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24 February 2017

Only Ghanaians should own shares in VRA, GRIDCo when listed – Lecturer advises

VRA-GRIDCo

A lecturer at the Ghana Institute of Management and Public Administration, has called on the government to ensure that only Ghanaians and Ghanaian-owned companies buy shares to control the Volta River Authority (VRA) and Ghana Grid Company (GRIDCo) when they are listed on the Ghana Stock Exchange (GSE).

Mr. Kwabena Ntiamoah who also lectures at Valley View University and Institute of Local Government Studies (ILGS) explained that the people of Ghana will be negatively affected if the aforementioned state institutions are given to foreign investors.

The President, Nana Addo Dankwa Akufo-Addo, during the State of the Nation Address on Tuesday hinted of a decision to list VRA and GRIDCO on the Ghana Stock Exchange.

The Minority in Parliament reacting to that revealed that the decision by the government to list such national assets on the GSE is a ploy to sell the two state institutions to a private individual.

Sharing his thoughts on the issue on Onua 95.1FM’s Yen Nsempa hosted by Bright Asempa on Thursday, Mr. Ntiamoah explained that the moment a company is listed on the stock exchange it gives the public the opportunity to buy shares.

“The laws can be restricted to Ghanaian companies alone and that will mean no one can buy from outside Ghana, and we can also open up to both locals and foreign investors”, the financial consultant explained. Asked what he thinks about listing of the VRA and GRIDCo on the GSE to allowed foreign investors to have shares, Mr. Ntiamoah said “it should be wholly Ghanaian-owned because when the dividends are declared, he [foreign investor] takes the money way in dollars which affects the nation”.

The lecturer said “I back that idea for listing them on the Ghana Stock Exchange but if it goes outside, it will bring hardship to Ghanaians so we should encourage our own Ghanaian banks to come in because, so many times we open up for outside investors, but that does not help”.

Source: http://3news.com

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