Former Ghana Stock Exchange Director advocates for bold solutions for economic revival

Former Managing Director of the Ghana Stock Exchange, Mr. Ekow Afedzi, has proposed several solutions aimed at reviving Ghana’s ailing economy.

During an Investment Dialogue Forum on Citi TV held on February 15, 2024, themed “Clarity in the Chaos: What Lies Ahead for the Ghanaian Economy,” Mr. Afedzi underscored the pivotal role of market confidence and forward-thinking in economic recovery.

He emphasized the interplay between the economy and the market, stressing the necessity for a nation to foster a sense of optimism about its future trajectory to stimulate economic growth.

Mr. Afedzi identified key solutions, including bolstering investor confidence, enhancing microeconomic stability, and mitigating currency depreciation.

He also emphasized the significance of corporate performance in attracting investment, underscoring that underperformance can deter potential investors and impede capital influx.

Moreover, Mr. Afedzi highlighted the importance of market liquidity and infrastructure in attracting both local and foreign investors.

He also emphasized the need for a conducive political environment to instil investor confidence and stimulate market growth.

Addressing the issue of investor knowledge, Mr. Afedzi stressed the importance of long-term investment strategies, cautioning against dependence on short-term instruments for economic development.

Reflecting on recent market trends, Mr. Afedzi noted the impact of liquidity on Ghana’s growth prospects, highlighting the country’s potential for expansion.

“To me, as Ghanaians, we must believe in the future. If we don’t believe in the future, I don’t know how we’re going to get there. It is important that we believe in the future and believe we can do it. And we’ll make it, and that relates to investments if you look at it generally. What prof talked about, in terms of economy, is one of the major factors that will impact investments so you look at inflation, look at the interest rate, look at foreign exchange, they all impact the market and investment space, so it is important to have stable microeconomic environment, and have an improving economy.”

“You know sometimes people don’t look but when you are dealing with things like shares or cooperate bonds, the performance of the companies is also key in addition to what’s happening to the economy, so if you are not getting the companies’ performance, then you have an issue with attracting investors and even attracting capital.”

 

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