SEC initiates moves to compel multinationals to list on GSE
This follows growing criticism of the lack of interest from these companies to list on the bourse despite several tax incentives.
Speaking to Citi Business News, the Director-General of SEC, Adu Anane Antwi said a clause in the licensing requirement of all companies seeking to operate in the country must compel them to list on the bourse.
“We should make it part of our licensing requirement, now if you are coming to take a license to run a company say in mining, telecom banking or insurance industries, as part of the requirement we give you this license and within five years you put so much of your shares on the stock market.”
According to the Director-General of SEC, the companies can start with initial 25 percent shares if new clauses are inserted in the licensing requirements.
Meanwhile, a ranking member of the finance committee in parliament Dr. Anthony Akoto Osei says the move is not feasible.
He suggested that the Ghana Stock Exchange must adopt world acceptable standards in their operations to attract companies saying, “I personally I’m not in favour of any act to compel anybody to join what is essentially a private matter, compulsion is not the best in the type of market economy we are operating. An incentive is the way to go.”
However, Mr. Adu Anane Antwi says any effort to increase incentives to attract foreign companies and multinationals to list on the bourse will not work.
Rabiu Alhassan/citifmonline.com/Ghana
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