The companies include Fund managers, mutual funds, unit trusts, broker-dealers, and custodians.
ADVERTISEMENT
Ghana’s Securities and Exchange Commission to increase the capital requirement for capital market operators
The Securities and Exchange Commission (SEC) has disclosed that it will increase the minimum capital requirement for companies operating within the Capital Market by the end of the year.
Director General of the Securities and Exchange Commission, Daniel Ogbarmey Tetteh
Recommended articles
The Director General of the SEC Reverend Daniel Ogbarmey Tetteh said the fund managers, for example, will have their present minimum capital of Ghc100,000 increased to Ghc2 million.
He added that this move is to help sanitize and strengthen the capital market.
He also indicated that the legal processes to strike out provisions in the existing LI, (1728) which specifies the current minimum requirements are already underway.
ADVERTISEMENT
“I am very hopeful that we will come out as soon as possible. Because we started having this conversation way back in 2018. We did the market engagements, concluded with all the relevant stakeholders.”
As at December 2018, there were 140 fund managers, 35 mutual funds, 19 Unit Trust, 22 broker-dealers, two securities exchanges, 16 custodians, 15 primary dealers, five trustees, four registrars, five issuing houses, nine investment advisors and one venture capital fund operating in the country.
Total funds being managed by these organizations amounts to Ghc35 billion. Pension funds make up 30.5% of the total sum. Collective investments schemes is 8.5% while managed accounts is 61%.
34% of the funds managed by the companies are held in government bills and bonds while 12% is being invested in listed companies. The remaining funds are spread across banks.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
How 1 woman became first lady of 2 different countries — she married 2 presidents
How parents, teachers can recognise when a child is being bullied
Ladies! Here are 5 things you shouldn't say to your man during sex
It's illegal to publicly celebrate your birthday in this country
Don't pay new transport fares - GPRTU and GRTCC urge Ghanaians
Reflo’s makes a splash at Madina market with product showcase and community engagement
Akufo-Addo will sign the anti-gay bill if it reaches his desk – Miracles Aboagye
400 acres of cocoa farms at risk due to MIGOP Mining Limited's exploration activities