SEC to establish Exchange market for the agricultural sector

The Securities and Exchange Commission (SEC) has announced plans to establish an exchange market for agricultural commodities.

The Reverend Daniel Ogbarmey Tetteh, the Director-General, said this would happen by the close of the year.

The goal was to project the agricultural commodities market and provide opportunities for agricultural enterprises to penetrate the stock market – boost transactions in the sector to promote economic growth.

He was speaking at the launch of the Money Market Fund (MMF), a new investment product introduced by the New Generation Investment Services (NGIS) Limited, in Kumasi.

The MMF is an open-ended mutual fund designed to create wealth for investors – mostly individuals in both the formal and informal sectors.

The Rev Tetteh said the SEC was also developing a regulatory framework for the real estate to ensure proper monitoring and supervision in that sector.

He highlighted the need for the country to place premium on the securities exchange not only to promote investment but quality service delivery.

He encouraged Ghanaians to cultivate the habit of saving and putting their money into investments to help reduce poverty.

Professor Kwaku Dwumor Kessey, Board Chairman of NGIS, said the MMF would focus on investing in viable instruments that would yield better returns, while protecting the capital of investors.

The Fund, the fourth product to be introduced by the New Generation was initially offering a minimum of 200,000 shares at the cost of GH¢0.50 per share.

Prof Kessey said an investor was required to purchase 200 shares at the initial public offer and thereafter could purchase in multiples of 100 shares.

Source: GNA