GHANA’S CAPITAL MARKET TOO CLOSED-IOSCO

Ghana’s capital market is not open enough, the International Organization for Securities Commission (IOSCO) has said.

The global commission said access to information on investors and players in the capital market is one of the main determinants of market openness.

Ghana’s Securities and Exchange Commission (SEC) has maintained the same ‘B’ rating the country’s market has had since it joined IOSCO ten years ago.

The Deputy Director General of the SEC, Kenneth Okwabi, tells Joy Business work is being done to address the problem.

He however blames their lack of progress on some laws governing their operations.

“The ultimate grade that a regulator can get to is signatory ‘A’ but looking at certain constraints with regards to the sharing of information, which is key to the development of the market, there are assertions in our law which makes it very difficult for us to share information with other regulators that easily and for that matter we’re trying to review those aspects of the law so that it will make us compliant with the requirements of the (IOSCO),” he said.

Meanwhile, Ghana will be hosting an international conference on the capital markets from February 15.

Over 200 players from Africa and the Middle East will share ideas and experiences on how to develop their emerging markets during the two-day conference.

Member agencies currently assembled together in the International Organization of Securities Commissions have resolved, through its permanent structures, to cooperate to promote high standards of regulation in order to maintain just, efficient and sound markets.

The agencies also strive to exchange information on their respective experiences in order to promote the development of domestic markets as well as unite their efforts to establish standards and an effective surveillance of international securities transactions

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