The Securities and Exchange Commission, (SEC) has become the second capital market regulator, to formalise its participation in Financial Sector Deepening Africa’s (FSD Africa) flagship Africa Regulator Support Programme, a continent-wide initiative designed to strengthen the continent’s capital market regulators to reach international standards.
The cooperation agreement was signed at the Ghana Academy of Arts and Sciences during the 3rd Capital Market Conference on the 21st of November. The conference also celebrated the 20th year anniversary of the establishment of the SEC.
“Ghana was chosen to be part of FSD Africa’s Regulator Support Programme because of the Government of Ghana’s strong commitment to driving capital markets development. FSD Africa is excited to work with key stakeholders in Ghana, including the Securities and Exchange Commission, to develop financial markets in support of inclusive economic growth.” Mark Napier, Director, FSD Africa said
Through the programme, FSD Africa will provide holistic support to SEC Ghana. First, it will fund an institutional capacity assessment to identify strengths and areas of improvement in SEC Ghana’s strategy and operations, providing support to implement key recommendations.
The programme will also conduct a scoping study for the non-government bond market and help to develop the country’s private debt market for cedi corporate bonds.
The two-and-a-half-year Africa Regulator Support Programme, aims is to funding and building the capacity of capital market regulators across the continent, provide world-class technical assistance, encourage closer collaboration among regulators and conduct research to support the development of new policies and regulations.
As a participant in the pan-African programme, SEC Ghana will also be supported to collaborate and share knowledge with capital market regulators across the continent.
Daniel Ogbarmey Tetteh, Director General of the Securities and Exchange Commission commenting on the partnership said “we look forward to a strong, mutually beneficial partnership with FSD Africa as we commence this project. FSD Africa has been keen to support Ghana’s capital market development with its resultant impact on the real economy. As the Commission deepens its capacity, the need for technical support and insights is very much appreciated. Another important exercise that will come out of this partnership is a bond market study. This will enhance the work being done on the Capital Markets Master Plan Working Group”.
The signing was undertaken by Daniel Ogbarmey Tetteh, Director General SEC Ghana and Evans Osano, Director of Financial Markets, FSD Africa and observed by the Minister of Finance, Mr Ken Ofori-Atta and Philip Smith, the Country Director for the UK’s Department for International Development (DFID) in Ghana.
About FSD Africa
FSD Africa is a non-profit company which aims to increase prosperity, create jobs and reduce poverty by bringing about a transformation in financial markets in sub-Saharan Africa and in the economies they serve. It provides know-how and capital to champions of change whose ideas, influence and actions will make finance more useful to African businesses and households. It is funded by UK aid from the UK Government.
SEC Nigeria was the first capital market regulator to join the programme in September. FSD Africa will implement the programme in a further seven key markets including; Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.
Business World Ghana