PUBLIC NOTICE

Republic of Ghana  

SPECIFIC PROCUREMENT NOTICE (IFB)

Economic Management Capacity Building Project

Credit No.: 4124 GH

Supply and Installation of an Electronic Surveillance System for the Securities and Exchange Commission, Ghana

IFB No.: EMCBP/SEC-ESS/09

1. This Invitation for Bids follows the General Procurement Notice for this Project that appeared in Development Business, issue no. 702 of 19th April, 2007.
   
   
2. The Government of Ghana has received credit from the International Development Association towards the cost of the Economic Management Capacity Building Project and it intends to apply part of the proceeds of this credit to payments under the agreement(s) resulting from this IFB:  Contract for the supply and installation of an Electronic Surveillance System for the Securities and Exchange Commission (SEC), Ghana.
   
   
3. The Securities and Exchange Commission (SEC) which is the apex regulator of the securities market in Ghana serves as the implementing agency for the project and now invites sealed bids from eligible Bidders for an information system that supports electronic surveillance of the entire securities market in Ghana.  It must provide an electronic interface for market participants (licenced operators in the market) to file in their financials, non-financial and other statutory reports to the SEC electronically, the ability to generate an interactive reporting module out of the submitted reports and electronic surveillance to monitor trading activity of the Ghana Stock Exchange. 
   
   It also involves the creation of databases to capture the submissions.  An electronic market information system is thus required.  The system must be a web-based application to allow for connectivity from the securities market operators from their offices.  This web based component will also be an online knowledge-based and information-rich resource which will be available and accessible to the investing public at all times.
   
   The establishment of the system will involve the procurement and installation of hardware (servers, routers, firewalls), network communication (LAN and WAN), software, training and system integration with the existing Automated Trading System (GATS) of the Ghana Stock Exchange. 
   
   
4. Bidding will be conducted using the International Competitive Bidding (ICB) procedures specified in the World Bank’s Guidelines: Procurement under IBRD Loans and IDA Credits and is open to all Bidders from eligible source countries as defined in the Guidelines that meet the following minimum qualification criteria: During the past five (5) years the Bidder must have completed at least a successful contract involving the development, installation and provision of technical support for an automated trading or an electronic surveillance system preferably in emerging markets of similar functional/technical characteristics and of a comparable scale (at least thirty (30) workstations at approximately twenty (20) sites).  The Bidder must show annual turnover of at least US$2,000,000 for at least two (2) of the last four (4) years.
   
   
5. Interested eligible Bidders may obtain further information from Securities and Exchange Commission, Ghana and inspect the bidding documents at the address given below from 08.00 to 17.00 hours GMT during working days.
   
   
6. A complete set of bidding documents in English may be purchased by interested Bidders on the submission of a written application to the address below and upon payment of a nonrefundable fee of US$300 or its Ghana cedi equivalent.  The method of payment will be Bank certified cheque.  The document will be sent by hand for local delivery and by courier for foreign delivery. A pre-bid meeting which potential bidders may attend will be held two weeks after the bid document has been issued to potential bidders.
   
   
7. Bids must be delivered to the address below at or before 14.00 hours GMT on 17th March 2009.  All bids must be accompanied by a bid security of at least 2% of the bid price.  Late bids will be rejected.  Bids will be opened in the presence of the Bidders’ representatives who choose to attend at the address below at 14.00 hours GMT on 17th March 2009.
   
8. The attention of prospective Bidders is drawn to (i) the fact that they will be required to certify in their bids that all software is either covered by a valid license or was produced by the Bidder and (ii) that violations are considered fraud, which is, among other remedies, punishable by potential blacklisting from participation in future World Bank-financed procurement.

The address referred to the above under paragraph 5,7 and 7 is below

The Director-General
Securities and Exchange Commission, Ghana
P. O. Box CT 6181, Cantonments, Accra, Ghana
Location: 30 3rd Circular Road Cantonments, Accra

Tel: +233-21-768910-2; Fax: +233-21-768984

PUBLIC NOTICE

NATIONAL STAKEHOLDER WORKSHOPS ON THE ESTABLISHMENT OF A COMMODITIES EXCHANGE AND WAREHOUSE RECEIPT SYSTEM IN GHANA

The Securities & Exchange Commission in collaboration with the Natural Resources Institute of the University of Greenwich, UK, are organizing  national stakeholders’ workshops to sensitise and discuss the feasibility of establishing a Commodities Exchange and supporting warehouse receipt system in Ghana.
 The Natural Resources Institute which is a consultancy wing of the University of Greenwich has been contracted by the Securities & Exchange Commission under the Financial Sector Reforms of the Economic Management Capacity Building (EMCB) programme, to undertake a feasibility study into the establishment of a commodities exchange and supporting warehouse receipt system with particular emphasis on the Agricultural sector in Ghana.
The workshops are intended to solicit views and discuss conclusions and recommendations of the work of the consultants.  It will provide input for the final report to be submitted to the Commission. The second phase of this project which will be based on the final feasibility report, involves the development of an appropriate legal and regulatory framework to support the Commodities Exchange and Warehouse Receipt System. It will be initiated by the Securities And Exchange Commission this year.
The establishment of a Commodities and Warehouse Receipt System will help to modernise agriculture and other commodity sectors of the economy. It will particularly enhance Ghana’s competiveness in commodity trade. The workshops will seek input into the design of an effective and efficient commodities exchange and warehouse receipts system to achieve the following:

1. Reduce transaction costs in the marketing of  agricultural and other commodities thereby improving incentives for producers and other players in the value chain
2. Reduce post-harvest losses,
3. Improve price risk management and therefore enhance investment in the entire value chain in agriculture and other commodity sectors  in Ghana.
4. Reduce counter-party and other risks in agriculture in Ghana.
5. It is also envisaged that the project would assist government to realize its goals of accelerating rural development, employment creation, economic growth and poverty reduction in the country.

The workshops are intended to solicit views from participants on how these and other benefits can be realized in Ghana.
Details of the workshops are as follows:

Kumasi
Theme:  “Transforming Agricultural Sector Performance in Ghana Through a Vibrant Commodities Exchange and Warehouse Receipts System”
Venue: Golden Tulip Hotel – Kumasi City   
Date: March 10th, 2009
Time: 8:30 am


Takoradi
Theme: “Improving commodity Trade and Finance in Ghana through the establishment of a viable Commodities Exchange and Warehouse Receipts System”.
Venue: Raybow Hotel
Date: March 12th, 2009
Time: 8:30 am

Accra
Theme: “Promoting Financial Deepening in Ghana: The Role of a Vibrant Commodities Exchange and Warehouse Receipt System”
Venue: La Palm Royal Beach Hotel
Date: March 19th, 2009
Time: 9:00 am

ISSUED BY THE SECURITIES & EXCHANGE COMMISSION – MARCH 2, 2009.

PUBLIC NOTICE
SEC/PN/001/2009

REVOCATION OF LICENCE FOR NON-COMPLAINCE

The Securities and Exchange Commission issues this for the information of the investing public.

The Commission wishes to inform the general public that the Investment Advisor Licence issued to QUAD INVESTMENT LIMITED has been revoked with effect from 23rd February 2009 for failing to comply with conditions attached to the licence issued under the Securities Industry Act, 1993, PNDCL 333.

The Company is thus not allowed to carry on any business for the licence was issued. However, securities transactions that were entered into before the 23rd February 2009 by QUAD Investment Limited should be settled.

The Company is therefore directed to forthwith return funds belonging to all clients and submit a report to the Commission by Wednesday, 4th March 2009. The Commission wishes to caution the investor public that QUAD Investment Limited no longer holds a valid Securities Industry licence from the Securities and Exchange Commission.

The Commission wishes to assure the public that it will rigourously enforce the Securities Laws, Rules and Regulations in pursuance of its responsibilities to protect the interests of the investing public and maintain the integrity of the Securites market.

ISSUED BY: SECURITIES AND EXCHANGE COMMISSION

Dated: 23th February 2009

NOTICE TO THE PUBLIC
NUMBER: SEC/PN/CIR/01/2009

RE: GOLDEN DEVELOPMENT HOLDING CO. LTD - REFUND OF SUBSCRIPTIONS

The Securities and Exchange Commission is in receipt of subscriptions belonging to investors who subscribed to the unsuccessful Public Share Offer of the Golden Development Holding Company Ltd. And as per Notice to the Public No. SEC/PN/CIR/9/3/2007 we have been disbursing such funds.

All investors who took part in the Public Share Offer of the Golden Development Holding Company Ltd. are encouraged to come forward as soon as possible for a refund of their subscriptions.
Investors are advised to submit the following documents in order to have their claims processed:

1. Formal identification i.e. Passport or Voter’s ID Card
2. Original Receipt for payment of their subscription or
3. Photocopy of Original Receipt for payment of their subscription or
4. Counterfoil of Share Coupon

The Securities and Exchange Commission is located at No. 30 3rd Circular Road Cantonments, Accra, near the American Embassy.
Tel.:  +233-21-768970-2 Fax: +233-21-768984 Email: Info@secghana.org

ISSUED BY: SECURITIES AND EXCHANGE COMMISSION

Dated: 15th January 2009

PRESS RELEASE

CODE ON TAKEOVERS & MERGERS AND COMPLIANCE MANUAL

In pursuance of Section 9 of Securities Industry Act (S.I.A) 1993 (PNDCL 333) which gives the Securities and Exchange Commission (SEC) responsibility of surveillance over activities in securities to ensure orderly, fair and equitable dealings and section 23 of S.I.A 1993 (PNDCL 333) which empowers the SEC to issue statements of principle with respect to conduct and financial standing expected of persons, licensed under the Law, the Commission is issuing a Code on Takeovers and Mergers as well as a Compliance Manual.
The Code is intended for use by licensees of SEC, Investors, Businessmen, Businesswomen, Professionals such as Lawyers, Accountants, Economists, Bankers, Policy makers and Students of law and business.  It is useful to both local and foreign investors.  It also identifies the salient legal regulatory obligations and procedures required to be complied with.

The Manual identifies and prescribes the systems which need to be established by every broker-dealer in securities and every investment adviser to ensure the orderly and efficient conduct of business; the safe-guarding of assets; the management of both financial and systemic risk; reliable and timely record keeping.  It also identifies the salient regulatory obligations required of broker-dealers and investment advisers, broker-dealers’ representatives and investment advisers’ representatives licensed in accordance with the Law.
It covers areas such as, the constitution and regulations of the broker-dealer or investment adviser, organizational structure, internal controls and supervision, competence and qualifications of staff; dealings with clients, order receipts and execution procedures; sales practices, research, advertisement of services, accounts and records and compliance with applicable laws, rules and regulations.
The two documents will go a long way to enable the operators in the market conduct themselves professionally in their day-to-day activities and also promote investor confidence.

ISSUED BY: SECURITIES AND EXCHANGE COMMISSION

Dated: 4th November, 2008

MARKET OPERATIONS IN GOOD STANDING

List of Market Operators in Good Standing As At August 2008

PRESS RELEASE

RESOLUTION OF DISPUTE BETWEEN THE GHANA STOCK EXCHANGE AND DATABANK BROKERAGE LIMITED

The Securities and Exchange Commission (SEC) wishes to inform the general public that the recent dispute between the Ghana Stock Exchange (GSE) and Databank Brokerage Limited (DBL) regarding the sale and purchase of Cal Bank Shares, which led to the suspension of DBL on the exchange has been resolved by the SEC. The subsequent penalty levied on DBL by the GSE has been waived.
The public is assured that the parties in the dispute as industry participants in the capital market are committed to the growth of the stock market in Ghana.
We wish to assure the investing public that the SEC, as the apex regulator of the capital market, in line with statutory mandate, will continue to ensure that conflicts arising on the market would be expeditiously resolved among parties for the development and integrity of the capital market.

K.OKWABI
DEPUTY DIRECTOR GENERAL

ISSUED BY: SECURITIES AND EXCHANGE COMMISSION

Dated: 10th September 2008

SUSPENSION OF INVESTMENT ADVISER LICENCE-FOR FAILURE TO RENEW LICENCE

SUSPENSION OF INVESTMENT ADVISOR LICENCE OF LINDSAY CAPITAL COMPANY (LCL) LIMITED

The Securities and Exchange Commission issues this notice for the information of the general public.

Under the provisions of the Securities Industry Law, 1993, PNDCL333, holders of licenses issued by the Commission are required to adhere to the conditions or restrictions applicable in respect of the licence, or other provisions of the Securities Industry Law.

Section 62 sub-section (2) (b) (vii) and section 62 sub-section (3) of the Securities Industry Law, authorizes the Commission to revoke or suspend the license of any license holder who fails to comply with any condition attached to the license.

Furthermore, section 50 of the Securities Industry Law provides that no person shall act as an investment adviser or hold himself out to be an investment adviser unless he is a holder of an investment adviser’s licence. Such licences are renewable annually.

Pursuant to its powers as set out in the Law and Regulations therefore, the Commission hereby informs the public that for failing to renew its licence  for the year 2007 / 2008 as required, the Investment Adviser License of Lindsay Capital Limited (LCL) HAS BEEN SUSPENDED WITH EFFECT FROM 8TH JULY 2008.

Lindsay Capital Limited is therefore not allowed to engage in any of the businesses of an Investment Adviser until further notice.

Clients who may have any dealings with the said company are being advised to contact the company to enquire about the status of their investments and make alternative arrangements should the need arise.

The Commission once again wishes to assure the public that it will rigorously enforce the Securities Laws, Rules and Regulations in pursuance of its responsibilities to protect the interests of the investing public and maintain the integrity of the market.

ISSUED BY THE SECURITIES AND EXCHANGE COMMISION

Dated: 10th July 2008

SEC SIGNS MOU WITH THE CAPITAL MARKETS AND SECURITIES AUTHORITY OF TANZANIA

The Securities and Exchange Commission, Ghana, the apex regulatory authority of the securities markets in Ghana on Thursday, July 3, 2008 signed a Memorandum of Understanding (MOU) with the Capital Markets and Securities Authority (CMSA) of Tanzania, the apex regulatory authority of the securities market in Tanzania.

The signing took place at the offices of the Securities and Exchange Commission in Ghana. This signing comes on the heels of a similar MOU signed in South Africa between the Commission and the Financial Services Board of South Africa last month.

The primary aim of the MOU is to foster closer international co-operation in the development and maintenance of an open, fair, orderly and sound domestic financial services   industry in Tanzania and Ghana respectively, and to increase international activity in the supply of financial services.

The Memorandum of Understanding (MOU) is also aimed at establishing a framework for mutual assistance and to facilitate the exchange of information between the Authorities to enforce or secure compliance with the governing laws, regulations and rules of their respective jurisdictions and facilitate the fulfilling of their supervisory responsibilities.

Specifically, the MOU provides a framework for the Authorities to inter alia co operate in areas of :

1. investigations and enforcement in connection with applicable laws or regulations relating to insider dealing, market manipulation and other fraudulent or manipulative practices in the financial products field;
2. investigation and enforcement of, and monitoring compliance with, applicable laws and regulations relating to dealing in, advising on and the management, administration and safekeeping of financial products;
3. ensure that all those persons doing business in the financial services sector are properly registered or qualified;
4. checking that the conditions for the taking up of (or continuing in) business as a financial institution are met (including e.g. the enforcement of requirements to be authorised);
5. enforcement and monitoring of compliance with applicable laws and regulations relating to the disclosure of interests in financial products, take-over bids or the acquisition of influence over financial institutions;
6. supervision of the financial markets, including the clearing and settlement, the monitoring and surveillance of transactions in listed financial products; and
7. enforcement or monitoring of compliance with applicable laws relating to the duties of issuers and offerors of financial products in relation to the disclosure of information, and maintain high standards of fair dealing and integrity in their conduct of business.

The Commission believes that the MOU would go a long way to assist it in executing its mandate of maintaining surveillance over activities in securities in Ghana to ensure orderly, fair and equitable dealings in securities.

DEVELOPMENT OF AN ORGANIZED COMMODITIES EXCHANGE/MARKET IN GHANA

On Monday 5th May, 2008, the Securities and Exchange Commission, Ghana, formally signed a contract with the Natural Resources Institute of the United Kingdom (A Consultancy wing of the University of Greenwich) to undertake a feasibility study leading to the establishment of a Commodities Exchange/Market in Ghana.

The study among other things would entail a comprehensive study of the entire Agricultural Supply and Value Chain in the country, the state of warehousing systems and Agricultural Financing. It will also explore areas of grading and standardization as well as the macro environment and its impact on agriculture in Ghana. The feasibility of employing a Warehouse Receipt System as part of the proposed Commodities Exchange/Market would also be explored during the study.

The consultants have been tasked to develop a comprehensive public education and stakeholder training programme and a 5-year Strategic/Business plan for the proposed exchange. They are also required to recommend the best model for a Commodities Exchange that will be suitable for Ghana and its Agricultural systems.

The project, which is being financed by the World Bank and the Government of Ghana under the country’s Financial Sector Reforms Programme, will initially lay emphasis on soft commodities with a scope to embrace the possibility of trading in other commodities such as metals, other minerals and energy products including crude oil.

The next phase after this project is to develop a comprehensive legal and regulatory framework for the proposed Commodities Exchange/market and this will be based on the outcome of the feasibility study.

CIRCULAR TO ALL DEALERS AND INVESTMENT ADVISERS

SEC/CFIM/FORM/04-08

With effect from May 1, 2008 the attached list of SEC forms which are required to be completed and submitted for various applications/requests and returns shall be on sale at the prices indicated. Applications and returns not submitted on these forms shall not be processed. Please click here to view and download the attachment.

Ekow Acquaah-Arhin

Deputy Director-General(Finance & Admin.)

PRESS STATEMENT-REVOCATION OF LICENCE

REVOCATION OF INVESTMENT ADVISOR AND BROKER-DEALER LICENSES OF CAPITAL ALLIANCE COMPANY (CAC) LIMITED

The Securities and Exchange Commission (SEC), the apex regulatory authority for the Capital Market, has with immeditate effect revoked the licences of Capital Alliance Company(CAC) Limited. Capital Alliances Company Limited (CAC) therefore ceases to operate as a brokerage and investment adviser in the securities market. This action follows persistent non-compliance with Securities Industry Laws, Rules and Regulations, as well as the Ghana Stock Exchange (GSE) Rules approved by the SEC in 2007.

Despite levies of penalties, Capital Alliance Company Liimited (CAC), has persistently failed to submit regular returns to the COmmission in violation of the SEC regulation L.I. 1728, 2003 which makes it leggally obligatory for broker-dealers and investment advisers to submit, monthly, quarterly and annual returns to the SEC to enable the SEC maintain proper surveillance over activities in the Securities to ensure orderly, fair and equitable dealings. This is to create the necessary atmosphere for the orderly growth and development of the capital market

The CAC has purported to change its business name, ownership structure and directorship without notice to the SEC in violation of Regulation 18 of L.I. 1728.

"Each stock exchange, dealer, investment adviser, dealer's representative and investment representative shall notify the Commission of any change of particulars from those submitted in the application for a licence and any further change within fourteen days of change".

The Commission has given every opportunity to CAC to show cause why its licence should not be revoked. CAC has not been able to offer any reasonable explanation. The SEC has therefore revoked its licence with immediate effect.

In view of these violations and subsequent revocation of licenses, The Securities and Exchange Commission therefore wishes to inform the public that any person or an entity that transacts business with Capital Alliance Company Limited does so at his or her own risk.

Dr. Nii Sowa Appointed Director-General of SEC

His Excellency the President has, on the advice of the Securities and Exchange Commission in consultation with the Public Services Commission, appointed Dr. Nii Kwaku Sowa as the Director-General of the Securities and Exchange Commission.

Dr. Sowa has been a Commissioner at SEC since 2002 and since August 2005 has been acting as the Director-General of SEC.

An economist by training, Dr. Sowa has several years teaching and research experience in Economics and Development Policy.  He lectured at the Department of Economics at the University of Ghana, Legon where he made immense contribution to training and research as the head of the Department. He joined the Centre for Policy Analysis in 1996 as one of its Core Research Fellows.

He has held several international lecturing and research positions at highly reputable foreign institutions including Oxford University, the University of Warwick, and the Overseas Development Institute, all in the UK. He has also been a visiting scholar to the Research Department of the IMF. 

Dr. Sowa has published widely in academic journals and books, mostly in the areas of Money and Banking and Economic Policy Management issues. His academic writings have won him recognition around the globe. In 1997, he was named the First Michael Bruno Visiting Fellow to the World Bank for his research contributions in understanding inflation. Earlier his work on Monetary Control in Ghana had won the Ghana Academy of Arts and Sciences best academic article award in 1991.

He has served as an economic consultant to several international organizations including the World Bank and the United Nations Economic Commission for Africa (UN-ECA), as well as the development agencies of most of Ghana’s major development partners.

Dr. Sowa is also a member of the Monetary Policy Committee of the Bank of Ghana.

Relocation of the Offices of the Commission

The Securities and Exchange Commission wishes to inform all market operators, valued clients and the general public that it is relocating its present offices from the first floor of the State Enterprises Commission Building at the Ministries, Accra to No. 30, 3rd Circular Road, Cantonments.

The new offices are located near the American Embassy and approximately 400 yards from the French Ambassador’s residence. Directional signs will be placed at strategic points in the vicinity to aid persons desirous of accessing the new offices.

Additionally, a directional map will be published in the national dailies before Christmas.  Our new office telephone and facsimile numbers are as follows:

                  233-21-768970
                        233-21-768971
                        233-21-768972

We regret any inconvenience that may be caused during this period of relocation.

Thank you for your continued co-operation.

JULIANA AMONOO-NEIZER (MRS.)
(BOARD SECRETARY)

GHANA AMONG TOP TEN REFORMERS
According to a World Bank/IFC Ranking of 178 Nations on the "Ease of Doing Business"

Ghana ranks among the top 10 "reformers" worldwide who have made the most significant advances in the aggregate ease of doing business, according to the annual 'Doing Business' report released by World Bank and the International Finance Corporation(IFC).

Ghana is ranked 87th out of 178 economies in the ease of doing business. Click here for detailed report

Ghana, a top 10 reformer for the second year running, continues to increase the efficiency of its public services. It cut bottlenecks in property registration, reducing delays from six months to one. Greater efficiency at the company registry and the environment agency cut the time for business start-up to 42 days. Changes in the port authority?s operations sped up imports. New civil procedure rules and mandatory arbitration and mediation reduced the time it takes to enforce contracts.

The yearly report that tracks business reforms globally, lists only two African countries -- Ghana and Kenya -- in the top 10. High marks also go to Madagascar, Mozambique, Madagascar and Burkina Faso.

Singapore once again topped rankings for the best place in the world to do business, and Egypt is the leader in reforms to invite more business.

However, across the Sub-Saharan region, the report said business reforms are uneven, with six African countries occupying the last six positions in the list of 178 countries judged according to ease of doing business.

The IFC report, which looks at how government bureaucracy can affect, and often limit, business environments, also gave high marks for making it easier to conduct business to Croatia, Macedonia, Georgia, Colombia, Saudi Arabia, China and Bulgaria.

Doing business in Africa was once perceived as a difficult and complex undertaking. The reasons: the numerous processes associated with conducting business, combined with a fragile investment climate and inadequate infrastructure.

But, with fewer conflicts, more democratic elections, and economic growth rates that gradually have begun to compete with those of other developing regions, Africa is proving itself again a continent of positive change.

Developing nations compete with one another to move up on the World Bank rankings of 178 nations, figuring a better ranking will mean additional investment and, ultimately, economic growth.
The report also becomes a way for the World Bank's private-sector unit, International Finance Corp., to encourage economic ministries to press ahead with market-friendly changes. A computer simulation model on a World Bank Web site, www.doingbusiness.org, lets officials see how changes in, say, their bankruptcy or tax rules would likely affect their standings.

Among the 10 areas tracked by the World Bank are regulations involved in starting businesses, obtaining licenses, registering property, getting credit, paying taxes and closing businesses. .

REDENOMINATION OF THE CEDI  

SEC CIRCULAR:  SEC/LED/MG-circ/0807/001

ALL PUBLIC COMPANIES, LISTED AND UNLISTED

GHANA STOCK EXCHANGE  

ALL LICENSED OPERATORS

All licensees and market operators are advised that with effect from 1st September 2007, all cedi quotations in communications, returns etc. to the Securities and Exchange Commission are to be quoted in the new Ghana Cedi  (GH¢).

Dated at the Securities and Exchange Commission, Accra this 28th Day of August 2007

PRESS RELEASE 

SOD CUTTING CEREMONY FOR THE CONSTRUCTION OF A NEW OFFICE BUILDING FOR THE SECURITIES & EXCHANGE COMMISSION, GHANA

In view of the rapid growth and dynamic nature of Securities Industry (The Capital Market) and the envisaged vision of government to make Ghana an International Financial Services Centre (IFSC), it has become necessary for the Securities and Exchange Commission (SEC) to have its own office premises with the aim of effectively regulating the industry.

In connection with the above objectives, the Ministry of Finance and Economic Planning and the Government of Ghana have assisted the Securities and Exchange Commission to acquire the former Ghana Airways Club House, Cantonments, Plot No. 20, 3rd Circular Road, near the new American Embassy. A sod cutting ceremony performed by the Minister of Finance & Economic Planning Hon. Kwadwo Baah Wiredu  on
Friday, August 10, 2007 was meant to commence the construction of an office building for the Securities and Exchange Commission.

Over the years the Securities and Exchange Commission has been constrained by limited office space to expand its activities for effective regulation of the Capital Market. The new office complex will have expanded sections for Market Surveillance, Corporate Finance & Investment Management, Legal & Enforcement, Market Development and other departments to facilitate the effective enforcement of Securities Industry Law, Rules & Regulations for efficient functioning of the Securities (Capital) Market.

This assistance provided by Government and particularly by Ministry of Finance & Economic Planning will go a long way to help the Securities & Exchange Commission to effectively fulfill its statutory mandate and functions required of the Commission towards the attainment of the fundamental objective of Government of making the private sector the engine of growth for Ghana’s Economy.


Issued By Securities & Exchange Commission (SEC).

PUBLIC NOTICE 

The Securities and Exchange Commission, Ghana, SEC would want to bring the following legal actions to the notice of the public;

1. SUIT No. AP22/2006 REPUBLIC V. SEC: EX PARTE THINK GHANA

The Securities and Exchange Commission contested an application for Mandamus brought against it in March 2006 by Think Ghana Ltd. in the case of Republic v. SEC: Ex Parte ThinkGhana.

Read More ...

2.  SUIT NO AC 117/04  YEBOA AMOA V. SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission is involved in the case of Suit No AC 117/04 - Yeboa Amoa v. Securities and Exchange Commission pending before the Automated Court.

Read More...

Notice to Compliance Officers
Meeting With The Commission

The Securities and Exchange Commission of Ghana is organizing a one day meeting for all Compliance Officers of licencees. This meeting is aimed at informing the Compliance Officers of the expectations of the Commission with regard to their operations in order to facilitate the regulation of market operators.

The meeting will cover the following subjects:

1. The role of Complaince officers in a licenced organization
2. The Compliance Officer's report
3. Common infrastions by market operators
4. Sunbmission of returns. 

The meting will take place at the Commission's premises on Wednesday 16th May, 2007 at 10:00 AM

SIGNED

Emmanuel Mensah-Appiah
Head-Market Surveillance Department

Notice to Market Operator
Renewal of Licenses (SS 48-52 PNDCL333; SS 17 and 19 LI 1728)

Licences issued for investment advisors and dealers and their representatives expire on June 30 annually.  Renewal requests should be sent to SEC a month prior to expiry and should be accompanied by the following

1. renewal fee
2. complete application form (for dealers, investment advisors and their representatives),
3. certified copy of audited accounts,
4. tax clearance certificate, 
5. certified copy of register of interest.

Incomplete applications submitted would not be accepted and would be considered as non-renewal.  Penalties would be imposed with effect from July 1, annually. ...click here for details

GSE All-Share Index inches up

The GSE All-Share Index, the benchmark index of the Accra bourse, on Thursday inched up in active trading that saw 1,213,400 shares changing hands.The Index went up by 0.57 points to 5,010.26 points on the strength of two price changes, a 104 cedis gain by PZ Cussons Ghana Limited (PZ) to end trading at 7,100 cedis and three cedis gain by ECOBANK Ghana Limited to end trading at 13,551 cedis...click here for details

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