementation of the project.
He assured capital market operators including stockbrokers that “by the end of June next year, we won’t need these boards anymore”.
The Automated Trading Platform would improve trade volumes significantly, as buyers and sellers could do transactions from the comfort of their homes and offices via the Platform.
GSE was incorporated in July 1989 as a private company limited by guarantee under Ghana’s companies’ code, 1963 (Act 179).
The Exchange was given recognition as an authorized stock exchange under the Stock Exchange Act of 1971 (Act 384) in October 1990, and trading on the floor of the Exchange commenced in November 1990.
In April 1994, it was converted into a public company limited by guarantee. A council governs the GSE with representation from licensed dealing members, listed companies, the banks, insurance companies, money market and the general public.
The Managing Director of the Exchange is an ex-officio member. The council sets the policies of the Exchange and its functions include preventing fraud and malpractices, maintaining good order among members, regulating stock market business and granting listings.