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GSE revokes licences of two companies

The Ghana Stock Exchange (GSE) has revoked the licences of Liberty Securities Limited (LSL) and First Atlantic Brokerage Limited (FABL).

According to the GSE, the decision to expel the two companies was due to the various infractions with respect to rules of operations on the exchange.

A press statement issued by the GSE said LSL and FABL would not be able to execute trades on the market, provide advisory services to clients on capital market issues, and hold in lien or in trust clients’ accounts or their security holdings, in accordance to Rule 78 of the GSE Dealing Membership Rules.

Rule 78 of the GSE Dealing Membership Rules requires a member of the Exchange to comply with the prevailing requirements of the Securities and Exchange Commission in respect of capital, liquidity, reports and returns.

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In the case of FABL, the regulator noted that, the company had operated without an Authorised Dealing Officer (ADO) for more than three months.

In addition, the company’s financial status showed a significant deterioration in its operations, resulting in successive negative returns which have eroded shareholders’ funds, the statement said.

The FABL is in breach of regulation 22 of the SEC Regulations, 2003 (L.I. 1728), which requires a Broker-Dealer to maintain at any given time, minimum liquid fund amounting to at least 20 per cent of the aggregate indebtedness of the Broker-Dealer, the statement added.

Similarly, LSL were found to be operating without an ADO for more than three months, contrary to Rule 6(j) of the GSE Dealing Membership Rules.

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Moreover, they had low net shareholders’ fund balance and low liquidity position and had been inactive on the market due to the lack of ADO to execute trades.

For customers of the now defunct stock traders, the Exchange said procedures have been provided for them to transfer their security accounts and security holdings to any LDM of their choice.

The GSE had also provided a help desk or a correspondence officer to each LDM to respond to clients’ issues.

Source: Ghanaian Times

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 Swallowed by the Sea! …Keta’s coastal lines, landmarks, efforts to preserve heritage

Fragments of a once inhabited home now lie submerged, swallowed by the encroaching waters along Keta’s coast(1)

 The Atlantic Ocean is no longer a distant blue horizon for the people of Keta.

It now circles around their doorsteps, uninvited, unrelent­ing, pulling down walls and other structures, erasing memories, and threatening lives.

Hovering precariously between the restless sea and the Keta Lagoon, this once-thriving coastal town is slowly being obliterated.

Salt water has become both a physical and metaphorical threat, dissolving the town’s past as fast as it claims its future.

Madam Aku Atitso, 62, lives in a crumbling former Prisons Service quarters – one of the few struc­tures still standing on the eroded stretch of Queen Street.

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She sits quietly at the entrance, preparing a modest breakfast for herself and her granddaughter.

The air is thick with salt and silence. “The sea took everything,” she says softly. “My husband’s nets, our mattress, our memories all gone overnight.” Her voice trem­bles. “This place too is dying. But it’s the last place with a roof over my head.”

A few metres away, Aunty Esi­nam, 79, watches the sea from a low stool beside a wooden shelter. Her eyes do not blink. “That spot,” she points, “used to be someone’s living room, a whole family lived there”.

Efo Agbeko stands atop the sea defence wall, pointing toward the vast Atlantic Ocean, marking the spot where buildings once stood before the sea claimed them

It’s not just homes that are van­ishing. Landmarks that anchored Keta’s cultural identity are dis­appearing one after another. The once-imposing Fort Prinzenstein, a haunting relic of the transatlantic slave trade is now more of a ruin than a monument.

The colonial-era Bremen factory, the old cinema where generations of children once laughed at flick­ering black-and-white films is also gone.

Queen Street, once the town’s bustling backbone, is now a watery corridor choked with debris.

Standing atop a section of the sea defence wall, 69-year-old retired teacher Efo Kwasi Agbeko surveys what remains.

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“The first police station is mostly gone,” he says, gesturing part of the building stuck in the sea sand, only ruins and a few rooms remain.

Children play on a fishing canoe grounded in the sand a moment of joy amidst the quiet rhythms of coastal life.

“This town is fighting, but the sea is winning,” he said.

Even the Cape St. Paul Light­house, Keta’s historic sentinel, leans perilously toward the water, and fishermen say holes in the shore are opening more frequently, sometimes every week.

That leaves a thick cloud of uncertainty hanging around the historic town of Keta.

Once upon a time, it was a vi­brant town noted for business but currently left with ruins with a few of the residents watching in awe the sea’s devastation.

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From: Geoffrey Kwame Buta, Keta, Volta Region

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 Ghanaians climax Easter with fun-filled activities

• Awards given for outstanding performance
• Awards given for outstanding performance

Christians around the world and other faith based groups last Monday cli­maxed the Easter celebration with a number of fun-filled outdoor and indoor activities.

With streets empty, fun seekers stormed church premises where picnics were held while others partied in many ways.

Others spent the day at the various beaches and music and film shows occu­pying the others.

At the churches, participants engaged in bible reading, football, volleyball, playing cards, table tennis, horse racing, bouncing castles, swimming and oware.

Others played ludo, tag of war, lime and spoon, draught, music competitions among others.

The Spectator captured some of the exciting scenes around Accra-Tema for the benefit of readers.

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 Story & pictures by Victor A. Buxton

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