Ghana Real Estate Developers Association, GREDA says it is working to get its members to list on the Ghana Stock Exchange, GSE.
The decision of GREDA comes at the time the GSE is preparing to partner with the London Stock Exchange to allow for dual listing of companies on both markets.
Executive Secretary for GREDA Sammy Amegah in an interview with Joy FM said, so far, no real estate developer has attempted to list on the GSE.
He noted that maybe the developers are not doing things right to meet the requirements of listing on the GSE, he also stated that GREDA is working on getting the developers list on the GSE to enable them expand.
“Not many I remember in the past one of our real estate developers was the only real estate developer in Ghana that listed but somehow they could not survive you know when you get listed they put you in a trial moment for six months and if you are able to survive then you migrate into a full listing, somehow the six months didn’t end so they come out, since then I’ve not seen any local developer who has marshal the strength to do that so I think it is a grey area, I couldn’t say the criteria is high but maybe we the developers have not lived up to that standard to be able to get to the point where we will list, but very soon we should be getting there…”
The Ghana Stock Exchange, GSE in May this year endorsed the decision by the government to offload shares of some state enterprises. The decision according to the government will maximize profit for the various state enterprises.
Ghana Stock Exchange said the move by the government will encourage more companies to also list on the stock market to enable them to be competitive.
In response to government decision to offload shares of some selected state enterprises, Deputy Managing Director of the Ghana Stock Exchange Ekow Afedzie said it will allow more Ghanaians to participate in the growth of these enterprises and also impact greatly on the market.
“When you go back to history and look at the establishment of the Ghana Stock Exchange, the reason for setting it up is basically to have government privatize state enterprises through the market and this has not happened over the years only few companies are being privatize so if government officials are coming back saying that look we need to take a look at our state enterprises find out the good ones or the ones that we can make sure that they can go out there and raise capital and list on the market and allow Ghanaians to participate then that is certainly good news it can impact greatly on the market.”