Ghana's Securities and Exchange Commission (SEC) has disclosed government's decision to increase the minimum capital requirement for companies operating in the country's securities industry. The nation's SEC said the announcement of the increment will be made before the end of 2017.
The development follows the President Nana Akufo-led administration's plan to adopt various measures that will strengthen the country's economy and provide needed security for private sector investments. After its announcement, the firms will have at least until second quarter of 2018 to meet the new figure.
Speaking to the media on the development- Director General of Ghana's Securities and Exchange Commission, Daniel Ogbarmey Tetteh said, with the current industrialization measures pursued by government: investments in the country are likely to increase and greater market opportunities will be given to existing firms and newcomers in the securities industry  Â
He noted that universally, today is marked as 'World Investors Day' they as an institution (in line with the administration's goals) are focusing on 'the right of the retail investor' - empowering them and that includes, deliberate measures to make its business (the retail investor) more secured for the interest of the Ghanaian consumer.
Ghana's securities market has over the last months enjoyed a generally higher level of confidence from domestic and foreign investors and the new minimum capital will only further boost that position.