The Chief Executive Officer of the Ghana Stock Exchange Kofi Yamoah has urged president Akufo-Addo to constitute a board of directors for the Securities and Exchange Commission(SEC).
His plea follows an earlier request from a former Director General of the commission, Dr. Adu Anane-Antwi, who also appealed to the president to form the board immediately to enable the smooth running of the commission.
Even though some observers have maintained that the board is crucial for the smooth operation of the commission, Mr. Yamoah was however of the opinion that the executive head can work for the meantime.
“It’s something that everybody in this industry would want it to be dealt with as quickly as possible, then will get back as far as the market is concerned,” he said.
He stated that the executive body should be able to steer the affairs of the commission even in the absence of the board.
Debunking the notion that the commission’s activities have grinded to a halt, Mr. Yamoah explained that the processes involved in raising funds normally goes through different stages before reaching the board.
“The process of raising funds, or IPOs doesn’t start and end within two days, the SEC part is important but it just takes a small bit of the time of that process, the real process starts when a company talks to its sponsoring brokers, gathers information , due diligence by the lawyers , accountants and so forth,” he said.
“So at the end of it when you have put your selling document together and you are going to SEC then it is just bit of SEC looking at it and giving you the go ahead to go to the public. I believe that we shouldn’t make a case out of this, because in the first place the executives are in place, the executive are the first leg of review of all this document,” he added.