Stakeholders in the financial industry have appealed to government to compel Telcos, banks and companies in the oil industry to list at least 20% shares on the Ghana Stock Exchange.
Currently, no Telecom operator is listed on the stock market even though MTN is undergoing the process to list on the bourse.
Speaking to Citi Business News on the issue, a former Director-General of the Securities and Exchange Commission, Dr. Adu Anane Antwi was of the view the companies will not list unless compelled through a policy.
“I have always maintained that we should make it as part of our policy, I’m happy the current government has said something like that. In the current budget statement, local content policy companies like telecom, banking, insurance, mining will be asked to float just about 20 or 25% of their shares on the stock exchange after operating for about five years because if you leave them alone they won’t do it.”
“…I was talking to companies including MTN and everywhere I go I would say they should compel them by policy , nobody was minding us but when MTN was going for this their 4G and the regulator was saying this is the requirement, you have to float this percentage to the Ghanaian population did they say they won’t compete for the project? They competed and won and now they are working to float their shares,” Dr. Antwi further asserted.
The former SEC boss was also confident of a turnaround in the operations of the stock market if policies are enforced.
“If it becomes part of the policy, you are coming to this country to set up and after four or five years list some of your shares on the exchange.” he stated. He spoke to Citi Business News at the sidelines of the Investments Opportunities Forum last week organized by Citi FM in partnership with GIPC.
Already, the Director General of the Ghana Stock Exchange explained to Citi Business News that MTN Ghana’s decision to cede part of ownership to the public may not result in the listing of the company on the stock market.
“MTN in its discussion is raising money from the public or doing a public offer but it will not list as a result of the public offer.
For now the company is saying that it wants to do a public offer and remain unlisted,” the Director General of the GSE,” Kofi Yamoah told Citi Business News.