Since its inception, the GSE's performance has varied considerably. All listings are included in the main index, the GSE All-Share Index. In 1993, the GSE was the 6th best index performing emerging stock market, with a capital appreciation of 116%. In 1994 it was the best index performing stock market among all the emerging markets, gaining 124.3% in its index level. 1995's index growth was a disappointing 6.3%, partly because of high inflation and interest rates. Growth of the Index for 1997 was 42%, and at the end of 1998 it was 868.35 (See 1998 Review for more information).As of October 2006 the market capitalization of the Ghana Stock Exchange was about ($11.5bil) 111,500bil cedis. As at December 31 2007, the GSE's market capitalization was 131,633.22bil cedis. In 2007 the index appreciated by 31.84%. (See "Publications" section on GSE's site for more information)
The manufacturing and brewing sectors currently dominate the exchange. A distant third is the banking sector while other listed companies fall into the insurance, mining and petroleum sectors. Most of the listed companies on the GSE are Ghanaian but there are some multinationals.
Although non resident investors can deal in securities listed on the exchange without obtaining prior exchange control permission, there are some restrictions on portfolio investors not resident in Ghana. The current limits on all types of non-resident investor holdings (be they institutional or individual) are as follows: a single investor (i.e. one who is not a Ghanaian and who lives outside the country) is allowed to hold up to 10% of every equity. Secondly, for every equity, foreign investors may hold up to a cumulative total of 74% (in special circumstances, this limit may be waived).The limits also exclude trade in Ashanti Goldfields shares.
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Ghana Stock Exchange
The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency. The GSE is located in Accra.
ASE and the European Stock Exchange
In 2007, the Greek government took the first steps to get the Athens Stock Exchange listed with Euronext, a European Stock Exchange Group. As the second largest stock exchange in the world, Euronext provides many benefits and opportunities for its members. In 2008, representatives of the ASE signed the "Link Up Markets" agreement. This program is designed to ease trading and fees between European stock exchanges. As a result of these actions, the security risk of the ASE was upgraded in 2008 to make reflect higher levels of security for investors.
Athens Stock Exchange
The Athens Stock Exchange is headquartered in Athens, Greece. It provides a medium for Greek companies to sell shares to investors, and for investors to buy stocks, bonds and other financial products. Though it is relatively small in size compared to other world exchange markets, the Athens Stock Exchange faces many opportunities to grow as trade within the European Union expands to the Greek markets.
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