Ghana Stock Exchange to benefit from million dollar investment

Accra (Greater Accra) 20 May ?99

The Ghana Stock Exchange (GSE) is to benefit from an injection of one million-dollar investment from members of the African American community attending the Fifth African- African American Summit in Accra.

The amount, meant to be seed investment, will be increased over period, after the delegation returns to the United States and mobilises more funds towards development on the continent.

The Reverend Jesse Jackson, US Special Envoy to Africa, said this on Wednesday when he visited the Ghana Stock Exchange to acquaint himself with operations there.

He stated what many African Americans intend to do for the Exchange: "I intend to mobilise next week about one million dollars from members of the delegation as well as other colleagues back in the United States to buy shares on the Ghana Stock Exchange.

"It is not a donation but an investment in the development of the economy of Ghana. This is meant to be seed money," Rev. Jackson added.

The meeting was attended by senior government officials, including Mr Victor Selormey, Mr Moses Asaga, both deputy ministers of Finance, Mr Ossei Kumah, deputy governor, Bank of Ghana, Dr Charles Asembri, Director-General of the Securities Regulatory Commission, managing directors of banks and listed companies and movers in the private sector.

Rev. Jackson's delegation also included Mrs. Alexis Herman, Secretary of Labour and other US government members.

Rev. Jackson noted that the whole process of assistance is an on-going development relationship between the Ghana Stock Exchange and the Wall Street Project, his brainchild.

He said the Wall Street Project and some US Stock markets will be having a meeting in January, next year, at which stock exchanges from Ghana, Kenya, Nigeria, and Zambia have been invited to build linkages.

He, however, cautioned that investors would want to invest their funds in safe, secure and democratic environments.

Rev Jackson said "if there's no peace, stability security and democracy, it would be impossible for investment, adding that access to funds is of immense priority to propel the continent forward.

"We have to move from consumers to workers, investors and partners".