SEC promises reliefs to investors over Debt Exchange Programme

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    The Securities and Exchange Commission (SEC) has announced some reliefs to support the securities and exchange market as government concludes discussions on the Domestic Debt Exchange Programme.

    The Programme, which was launched on Monday, December 5, is expected to be fully implemented from Monday, December 19.

    As the regulator in the securities and exchange industry, SEC has announced reliefs to investors as it anticipates the impact of the Programme on market operators.

    The Commission says it will offer regulatory capital forbearance for market operators whose capital will be impaired because of the Programme, asking those who require such forbearance to apply accordingly.

    “The SEC shall intervene further with other measures where it becomes necessary,” it said in a circular dated Friday, December 9, 2022.

    It indicated that “other regulatory reliefs or exemptions may be considered by the SEC in the light of new and unanticipated developments in the market”.

    SEC indicated that it is providing these reliefs because it has supports the government’s efforts in stabilising the economy, and to be precise the rollout of the Programme.

    The SEC is aware of the need for the DDEP as explained by the Ministry of Finance and the
    consideration that participation will enhance Government’s ability to attain a Debt to GDP ratio of 55% by 2028 among other benefits to the economy.

    “The SEC appreciates the importance of a stable macroeconomic environment to the growth and development of Ghana’s capital market and is therefore supportive of Government’s efforts to stabilize Ghana’s economy and the fiscal position with the proposed initiative.”

    The Commission assured all investors, and by extension the general public that “it is committed to ensuring rigorous enforcement of all the rules for players in the capital market, in order to ensure an efficient, fair and transparent securities market in which investors and the integrity of the market are protected”.