Clydestone Ghana Limited lists on the GSE

Accra, Nov 12, GNA - Clydestone Ghana Limited, a home grown Information Technology Solutions provider on Wednesday breezed onto the Provisional List of the Ghana Stock Exchange, pushing the number of listed equities to 26.

The company, which has six months to get fully listed comes at the heels of the latest listing by The Trust Bank of The Gambia.

The company, wholly owned by Mr Paul Jaqcuaye, the founder, who is currently the Chairman and the Managing Director of Clydestone. Clydestone, considered a Small-Medium Enterprise, but with a multinational operational network and business is the sole Authorised Unisys Distributor in Ghana and Cisco Authorised Reseller.

It is engaged in the provision of computerised payment systems, remittance processing, transaction switching and networking. It also offers financial document processing and local and campus area networks. Mr. Kingsley Yamoah, Managing Director of the GSE, was upbeat about the listing, saying it was a major development from the 11 listed companies that started the Exchange in November 1990. He said the listing was significant, in that it coincided with the 13th Anniversary of the GSE.

"Thirteen years on, we can rightly say that this institution is taking its rightful place in Ghana's economic development; we have and continue to promote capital mobilization and investment through the framework and facilities we offer for the listing of trading in securities."

He said the Exchange faces many difficulties but they strive with the knowledge that, "sooner than later, the national economy will be better off, vibrant, liquid and efficient."

Mr Yamoah said the provisional fast track listing guidelines was the vision of making in-roads for the listing of SME's and government divested companies.

Addressing market operators, including the media at the listing, Mr Jacquaye said the company was established in June 1989 and owed its current status to the hard work and commitment of its staff and support agencies.

He said the decision to get listed on the Exchange was a resolve to open up the business and in the process, raise about four billion cedis to re-capitalise and expand the operations of Clydestone. Mr Jacquaye described the Ghana Stock Exchange as currently the best source of raising long-term capital for businesses, "either small or large".

"I therefore, wish to urge fellow IT companies and small and medium enterprises to explore the possibility of listing on the Ghana Stock Exchange."

He said the company intended to expand its operations with institutions in the regions and the West African Sub-region, adding, " we already have operations in Nigeria and Mali. But we aim at spreading to other countries who, we have noticed have need for our services."

On the prospects of the company, Mr Jacquaye said it had provided services for nearly all the banks, the Ghana Water and Electricity Companies among others; "but there is more room to upgrade systems at the banks because of the introduction of imaging in the cheque clearing system, a service Clydestone could offer." 12 Nov.03