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2016 Annual Report

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2016 Annual Report Securities & Exchange Commission 2016 ANNUAL REPORT 1 Annual Report 2016 Securities & Exchange Commission THE COMMISSION Vision To be an internationally recognized securities market regulator promoting efficient capital market in Ghana and ensuring investor protection. Mission To promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected through the proactive implementation of the securities laws. This involves ongoing supervision and regulation of the Ghanaian securities market, education of market operators, policy makers as well as investors on their respective rights and obligations. Objectives • Enhancement of capital market infrastructure and strengthening the capacity of market institutions and intermediaries. • Providing the legal and regulatory framework for market and product innovation. • Promotion of public awareness, investor rights and corporate education. • Establishment of an overall robust, supportive, legal and regulatory framework that conforms to international best practices. 2 Annual Report 2016 Securities & Exchange Commission TABLE OF Contents Chairman’s Statement 4 Report of the Acting Director-General 9 Corporate Governance Report 14 Profile of Commissioners 18 Management Committee 22 Audit & Risk Management Department 27 Broker-Dealers & Advisors Department 41 Fund Management Department 43 Exchange & Markets Department 46 Issuers Department 48 Policy, Research & Information Technology Department 53 Legal & Enforcement Department 57 Human Resource & Administration Department 58 Economic Review 60 Capital Market Review 66 Industry Analysis 78 The Funds Management Industry 80 Financial Statements 85 Report of The Board 86 Independent Auditor’s Report 87 Statement of Operations 89 Statement of Financial Position 90 Statement of Cash Flow 91 Notes to The Financial Statements 92 Register of Licensees 2015/2016 104 Industry Tables 123 Useful Contacts 135 3 Annual Report 2016 Securities & Exchange Commission CHAIRMAN’S STATEMENT Introduction spend. As a result, the country witnessed a modest GDP growth rate of 3.6% against I have the pleasure to present to you the a cumulative debt stock of 73% of GDP. 2016 report of the Securities and Exchange Compared to the previous year, the fiscal Commission as required under Section 17 consolidation programme of Government, of the Securities Industry Act, 2016 (Act together with a tighter monetary policy 929). This report covers the activities and stance of the Bank of Ghana, achieved an operations of the Commission as well as improved stability in the value of the local a comprehensive audit report prepared in currency (the Cedi) against the country’s accordance with internationally approved international trading currencies. In the accounting and audit standards. reporting year, the Cedi’s depreciation rate against the United States Dollar and The reporting year coincided with the the Euro was 9.6% and 5.3% respectively. country’s general elections in which investors It however appreciated against the British usually become cautious and averse to Pound by 10.0%. taking long-term investment decisions in view of policy uncertainties associated with Strategic Plan & Direction regime change. The averse investor behavior was also fueled by the worsening energy The Commission continued with the situation which was in deficit (although implementation of its 5 year strategic better than the previous year), and unstable plan which ends in 2017. Further to the macroeconomic fundamentals which generation of a Risk Based Supervision witnessed an annual inflation rate of 15.4%. manual in 2015 with the help of USAID The fiscal consolidation arrangement with through FinGap, diagnostic studies were International Monetary Fund (IMF) denied carried out on our information technology Government the needed fiscal space to as well as capacity of our human resources. 4 Annual Report 2016 Securities & Exchange Commission Some aspects of the recommendations may Exchange (GSE) Composite Index recorded be considered in the next strategic plan of a negative return of 15.33% and 11.80% the Commission. in 2016 and 2015 respectively. As already indicated, the economic uncertainties The year under review also witnessed a very caused investors to move away from stocks significant development in the operation of with their attendant market rigidities, to the Commission as it was effectively weaned short-term financial instruments and such off government subvention. It would be low risk investment products as government recalled that the Minister of Finance in his securities. The Commission was deeply 2016 budget statement read in November concerned with the lack of market depth 2015, had indicated that the Commission and breadth as was reflected in both primary was one of the six institutions earmarked to and secondary market transactions on the be weaned off government pay roll in 2016. stock market and hopes that in the coming The coming into effect of the Securities year, investor confidence would rebound as Industry Act 2016, Act 929 completed the government economic policies regain the process that had begun earlier in the year. trust and acceptance of the market. The resulting financial and operational independence means that the Commission Total assets under management of the Funds should be in a position to attract and retain Management Industry recorded an attractive highly skilled professionals, procure the growth of 47.45% to about GH¢ 20.16 necessary tools and resources needed for billion. This comprised pension funds, funds effective regulation of the capital market under the management of the Collective and to fulfil its statutory mandate towards Investment Schemes (CIS) and other funds investor protection. This will make the managed by licensed Investment Advisers. Commission more effective and efficient in Total net asset value of the Collective the discharge of its mandate. Investment Scheme sector, which was designed to open up the capital market to It is our hope therefore that, the financial small investors, increased from GH¢ 727.6 and operational independence gained by million to GH¢ 1.13 billion representing an the Commission would not be disturbed or appreciable growth of 55.53%. The total reversed by any means to jeopardise the number of small investor shareholders or momentum of progress the Commission unit holders in the Collective Investment needs to provide the needed anchor to Scheme sector also shot up from 209, 321 the sustenance, growth and development in 2015 to 286,578 in this reporting year, of our capital market. We wish to assure representing an increase of 36.90%. This stakeholders that the internally generated was due to investor education mounted by funds would be judiciously utilized and duly the Commission in collaboration with capital accounted for as required by law. market operators during the reporting year. We are happy to say that, this encouraging Capital Market Performance development bodes well for the future of our market. The overall performance of the capital market in the year under review was mixed. Activity on the Bonds Market was rather Whilst the stock market continued to be subdued as the yield curve remained bearish, the other segments of the capital inverted with short-term government market remained robust and buoyant. For securities providing far higher yield and two successive years, the Ghana Stock good compensation or reward for investors, 5 Annual Report 2016 Securities & Exchange Commission contrary to the general finance principle that The Securities Industry Act, 2016 (Act 929) long-term risk takers should rather receive is bound to open up great opportunities a higher reward than short-term investors. for the development and growth of the Issuers therefore found it very difficult and Ghanaian capital market and by extension costly to issue debt securities at higher the development of the national economy. coupon rates than that of government It is envisaged that with hard work, we can securities to attract investors. Despite this, position the country as the capital raising five companies managed to issue ten (10) and investment hub in Africa. debt instruments with a tenure ranging from three to six years to raise a total of US$ 0.33 The main area of concern to the Commission million and GH¢ 196.2 million. Government during the year under review was how to bonds continued to dominate the market as reduce the heightened risk in the funds the government borrowed heavily to meet management industry, particularly with its maturing financial obligations. It is our reference to the failure of some Investment hope that in the future such government Advisory firms to meet their payment borrowings would constitute a policy strategy obligations to their clients when their with the aim of establishing an appropriate investments fell due. Majority of complaints yield curve for the Ghanaian economy so received during the year was with respect as to encourage the development of the to the inability of investors to redeem corporate and other bonds market for the their investments when they fell due. Our economic development of the country. investigations revealed gross abuse of our license by our licensees which compelled We also encourage government to the Commission to suspend the licenses initiate policy measures to facilitate the of some defaulting licensees. We are also development of municipal and agency in the process of reviewing
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