Ghana Urged to Compel Multinationals to List on Domestic Bourse
Authorities in Ghana have been urged to compel multinational companies to list shares on the country’s stock market, in order to promote local ownership.
According to some analysts, compelling multinationals to list on the Ghana Stock Exchange will help retain their profits in the country which will also contribute to stabilising Ghana’s currency.
The suggestion comes at a time that Ghana’s stock exchange has been reported as the worst-performer globally in the first quarter of the year, according to data tracked by Bloomberg.
According to figures from the Central Securities Depository Ghana Ltd, foreigners accounted for 78 percent of stock sales in the first two months of the year.
Stock Market Analyst with UMB Stockbrokers, Kofi Busia Kyei is optimistic such a move will also boost investment in the stock market.
“What we have control over is to ensure that we list the multinational institutions. We must get a policy to enforce and ensure that they list.”
He added, “It is within our remit to control this so we have to get those companies listed so that the dividends and profits that they make, a percentage will at least remain in the economy. It will lessen the pressure on the local currency.”