The Ghana Stock Exchange (GSE) has officially expelled Worldwide Securities Limited (WSL) from its Licensed Dealing Membership (LDM), citing multiple regulatory breaches. The decision, which takes immediate effect, bars WSL from operating as a broker or dealing in securities on the exchange. In a statement, the GSE outlined the reasons for WSL’s expulsion, highlighting key violations of the Exchange’s Dealing Membership Rules.

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  According to the GSE, WSL failed to renew its broker-dealer license with the Securities and Exchange Commission (SEC), a requirement under Rule 9(2)(e). Additionally, the firm defaulted on its financial obligations to the Exchange, violating Rule 9(2)(b). Further infractions included the company’s inability to maintain the necessary staff to run its brokerage operations, breaching Rules 6(j) and 6(k).

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The Exchange also found that WSL was not actively engaging in its broker-dealer business at an acceptable level, contravening Rule 6(L). Due to these breaches, WSL is now prohibited from opening or managing brokerage and investment accounts for the public. It is also barred from trading securities across any of the Exchange’s markets and from presenting itself as a member of the GSE.

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The Exchange has advised clients of WSL to make immediate arrangements to transfer their securities accounts and holdings to other Licensed Dealing Members. "Clients of WSL should contact the Exchange for assistance with transferring their securities accounts and holdings to any Licensed Dealing Member of their choice," the GSE stated.

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This action reinforces the Exchange’s commitment to upholding strict regulatory compliance and ensuring the integrity of Ghana’s capital markets. The GSE emphasized its dedication to maintaining a robust and transparent market, warning that non-compliance with regulatory standards will not be tolerated. Franklin Cudjoe, the Founding President of IMANI Africa, has shared his thoughts on U.S. President Donald Trump’s plan to shut down USAID.

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He believes that instead of getting rid of foreign aid completely, it should be improved to focus more on trade, job skills, and technology sharing. According to Mr. Cudjoe, too much money is wasted on unnecessary processes and middlemen before it reaches the people who actually need help. He insists that fixing these issues would make aid more effective.

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Franklin Cudjoe, who has long criticized foreign aid in articles for major newspapers like The Wall Street Journal and The Telegraph, pointed out similar concerns raised by economist Jeffrey Sachs. Mr Sachs estimated that a large chunk of aid money goes to consultants, emergency relief, and debt payments, leaving little transparency on how much actually helps the poor.

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Cudjoe also referenced Rwandan President Paul Kagame, who has criticized how aid money is often wasted on administration instead of directly helping people in need. “Prof. Sachs is right about tougher seeds but not about more aid. By his own calculation, ‘out of every dollar of aid given to Africa, an estimated 16% went to consultants from donor countries, 26% went into emergency aid and relief operations, and 14% went into debt servicing.

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’ He could not account for how much of the remaining 44% got siphoned off by corrupt officials, nor could he explain why $400 billion dollars of aid over the last 30 years has left the average African poorer.

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“Rwandan President Paul Kagame told Ugandan journalist Andrew Mwenda in April, ‘There are projects here worth $5 million and when I looked at their expenses, I found that $1 million was going into buying these cars, each one of them at $70,000.

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Another $1 million goes to buy office furniture, $1 million more for meetings and entertainment, and yet another $1 million as salaries for technical experts, leaving only $1 million for the actual expenditure on a poverty-reducing activity. Is this the way to fight poverty?” he stated.

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