Gov’t to enlist Tema Dev’t Company, Ghana Reinsurance Company on Stock Exchange

Minister for Public Enterprises Joseph Cudjoe is seeking cabinet approval for the enlistment of Tema Development Company (TDC) and Ghana Reinsurance Company (GhanaRe) onto the Ghana Stock Exchange.

Mr. Joseph Cudjoe last week, while announcing the liquidation of some 17 defunct state enterprises, hinted that his Ministry was pushing to get enterprises that were deemed profitable on the stock exchange.

But speaking on GHOne TV State of Affairs with to Francis Abban, the sector Minister disclosed that proposals are before cabinet for the two companies, TDC and Ghana Reinsurance to be listed.

“I have proposed some companies, at the moment two of them in cabinet, who have met the listing requirement. One in the real estate sector to help raise capital to deliver more housing and the other in the insurance industry to raise additional capital”, he told Francis Abban.

“It can be TDC and for the insurance sector, Ghana Re proposed”, he continued

“There are a lot of considerations that go into that decision at the cabinet level. Government hasn’t taken that decision but personally I am praying for it to happen”, he added.

Meanwhile, Financial Advisory Partner with Deloitte Africa, Yaw Appiah-Lartey has advised the government to tread with caution with any move in listing State-Owned Enterprises on the Stock Market.

He warns the stock market has not had a good performance in the past two years, hence a need to assess the market and list stock investors would be readily interested in purchasing.