Ghana Stock Exchange (GGSECI) has asked brokerage firms that trade on the market to increase capital 10- fold by the end of next year.
Brokerage firms, also known as licensed dealing members, must increase capital to a minimum of 1 million cedis ($510,000) from the current 100,000 cedis, Ekow Afedzi, general manager of the exchange, said by phone yesterday.
“The directive will promote proprietary trading, that is, traders buying shares and holding in their name and selling them later,” Sulemana Mohammed, financials research specialist at Ecobank Development Corporation in Accra, said by phone today. “That is the global practice but it is not widespread in Ghana at the moment.”
Brokerage firms must also increase the value of tradable assets to 800,000 cedis by the deadline from the current 80,000 cedis, Afedzi said.
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