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Industry greets appointment of SEC and GIPC boards
 
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28-Jul-2009  
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Industry players have welcomed the appointment of boards for both the Securities and Exchange Commission (SEC) and the Ghana Investment Promotion Centre by the president.

The president last Tuesday took a decisive action to appoint what many industry stakeholders describe as a water-tight board for the Securities and Exchange Commission after market players have raised concerns about the lack of board for the commission six months after the previous one had been dissolved. He nominated Prof. E.V.O Dankwah, a renowned law scholar as Chairman of the SEC board, while a former General Manager of the Stock Exchange and Director General of the Commission Dr. Charles Asembri, Mrs. Justice Margaret Insaidu Melbourne, from the bench, Ms. Sena Bart-Plange and an investment lawyer, Joe Debrah as members.

The president also appointed a substantive board for the National Investment Bank. They are Mr. Percival Kuranchie Chairman, while Ms. Catherine Dabi Mr. Stephen Ahor, Mr. Inusah Fuseini,Jude Bucknor ,Nana Yaw Kagbresi, Ms. Elizabeth Solomon, Mrs. Della Sowah, Mr. Seth Oforihene serve as members.

However, another board whose nomination that has been described as long overdue is that of the Ghana Investment Promotion Centre(GIPC) which is chaired by Ishmail Yamson of Yamson and Associates as Chairman, with Mrs. Rosa Kudoadzi serving as Vice-Chairman. The other members are Mr. Ato Ampiah, Mr. Agbesi Kwadzo Dzakpasu, Mrs. Doreen Kweiba Illiasu, Mrs. Cecilia Kwofie and Ms. Rebecca Forson.

A couple of new investors who had spoken to this paper before the appointment of the GIPC board complained that their work was being delayed due to the absence of a board to give final approval to their licenses.

“We have paid every fee that we were charged to pay and certificates issued to us, but there is no board to give us the final approval to commence business”, one such investor in Ghana’s water sector told this paper.

A brief perusal of the backgrounds of a few of the members of the SEC board reveals the high quality of performance the president might be expecting from his commissioners.

The Chairman Prof. E.V.O Dankwah who became prominent here in Ghana when he became lead counsel for Mr. Tsatsu Tsikata in the seven-year old trial of the latter in the Valley Farm case. Prof. Darkwah is an L.L.M (B.C.L Oxon) holder with an L.L.M (J.S.D) from Yale University.

Long before the former Legon Don became famous in Ghana, he had lectured in over 40 Universites across Africa and other lectureship positions outside Africa. He is also on record to have played a significant role in the drafting of the Swazy constitution and has vast experience in matters of constitutional law.

Dr. Charles Asembri is a professional Marketing Executive and Financial Analyst who was awarded Ph.D. in Marketing by the City University of New York in 1986. Prior to this, he was awarded the Advanced Professional Certificate in Finance and, the MBA in Marketing and International Business by the New York University. Dr. Asembri has an extensive experience in Finance Marketing with the American Express Company (USA) having held several senior management positions. From 1990 to June 1997, he was General Manager for the Ghana Stock Exchange, before being appointed In July 1997, by the then government as Commissioner for Customs, Excise and Preventive Service.

He became the Director-General of the Securities Regulation Commission and remained in office till 2001. He also served as a Director on the board of Kingdom Transport Services (KTS).

Investment Lawyer Joe Aboagye Debrah finds the appointment an opportunity to use his talents in the service of the nation, having been involved in the securities industry since 1994.

He holds an LLM in Banking and Finance from the London School of Economics, London, UK, Barrister-at-Law from the Ghana School of Law and an LLB (Hons) from the University of Ghana. The outspoken lawyer is also the Founder/Chief Executive Officer of ThinkGhana a not-for-profit organisation dedicated to the development of corporate governance principles in Ghana and the protection of the rights of indigenous Ghanaian shareholders and citizens which he founded in 2005 He was Legal Consultant, for the Review of Securities and Exchange Commission Rules, Regulations and Laws, Trade and Investment Reform Programme (TIRP), Improved Policy Reform and Financial Intermediation in Ghana funded by the USAID in 2004

Mr. Debrah also served as Company Secretary/Legal Adviser to Ghana Breweries Ltd., between October 2001 and June 2005, Legal Adviser to the Ghana Stock Exchange (GSE) from October. 1997-January, 2001, while lecturing in the GSE Securities Courses from January 1998 to 2000 JoeDee as he is affectionately called was also a Legal Officer/Assistant and Company Secretary for the GSE between September1994-October, 1997.

“I will do my utmost, by the grace of God, to help the Commission achieve its objectives and to ensure that Ghana remains an attractive capital investment destination” lawyer Joe Debrah told the FI.
 
 
 
Source: Financial Intelligence
 
 

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