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Ghanaian press highlights plans for West African Capital Markets integration, others

The report of the resolutions of the Technical Committee meeting of the Ghana Stock Exchange (GSE) and the West African Monetary Institute (WAMI) on the West African Capital Markets Integration is one of the leading stories in the Ghanaian press on Thursday.The Ghanaian Times reports that the Ghana Stock Exchange (GSE) and the West African Monetary Institute (WAMI) have hosted the Technical Committee meeting of the West African Capital Markets Integration.

A statement issued by the GSE after the meeting said, the objective of the meeting was to review the Phase 2 operational rules and make recommendations to its Council.

The West Africa Capital Markets Integration Council (WACMIC) was inaugurated as the governing body for the integration of West African Capital Markets.

The over-arching objective of the Council according to the statement was to establish a harmonised regulatory environment for the issuance and trading of financial securities across the region, as well as to develop a common platform for listing and trading such securities in the sub-region.

The chairman of the WACMIC, MrEkow Afedzie, who is also the Managing Director of the Ghana Stock Exchange said “The West African Capital Market Integration (WACMI) project is making sustained and steady progress. During the year 2020, WACMIC secured funding through the African Development Bank (AfDB) for the implementation of Phase 2 (adoption of a Common Passport for Qualified West African Brokers as well as the operational rules) of the integration project.”

The funds which were sourced from the Capital Markets Development Trust Fund (CMDTF), a Donor Trust Fund, are for the implementation of specific activities to support Phase 2 of the project.

The newspaper says that Glovo, a leading global on- demand delivery company, is to invest 3.5 million euros in its operations in Ghana next year.

Co-founder of Glovo, Sacha Michaud who disclosed this at press conference in Accra on Tuesday, said the company was investing 1.7 million euros in the company this year.

“The Ghanaian market is a promising market for Glovo and we will continue to invest to reach all the regions of the country and bring convenience to people,” he said.

Glovo, a technology delivery company established in 2015, with headquarters in Barcelona, Spain, entered the Ghanaian market in March this year.

Mr Michaud said Glovo entered the Ghanaian market to help provide the convenience for people to order products online and be delivered to them at the comfort of their homes.

“Ghana’s adoption of digital technology and good macroeconomic prospects attracted Glovo into the country,” he said.

Mr Michaud said Ghana’s growing population and increasing internet penetration were good for business.

Ghana, he said, was among, the seven countries Glovo was operating in Africa and mentioned other markets include Kenya, Nigeria, and South Africa.

Mr Michaud said Glovo Ghana was working with about 400 partners in Accra such as pharmacies, groceries, electronics and restaurants.

The Ghanaian Times also reports that the Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid sayshis outfit is poised to ensure that bitumen used in the construction of roads in the country is of high quality and streamlined.

He said the draft licensing framework and operational guidelines for efficient regulation of the bitumen industry in the country had been developed.

Dr Abdul-Hamid disclosed this during a working visit to the Societe Multinationale de Bitumes (SMB) refinery in Cote d’Ivoire.

He said the visit was to experience at first-hand and understand the operations of the bitumen industry from the refinery to utilisation; as well as adopt best quality assurance practices to be implemented for use by bitumen facilities in the country.

Dr Abdul-Hamid expressed appreciation to the newly appointed SMB Director General, Mrs Josephine Marie Sidebe and emphasised that “besides the learning experience, the visit in a long run would be beneficial to both countries in strengthening the business ties between the two organisations.”

He also highlighted that the lessons from the visit would enable the downstream regulator to finalise all the existing draft frameworks and guidelines necessary for mainstreaming the bitumen industry in the country.

Mrs Sidebe on her part assured Ghana of supplying the best quality of bitumen for road constructions, adding that, “SMB meets requirements of every country on the continent.”

“Unfortunately, most of the countries have different specifications. For Ghana, it’s about your requirements. If you require American standard, we will produce for you. So, we can produce both American and European specifications” she added.

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