SEC begins work on local-content legislation for the Stock Market

Ghana Stock Exchange display board

The Securities and Exchange Commission, S.E.C has begun work on proposals that could compel foreign companies in operating in the country to list on the Ghana Stock Exchange. The move has been influenced by calls for regulations that will oblige the multinationals to offload part of their shares on the stock market to enable Ghanaians share in their profits.

The proposal has however being opposed by Economists like Kwami Pianim who believe the companies should rather be allowed to take their own decision. But the Director General of the SEC, Adu Anane -Antwi tells JOYBUSINESS the time has come for Ghanaians to share in the fortunes of these foreign companies.

“Most of the organizations may say they do not need our capital but we need them.We are saying let Ghanaians owe a little of your shares, be part of the company then you will even be taken as a socially responsible organization. We just feel that Ghanaians should have some stake in the economic activities that abound in the country” he noted.

Meanwhile, Foreign manufacturing firms operating or coming into the country would have to source at least forty percent of their supplies locally. This is one of the clauses contained in the revised Ghana Investment Promotion Centre Act which is expected to be promulgated later this year.

Mobile operator MTN has already indicated that it has no immediate plans of listing on Ghana Stock Exchange. According to the operator, there are other ways to ensure Ghanaians share in their fortunes.

Source: myjoyonline.com