GSE dismayed at mode of divesting Barclays Ghana and Coca Cola shares

Accra, July 9, GNA - The Ghana Stock Exchange (GSE) has expressed disappointment at the way government divested its shares in Barclays Bank of Ghana Limited and Coca Cola Bottling Company, Ghana Limited without an offer to the local investing public through the Exchange. It said the market would have benefited immensely, "if government and the parents of these companies had taken the opportunity to list on the Ghana Stock Exchange."

Barclays Bank and Coca Cola bought back government shares being sold in their respective joint ventures.

Mr Kinglsey S. Yamoah, Managing Director of the GSE, observed that promises made by the government to divest its shares in some companies through the Exchange was not being fulfilled.

He expressed the hope that Ghana and the market would not miss out on such an opportunity in the future, saying: "The Divestiture Implementation Committee has since that lost opportunity to deepen the market, agreed to list Benso Oil Palm using the provisional listing approach.

He said it was in this direction that the Exchange had put in place the provisional and Fast Track Listing Guidelines, which have been approved by the Council of the Exchange and the Securities and Exchange Commission.

Mr Yamoah said in pursuit of encouraging listings, the GSE had signed a memorandum of understanding with the African Project Facility Development to collaborate in assisting small and medium size enterprises to list and raise long-term capital for their operations.

He noted that there were brighter prospects for new listings in both short and medium term and. "management is committed to letting these yield results for the market in particular and the economy as a whole".

On the protracted issue of automation, Mr Yamoah said the Exchange had stepped up active collaboration with relevant stakeholders including the Bank of Ghana and the government under the Financial Sector Structural Programme to source funding.

On the Exchange's position on the government's intention to off-load its 46.8 per cent shares in Ghana Commercial Bank, he said the exchange had no position since it was a referee in the field and could not take sides.