…SEC, GRA, & SSNIT all get new boards
…Geximbank to follow shortly
The Minister of Finance, Ken Ofori-Atta has inaugurated the Boards of three of the most crucial state owned institutions in Ghana at a series of short ceremonies on Wednesday last week, held at the Ministry. These are Securities and Exchange Commission (SEC), Social Security and National Investment Trust (SSNIT) and Ghana Revenue Authority (GRA).
The inauguration of the new board for Ghana Export Import Bank (GeximBank) was postponed because key members had other pressing matters to attend to at the time. However, Goldstreet Business can confirm that the Managing Director, Lawrence Agyinsam will retain his position for a second term in office.
Indeed, government has opted as much as possible for continuity in the composition of these key boards over the desire to inject predominantly new blood and ideas, ostensibly because all the institutions concerned are deep into profound reforms with regards to how they operate and these are having major positive impacts on their respective institutional performances and their capacity to fulfill their corporate mandates.
Speaking at the ceremony to inaugurate the Board for the SEC, Ken Ofori-Atta charged the newly constituted eleven-member board of the Securities and Exchange Commission to ensure that it regulates and streamlines the development of the capital market to make it more effective and efficient for the development of the Ghanaian economy.
Only two members were changed, one because of a new government appointment and one because or retirement. Dr Yeboa Amoah, the pioneer CEO of the Ghana Stock Exchange back in the 1990’s has been retained as Chairman while Reverend Daniel Ogbarmey Tetteh, an accomplished investment banker who had a sterling professional career at DataBank is retained as Director General.
The Finance Minister, who incidentally had worked closely with the two men since the 1990s noted that, despite the challenges encountered, the Ghanaian Financial Sector has made some significant progress.
“The Capital Market over the last few years has made some key achievements including the significant growth reached in market capitalization of the GSE; the asset management industry clean up exercise which has helped to restore and rebuild investor confidence in the industry; the removal of Ghana from the Financial Action Task Force (FATF) grey list and the launch of the Capital Market Master Plan this year to provide the blueprint for the development of the Capital Market in Ghana, among others. This shows the important role of the SEC to the future of Ghana’s economic transformation and to making it an attractive hub for investors,” he noted.
Speaking to Goldstreet Business after the inauguration Reverend Daniel Ogbarmey Tetteh assured that although corporate Ghana has shown a clear preference for debt over equity as a form of financing, SEC is looking at alternative ways of encouraging the increased use of equity – such as crowd funding – so as to reduce the all too often incidence of overleveraging that afflicts enterprises in the country.
Madam Elizabeth Ohene has been appointed as the new Board Chair of the Social Security and National Insurance Trust (SSNIT).
The one time former Minister of State under the John Agyekum Kufour regime will replace Dr. Kwame Addo Kufuor who served as Board Chair from 2017 to 2020.
Madam Elizabeth Ohene who is one of the President’s speech writers and Media Consultant is known for her thought-provoking articles on politics and social issues.
She is expected to bring her experiences to bear in the management of SSNIT.
Tony Oteng Gyasi, founder and CEO of Tropical Cables and Conductors – one of Ghana’s most successful heavy manufacturing companies – and a former President of the Association of Ghana Industries has been appointed as Chairman of the Board at GRA. Ammishaddai Owusu-Amoah is retained as the Commissioner and CEO of GRA. He has been successfully overseeing the most profound overhaul of tax administration in Ghana’s history, prioritizing the expansion of the tax net to encompass erstwhile tax evaders and the vast informal sector. Instructively he was recently adjudged the Most Outstanding Public Leader at the fifth Ghana CEO’s Summit held recently.
GRA has been closer and closer to meeting its increasingly ambitious tax revenue collection targets, through new initiatives that can be described as revolutionary in the context of tax administration in Ghana up to date
All three institutions play crucial roles in the efforts of the incumbent President Nana Akufo-Addo administration to fulfill its vision, especially with regards to accelerated economic growth and development. The three institutions are all charged with primary responsibility for mobilizing finance for the state with which to execute its economic agenda.
It is expected that the new board for GeximBank will be inaugurated by the Finance Minister sometime this week as the members have already been decided upon by the President band have subsequently accepted to serve in the positions offered them.