Bawumia commends Securities and Exchange Commissions of Ghana, Nigeria

Vice President, Dr Mahamudu Bawumia, has commended the Securities and Exchange Commissions (SEC) of Ghana and Nigeria for successes chalked in building the securities markets in both countries. Dr Bawumia also commended them for advancing the capital market integration agenda. A statement issued in Accra by SEC, Ghana, said Dr Bawumia gave the commendation when a delegation from the securities markets of Ghana and Nigeria paid a courtesy call on him at the Jubilee House. The visit was to officially inform the Vice President about the signing of a Memorandum of Understanding (MoU) between the Securities and Exchange Commissions of Ghana and Nigeria. Dr Bawumia emphasised the importance of having a robust and vibrant domestic securities market to support the private sector and the economy to thrive. He urged the heads of the two regulatory bodies to urgently accelerate the integration agenda and operationalise cross-border transactions to enable the private sector to access capital for growth. He said for the Capital Market Integration Agenda to be successful, there was the need to have a robust payment and settlement system in place. The Vice President urged the West Africa Securities Regulators Association to foster closer relationships with the African Export-Import Bank and the Pan-African Payment and Settlement System for mutual benefit and assured the delegation of the government’s support for the sector. Rev. Daniel Ogbarmey Tetteh, the Director-General of SEC Ghana, expressed gratitude to the Vice President for their continuous support of the securities market. Mr Lamido Yuguda, the Chairman of the West Africa Securities Regulators Association and Director General of SEC Nigeria, said the securities markets of Ghana and Nigeria continued to enjoy close collaboration for 19 years following the signing of an MoU in 2003. He said the new MoU would unlock huge opportunities for both countries and accelerate the capital market integration agenda. Mr Yuguda emphasised the need to tap into the vast opportunities offered by the securities market to solve infrastructure deficits that had bedevilled the West African Region. He said the operationalisation of the African Continental Free Trade Area (AfCFTA) would offer good opportunities for capital and the securities market. The delegation also visited the Ghana Stock Exchange (GSE) to inspect the trading floor of the Exchange and interact with GSE staff and market operators. The Director Generals of the two countries were accompanied by Mrs Deborah Mawuse Agyemfra, Deputy Director General Legal of SEC Ghana; Mr Paul Ababio, Deputy Director General Finance of SEC Ghana, and Mr Ekow Afedzie, Managing Director of Ghana Stock Exchange. The rest are Ms Abena Amoah, Deputy Managing Director of Ghana Stock Exchange; Mr Temi Popoola, CEO of Nigerian Stock Exchange (NGX); Directors and Heads of Department from SEC Ghana, and other dignitaries from SEC Nigeria, NGX, GSE and some staff of the Nigerian High Commission in Ghana.