The SEC (Ghana) and SEC (Nigeria) signed a Memorandum of Understanding (MOU) on the 27th of August 2003 in Accra, Ghana.

The MOU was a result of discussions held between the two Commissions aimed at fostering greater cooperation in order to enhance the integration of the capital markets of Ghana and Nigeria.

By Adu A. Antwi

(Director, Corporate Finance and Investment Management)
Securities & Exchange Commission

The views expressed herein are those of the author and do not necessarily represent the views of the Commission.

(Published in the Daily Graphic of Tuesday, August 5, 2003)

The intended divestiture of Government’s interest in the Ghana Commercial Bank (GCB) has generated so much debate in the country. Even though the divestiture of Government’s interest in business enterprises is principally an economic issue, that has not prevented the ordinary Ghanaian from joining the debate and making known his or her views on the divestiture of GCB.

By Adu A. Antwi

(Director, Corporate Finance and Investment Management)
Securities and Exchange Commission.

(The views expressed herein are those of the author and do not necessarily represent the views of the Commission).

(Published in the Daily Graphic of Tuesday, May 20, 2003)

Under Ghana’s existing legal system, the Board has full responsibility and authority for control and supervision of the business. The Audit Committee does not take over these functions. It will rarely have the power to make policy decisions, but will report and make recommendations to the full Board. The role of the Audit Committee is advisory to the Board, and therefore, it should be answerable to the Board and not have separate powers and authority.

By Adu A. Antwi

(Director, Corporate Finance and Investment Management)
Securities & Exchange Commission

The views expressed herein are those of the author and do not necessarily represent the views of the Commission.

(Published in the Daily Graphic of Tuesday, May 6, 2003)

Business communities across the world have recognized that if companies are to attract long-term capital, they need to demonstrate transparency in both their internal structures and their information disclosure to the market. The entire board of directors is responsible for the company “s financial reporting and other information disclosure to the market, but a resourceful and dedicated Audit Committee, given full support by management can enhance the credibility of business information disclosure and help promote effective internal control.

(FORMER MANAGING DIRECTOR OF GHANA STOCK EXCHANGE)

The Securities and Exchange Commission wishes to announce for the information of all securities market operators and the general public that following the determination of a complaint of unethical conduct made against Mr. Yeboa Amoa (former Managing Director of the Ghana Stock Exchange), the Commission found Mr. Yeboa Amoa culpable and has accordingly sanctioned him as follows:

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