Bank of Ghana turns Central Securities Depository into wholly owned company

The Bank of Ghana has turned its Central Securities Depository, an internal unit of the central bank into a wholly owned subsidiary.

In a press release issued Thursday September 16, 2010 and copied to ghanabusinessnews.com, the Bank said the Depository which hitherto had been operating as on internal unit of the Bank of Ghana has been incorporated as a wholly owned subsidiary of the Bank.

The release said a Certificate of Incorporation and a Certificate to Commence Business have been issued by the Registrar-General on June 10, 2010.

The name of the Company it indicated is Central Securities Depository (Ghana) Limited, and will continue to have its offices in the Cedi House in Accra.

The Company will continue to offer Registry services for Government of Ghana and Bank of Ghana Securities in addition to other secondary market transactions in these securities. It will also manage the infrastructure for the issue of debt securities at the primary market, the release added.

According to the release, a seven-member Board of Directors has been appointed. They are: Dr. Henry A. Kofi Wampah, the First Deputy Governor of Bank of Ghana as the Chairman, Dr. David O Andah, Mr. Daniel Kobla Glymin, Mr. Kwame Adutua-Amakye, Mr. George Katako, Mr. Stephen K. Tetteh and Mrs. Caroline Otoo.  Mr. Stephen Tetteh has been appointed the Chief Executive Officer of the Company.

By Emmanuel K. Dogbevi