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54
Finance
straints that are faced by the GSE as a non-profit
organisation.
Thus, demutualising GSE is aimed at fostering
greater diversity of ownership which will allow for an
enhanced public representation in the governance of
the Exchange as well as remain competitive and re-
sponsive to the demands of its market constituents.
The strategic plan for the demutualisation of the
GSE was completed in 2009 and the final report was
submitted to GSE for review and finalisation.
BANK OF GHANA
K.B Amissah Arthur
Governor
PO Box GP 2674, The Governor, Accra
Tel: (+233) 30 2666174-8 / Fax: (+233) 30 2662996
www.bog.gov.gh / bogsecretary@bog.gov.gh
CAL BANK - GHANA LTD
Frank Brako Adu Jnr.
Managing Director
PO Box 14596, Independence Avenue, Accra
Tel: (+233) 30 2680061
Automation
Activities towards the automation commenced in
2007. In this light, the GSE Securities Depository
Company Limited was incorporated and commenced
operation in November 2008. About 37,000 accounts
were opened in the depository as at the end of 2009
and migration of shares was still ongoing.
With the GSE now resourced, the expected ATS,
the Electronic Clearing/Settlement and the Deposi-
tory system which went live in November 2008, deal-
ers now have access to trading from the Exchange’s
Trading Floor; the offices of Dealers; and through a
secured internet facility at any location.
The automation of the trading platform has huge
prospect in enhancing the liquidity on the market as
well as improve trading on the Exchange. Aside that,
it is expected that the automation system will also
enhance the bond market which is gradually gather-
ing momentum as well as GSE’s move to develop
a programme that will help lure SMEs to list on the
Exchange.
MAIN ENTITIES
Fax: (+233) 30 2680081 / (+233) 30 2680083
www.calbank.net / info@calbank.net
CAL Bank commenced operations in July 1990, and
is considered to be one of the most innovative banks
in Ghana.
The Bank mobilizes resources in world financial mar-
kets, and channels them to the Ghanaian market. In
this way, CAL Bank supports the development of the
national economy, focusing particularly on the manu-
facturing and export sectors.
With its highly skilled professional staff, CAL Bank
plays an important role in the Ghanaian financial
sector by providing wholesale banking services to
corporate clients with sound financial bases and
competent management. Emphasis is placed on the
economic viability and technical feasibility of each
project, as well as the marketability of the client’s
products and services.
Having recently acquired a Universal Banking Li-
cense in 2004, CAL Bank has significantly devel-
oped its retail banking operations with specialized
products and services to cater for the retail market.
To complement retail banking and in line with its
expansion programme, CAL Bank has developed a
network of over 40 ATM’s and 13 branches and is
in the process of opening several branches in major
cities and business districts in Ghana.
HFC BANK GHANA LTD
Asare Akuppe
Managing Director
PO Box CT 4603, No. 35,
Sixth Avenue, North Ridge,
Cantonments, Accra
Tel: (+233) 30 22420904
Fax: (+233) 30 2242095
www.hfcbank.com.gh
hfcomp@hfcbank.com.gh
HFC Bank (Ghana) Limited (formerly Home Finance
Company) was licensed as a mortgage financing in-
stitution to implement the IDA/SSNIT Pilot Housing
Finance Programme in Ghana. HFC was incorporat-
ed onMay 7, 1990 under theGhana Companies Code
1963 (Act 179) as a private limited liability company.
The Company commenced business on December
2, 1991 and was licensed by the Bank of Ghana as
a non-bank financial institution on August 1, 1994.
HFC was converted to a public limited liability com-
pany on October 5, 1994 and got listed on the Ghana