GSE MD urges miners to float shares

By Juliet Aguiar DUGBARTEY, Tarkwa

The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has urged mining companies and other businesses seeking investment opportunities in the country to raise capital through the GSE.

She explained that encouraging mining firms to list on the domestic bourse aligns with renewed efforts to ensure that resources in the country are owned by Ghanaians. “We must begin to own a stake in these resources; ownership of these resources helps to make the right decisions,” she said.

“If we don’t do that, the country will continue to struggle and we will continue going to the IMF if we don’t want our money to work for us,” Ms. Amoah added.

She spoke at the Minerals Income Investment Fund (MIIF) – University of Mines and Technology (UMaT) Speaker Series in Tarkwa, Western Region. It was on the topic ‘Mining as an Asset Class; the Rubrics of Using the Stock Market as a Growth Pole for Wealth Generation’.

It was attended by over 1,500 students from UMaT and players in the extractive sector as well as staff of MIIF.

According to her, creating wealth involves accessing capital. Thus, she emphasised that capital markets serve as potent instruments for both businesses and individuals to invest in for wealth generation.

Ms. Amoah continued: “We need to change how we manage these resources to ensure that they benefit our development”.

GSE, working with MIIF, Ghana Chamber of Mines and sector regulators such as Ministry of Lands and Natural Resources among others, is looking at new ways to help open up the owners of extractive firms through the stock market.

She explained that similar models have generated wealth for nations in Europe, North America, South Africa and Australia, among others.

“We are looking at how we can list all these companies on the stock exchange, which would allow Ghanaians to also invest them. We want to start with the already existing producers that are all listed on the stock exchanges in their home countries and around the world, allowing their citizens to invest in them,” she noted.

She pointed out that the stock market has a long gestation, and urged the students at UMaT to show interest in stock exchange.

“We must ensure that we become competitive at the market and see how we can retain value in the country,” she said.

For his part, Sulemanu Koney, Chief Executive Officer of the Ghana Chamber of Mines, pointed out that Ghana has excelled in mining in terms of employment and management. Calling for more education to enable Ghanaians own the country’s resources, he said: “If we believe the resources belong to us, let us put in our money where it will give us much returns. And it has to starts with exploration; let us take the risk so we can invest to take ownership”.

Prof. Douglas Boateng, Board Chairman of MIIF, highlighted the importance of responsible mining.

“We have a responsibility to use our resources to build the nation that we all love. The resources are there for all of us and we shouldn’t be subjected to poverty. It’s about time we changed the narrative and also empowered women and children through these resources for them to grow at a faster pace,” he said.

He reminded everyone of the need to fulfil their duties responsibly, stating: “With determination and positivity, we will gradually achieve our goals”.

The post GSE MD urges miners to float shares appeared first on The Business & Financial Times.

Read Full Story