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2019 Annual Report 2019 ANNUAL REPORT SECURITIES & EXCHANGE COMMISSION 2019 Annual Report 2019 ANNUAL REPORT SECURITIES & EXCHANGE COMMISSION ABOUT THE COMMISSION The Securities and Exchange Commission (‘the Commission’) is established by the Securities Industry Act, 2016 (Act 929) (‘the Act’) with the objective to regulate and promote the growth and development of an efcient, fair and transparent securities market in which investors and the integrity of the market are protected. VISION To be a top-tier securities market regulator in Africa. MISSION To regulate, innovate and promote the growth and development of an efcient, fair and transparent securities market in which investors and the integrity of the market are protected. OBJECTIVES 1. Enhancement of capital market infrastructure and strengthening the capacity of market institutions and intermediaries. 2. Providing the legal and regulatory framework for market and product innovation. 3. Promotion of public awareness, investor rights and corporate education. 4. Establishment of an overall robust, supportive, legal and regulatory framework that conforms to international best practices. SEC | ANNUAL REPORT 2019 1 SECURITIES & EXCHANGE COMMISSION CONTENTS Chairman’s Statement 6 Report of the Director-General 11 Corporate Governance Report 20 Profile Of Commissioners 27 Corporate Governance Structure 33 Management Team 34 Operational Review 39 Issuers Department 39 Broker-Dealers and Advisers Department 45 Policy Research 50 Exchanges and Markets Department 54 Funds Management Department 56 Report of Information Technology Function 60 Human Resource Management & Administration Department 62 Audit and Risk Management Department 64 Legal and Enforcement Department 69 Economic Review 79 Capital Market Review 87 Industry Analysis 109 Financial Statements 119 Report of the Management Board 120 Independent Auditor’s Report 122 Statement of Operations 125 Accumulated Fund 125 Statement of Financial Position 126 Statement of Cashflows 127 Register of Licensees 2017/2018 142 Industry Tables 152 Useful Contacts 164 ANNUAL REPORT 2019 | SEC 2 SECURITIES & EXCHANGE COMMISSION TABLES Table 1: Members of the Board or Commissioners of SEC: 21 Table 2: Members of Administrative Hearings Committee: 22 Table 3: Members of Approvals & Licensing Committee: 22 Table 4: Members of Audit Committee: 22 Table 5: Finance and Administrative Committee 23 Table 6: Members of Property Committee: 23 Table 7: Number of Board and Committee meetings held in 2019 23 Table 8: List of License Approval by the Board in 2019 24 Table 9: Ofer Document Approvals: 24 Table 10: Companies whose licences were revoked 25 Table 11a: A tabular presentation of Bond Issuances in 2019 41 Table 11b: A tabular presentation of Bond Issuances during the 2019 in USD 41 Table 12: A tabular presentation of equity oferings and other applications in 2019 42 Table 13: Annual Reports and Quarterly Financial Statements 42 Table 14: Licensed Market Operators 45 Table 15: Renewal of License 45 Table 16: Of-site Inspection 46 Table 17: Broker-Dealers Industry 46 Table 18: Investment Adviser’s Industry 47 Table 19: Processing of Applications 57 Table 20: Fund Managers not operating as at the time of Revocation of License 58 Table 21: Fund Managers still in operation as at the time of Revocation of Licence 59 Table 22: Annual Real GDP Growth, 2009-2019 80 Table 23: Movement in In ation and Bench-Marked 91 and 182-Day Treasury- Bill Rates 81 Table 24: Year-on-year in ation for 2019 82 Table 25: Comparative Inter-Bank Exchange Rate & the Forex Bureau Exchange Rates (Closing Values) 84 Table 26: Sector Contribution to GDP 85 Table 27: Stock Markets Returns in Africa in 2019 87 Table 28: Performance of listed stocks on the GSE & GAX for the year 2019 89 Table 29: GSE Composite Index 2019:2018 91 SEC | ANNUAL REPORT 2019 3 SECURITIES & EXCHANGE COMMISSION TABLES Table 30: GSE Yield-To-Date 92 Table 31: GSE CI: GSE YTD 93 Table 32: Market Capitalization 94 Table 33: Market Concentration by Sector in 2019 96 Table 34: Top 10 Volume leaders for 2019 98 Table 35: Top 10 Value leaders 100 Table 36: Top Gainers as at the end of 2019 102 Table 37: Top Losers as at the end of 2019 102 Table 38: Shares with no price change 103 Table 39: Sectoral Distribution of Trades by Volume: January to December 2019 104 Table 40: Sectoral Distribution of Trades by Value: January to December 2019 105 Table 41: Listed Debt Instruments on GFIM 107 Table 42: Volume and Value of Commodities Traded in 2019: January – December 2019 108 Table 43: Top 5 Broker-Dealers and others for 2019 109 Table 44: The volumes of shares traded by the top ve brokerage rms in 2019 110 Table 45: Change in Total Assets under Management (AUM) – End 2019 112 Table 46: Top 10 Fund Managers by Market share of AUM for 2019 114 Table 47: Top 5 and the rest of Mutual Fund Schemes by Market share of NAV 116 Table 48: Top 5 and the rest of Unit Trust Schemes by Market share of NAV 2019 117 Table 59: Top 10 CIS: Performance (Annual Returns) and Expense Ratio of CIS for 2019 118 Table 50.1: Performance, Shareholding and Net Asset Value (NAV) of Mutual Funds 156 (Collective Investment Schemes) for 2019 Table 50.2: Performance (Returns) of Mutual Funds (Collective Investment Schemes) 2019 157 Table 50.3: Asset allocation of Mutual Funds (Collective Investment Schemes) 2019 158 Table 50.4: Shareholding and Net Asset Value (NAV) of Unit Trust (Collective Investment Schemes) 2019 159 Table 50.5: Performance (Returns) of Unit Trust (Collective Investment Schemes) 2019 160 Table 50.6: Asset Allocation of Unit Trust, Net Asset Value and Expense Ratio (Collective 161 Investment Schemes) 2019 Table 50.7-Fund Managers: Assets under Management (AUM) as of December 31st, 2019 162 Table 50.8: Cost efcient (Expense Ratio) and Performance of Collective Investment Schemes 2019 165 Table 50.9: Broker-Dealing Transactions in Listed Equities 2019 167 ANNUAL REPORT 2019 | SEC 4 SECURITIES & EXCHANGE COMMISSION FIGURES Fig. 1: Performance of the Broker-Dealers Sector 33 Fig. 2: Performance of Investment Advisors 47 Fig 3: Complaint Overview 48 Fig 4: Number of Complaints Received and Resolved Per CMO 66 Fig 5: Hearing and resolution Status of Complaints 67 Fig 6: Annual Real GDP Growth, 2009-2018 68 Fig. 7: Inflation & 91-Day Interest Rate Movement 80 Fig. 8: Year-on-Year Inflation (Jan. 2018-Dec. 2018) 81 Fig. 9: Trends in the Interbank FX Rate and Forex Bureau Rate 83 Fig 10: Sector Distribution as % of GDP, 2010-2018 84 Fig 11: GSE Composite Index 85 Fig 12: GSE Yield-To-Date 91 Fig 13: GSE CI v GSE YTD 92 Fig 14: Market Capitalization: End of Months for 2018 and 2017 93 Fig 15: Market Concentration by Sector in 2018 95 Fig 16: Total volume and value of transactions on the GSE for 2018 and 2017 96 Fig 17: Volume traded: End of Months for 2018 and 2017 97 Fig 18: Volume Traded by Quarter 2018 and 2017 99 Fig 19: Value Traded: End of Months for 2018 and 2017 99 Fig 20: Total Value Traded by Quarter: 2018 and 2017 100 Fig 21: Volume Traded by Sector: January to December 2018 101 Fig 22: Value Traded by Sector: January to December 2018 104 Fig 23: Top 5 by Distribution of Transaction Per Value of Broker-Dealers and Others in 2018 105 Fig 24: Top 5 by Distribution of Transaction Per Volume of Broker-Dealers in 2018 110 Fig 25: Assets Under Management Market Share Distribution of Fund Managers-Top 10 and the Rest 111 Fig 26 CIS – Mutual Fund – Top 5 and Others By Net Asset Value 2018 113 Fig 27- CIS: Unit Trust – Top 5 by Net Asset Value (NAV) 114 Fig 28: Performance and Expense Ratio of Collective Investment Schemes - Top 10 for 2018 116 SEC | ANNUAL REPORT 2019 5 SECURITIES & EXCHANGE COMMISSION 01 CHAIRMAN’S STATEMENT a result of the liquidity problems. During the same period the Tiers two and three Pension funds under management also showed strong performance growth of 54%. Again. Collective Investment Scheme (CIS) segment, comprising mutual funds and unit trust schemes however showed an increase in assets under management estimated at 56% year on year. Performance of the Stock Market was heavily weighed down by the financial sector reforms of the previous year since the performance of the banking sector equities has a large influence over the performance of the entire stock market. Again, the fund management crisis also created high levels of illiquidity making it difcult for the stock market to attract funds from asset managers cum the rate of depreciation of the Ghana Cedi DR. YEBOA AMOA - CHAIRMAN against the country’s major trading currencies. These factors among others, combined to bring down the GSE Composite Index (GSE-CI) to the Capital Market Performance: level of 2,257.15 points compared to a level of 2,572.22 n the year under review, while points in the previous year, translating into full Ghana’s macro- economy year performance of -12.25% and decline in market showed remarkable resilience capitalization of 7.11%.The performance of the GSE- and provided a stable CI in US dollar terms was -20% in the reporting year. platform for capital market Idevelopment and growth, however, Generally, the year witnessed strong investor the Asset Management and the preference for fixed income securities, particularly Stock Market sectors of the Capital Ghana Government’s investment instruments Market responded in subtle but which were considered more attractive and much mixed manner. safer than other asset classes on the capital market. As indicated above, the Fixed Income Market There were serious liquidity challenges in the Asset was quite active throughout the year and attracted Management industry that had an adverse efect on quite a number of both local and foreign investors investor confidence and market performance.
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