Samuel Bright-Kaitoo, CEO, Galaxy Capital
Galaxy Capital Limited, the investment subsidiary of Galaxy Group, says it will meet the stated capital requirement of the Securities & Exchange Commission (SEC).
Chief Executive Officer of Galaxy Capital, Samuel Bright-Kaitoo, applauded SEC for the recapitalization move, noting that the resultant mergers and acquisitions would be good to safeguard stakeholder investments and retain confidence in Ghana’s economy.
“We are in anticipation and I believe it will be good for the economy. It has happened in the banking sector, so we, the players in the sector, were expecting it,” he added.
Samuel Bright-Kaitoo’s comment comes after the BoG raised the minimum capital of banks to GHS400 million and SEC indicated its intention to do likewise.
Commercial banks in the country have up to December, 2018 to raise the amount aimed at ensuring that institutions are well capitalized to operate in the sector.
Speaking at the maiden Annual General Meeting (AGM) of Galaxy Money Market Fund Limited by managed by Galaxy Capital, Samuel Bright-Kaitoo, revealed that they have put in place adequate measures to meet the requirement to enable them serve their clients better.
He noted that consolidating will enable market operators provide better services and be positioned to address the needs of the clients and expand as well.
Mr Bright-Kaitoo said as the economy was rebounding, the investment sector needed to be well positioned to support the growth potential of the economy.
The Galaxy Capital boss added that it was the responsibility of the SEC as regulator to ensure a resilient investment industry system to protect the safety and soundness of the financial system.
Also, Board Chairperson, Lucy Odoom, revealed that the fund posted very good returns despite the decline in government’s short-term securities during the year.
“The fund adopted superior investment strategies to close the year at a price of GH¢0.5880 from its Initial Public Offer (IPO) price of GHC0.50 in May 2016, representing a year to date return of 17.6 percent,” she added.
Mrs Odoom also revealed the Galaxy Money Marketfund outperformed its benchmark portfolio that indexed government 91-day Treasury Bill, which returned 14.90 percent over the same period.