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GSE to demutualize exchange in first quarter of 2020

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The Ghana Stock Exchange (GSE) says talks are far advanced with stakeholders to follow international best practice to demutualize Exchange in the first quarter of next year.

Demutualization is the change in the legal status of the GSE from a mutual entity limited by guarantee to a company limited by shares.

Deputy Managing Director of GSE, Ekow Afedzie disclosed this on the sidelines of the presentation of the Exchange’s 2018 annual report and financial statements in Accra.

Mr Afedzie said a demutualization committee has been set up to work out modalities and implementation plan for the process.

This will ensure that the strategic plan addresses effectively stakeholders expectations and also lay out the transformational agenda of  GSE.

The Chairman of GSE, Albert Essien said 2018 was a very tough year for the Exchange, as cost were slightly higher than in 2017. He said though the banking sector disorganised investors, it created confidence and trust.

The GSE Composite Index which measures the performance of the entire market ended the year with a negative 0.29 percent compared with the 52.73 percent recorded in December 2017.

The GSE Financial stock index also recorded a negative 6.79 percent to the positive 49.51 percent recorded at the end of 2017.

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