Ghana Regulator Close to Approving Mega African Capital’s IPO Listing

Ghana’s Securities and Exchange Commission is close to approving the initial public offering of investment company Mega African Capital in what would be the West African country’s first listing in more than six years.

Adu Anane Antwi, director general of the SEC, told reporters, “We’ve raised some issues and they are resolving them.” Although he did not give a specific time frame, Antwi advised, “The commission is working and pretty soon we will be done.”

Mega African Capital, which is owned by Accra-based Oak Partners Ltd., may sell stock by March, Kofi Yamoah, managing director of the Ghana Stock Exchange, said last month. In fact, the IPO would be Ghana’s first since Ghana Oil Co. Ltd. in October 2007, according to data compiled by Bloomberg.

Antwi went on to say that the Commission is working on regulation for credit-ratings companies. Even though the agencies are able to operate in Ghana, there aren’t any guidelines to direct their activities and promote their licensing, he stated.

Source: Bloomberg