The Ghana Stock exchange (GSE) has made Ghc23.46 million profit.
The amount is GSE’s highest profit since it was established in 1990.
The Ghc23.46 million profit was made in the fiscal year 2020.
That was despite the adverse impact of coronavirus in 2020.
In 2019, the Exchange earned GH¢8.43 million profit.
Chairman of the GSE, Anselm Ray Sowah, while comparing the 2020 profit to that of 2019, stated that the year 2020 was quite abnormal in all sort of ways as the pandemic interfered with operations of the Stock Exchange, posing a lot of threats to the biggest organizations in the country.
He highlighted some of the successes and challenges of GSE during its 30 years of existence at the 31st Annual General Meeting held in Accra on July 28, 2021.
Within that particular year, the GSE Composite Index closed the year at 1,941.59 points, which represented a decline of 13.98%, slightly higher than the -12.25% recorded at the end of 2019, he revealed.
The Market Capitalization for all listed securities ended the year with GH¢54.37 billion compared with GH¢56.79 billion recorded in 2019 representing a dip of 4.25%.
The year 2020 marked 30 years of operations of the Ghana Stock Exchange, which commenced trading on November 12, 1990.
The Managing Director of the GSE, Mr. Ekow Afedzie in his remarks revealed that the Exchange performed beyond expectation amid challenges occasioned by the COVID-19 pandemic, which slowed down economic activities globally, collapsed businesses and brought the lives of people to a standstill.
The Ghana Fixed Income Market (GIFM) smashed the 100 billion ceiling for trade volumes and the Equity Market closing the year on a high note despite the difficult conditions.” he added.
However, the Exchange had a record setting year across its markets despite the challenging times.
The equities market recorded its second highest annual volume traded in its 30-year history, with higher liquidity during the last quarter.
A record 695,396,188 shares valued at GH¢575,269,873.22 were traded.
The GSE was adjudged best the performing Exchange in Africa in 2008 and 2018 respectively by Africa Investor (Ai) and continues to shine on the continent.
The Exchange has developed a 3-year Strategic Plan to transform from a frontier market to an emerging market; demutualized entity operating at optimal capacity with an innovative and competitive orientation; and become the preferred platform for financing and investment for both public and private sectors.
All these are aimed at creating a vibrant Exchange to support its mission of providing an efficient securities market in support of national economic development.
Source: GSE