News
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.
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.
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
News
Gomoa West: NPP, NDC supporters clash over commissioning of DRIP equipment
Supporters of the National Democratic Congress (NDC) and the New Patriotic Party (NPP) on Monday morning clashed over the commissioning of machinery for the District Road Infrastructure Project in the Gomoa West District of the Central Region.
According to Citi News sources, the conflict began when NDC supporters questioned the decision to display images of Bismark Basie Nkum, the NPP’s Gomoa West parliamentary candidate on the DRIP machinery.
This disagreement quickly escalated, almost leading to a physical altercation between the two groups.
Baisie Nkum, who doubles as the District Chief Executive (DCE) for Gomoa West, further claimed that the Member of Parliament for the area, Richard Gyan Mensah, brandished a pistol and issued threats against the NPP’s local leadership.
A viral video circulating on social media captured the DCE accusing MP Richard Gyan Mensah of pulling out a gun and threatening NPP supporters during the heated incident.
Source: Citinewsroom.com
News
Why should you resist calls for forensic audit? – Alan quizzes EC
Founder of Moment for Change, Alan Kyerematen, has advised the Electoral Commission (EC) to address concerns identified by political parties ahead of the December elections.
According to him, the commission has the mandate to conduct free and fair elections and must ensure that all stakeholders trust the system. If concerns are raised about the process, he said the EC should work to clear any doubts in the minds of the people.
His comments were in response to whether the National Democratic Congress’ (NDC) request for a forensic audit of the register.
Mr. Kyerematen stated that the NDC, being a major stakeholder, has pointed out certain discrepancies. Therefore, the EC has the responsibility to prove that it is committed to running a free and fair election.
Speaking on JoyNews’ News Desk on September 16, he said “For the sake of ensuring the integrity of the elections, to respond to the specific cases that have been identified about irregularities in the voters’ register.
“It only goes to enhance the credibility of the commission. Yes. It [ forensic audit] has to be. I am not sure why there should be a resistance to that. Because, yes the Electoral Commission has indicated that they have responded to those comments.
“But we have to put all reasonable doubt. There is a need to have a credible voters register. So if there is an indication that there is still doubt associated with the electoral register, then let us allow an extensive comprehensive audit, which can be done without any difficulty,” he said.
The presidential aspirants said this would help improve perception about the credibility of the EC.
Mr Kyerematen said although the EC has an incredible track record in Africa, there is a need to ensure that their reputation remains intact.
Additionally, he said the election management body has the responsibility to prove that the electoral register is clean and has no basis for complaints.
“It is only through an audit that this could happen.” he said.
Source: Myjoyonline.com
