The Ghana Stock Exchange (GSE) is spearheading a revolutionary transformation, embracing a data-centric approach to align with the evolving global financial markets. The GSE's initiative is part of a continental movement among African exchanges to bolster transparency, operational efficiency, and global competitiveness.

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The GSE's Managing Director, Abena Amoah, during the Building African Financial Markets (BAFM) Seminar hosted by the African Securities Exchanges Association (ASEA) in South Africa, stressed the role of client demand in driving these changes.“I’d say that the why is really because my clients need it. My clients demand it,” Amoah stated. She underscored the importance of transparency in today's financial markets.

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“In today’s world, we say we are running transparent markets. And transparent markets mean us as exchanges providing that transparency in ways that help our stakeholders.”The GSE's efforts are aimed at catering to a wide range of stakeholders, including stockbrokers, fund managers, and issuers. "They need insights into what is driving their share price, how people are interacting with their corporate announcements," Amoah explained.

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The drive for enhanced transparency and data availability is deemed essential for sustaining a competitive edge in a market landscape that is becoming more accessible to all.Initiated in 2007 with process automation and data centre creation, the GSE's journey has gained momentum due to current market needs. "That journey is escalating now because of today’s need for speed, for transparency, for efficiency and for democratization access," Ms.

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Amoah observed.In the last twelve months, the GSE has conducted an exhaustive evaluation of its data policies and licensing frameworks. This process, as described by Amoah, entailed rigorous discussions with data licensees and the formulation of new data agreements, focusing on data structure and detail to facilitate robust analytics.

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Despite the hurdles of adopting new technologies, including their cost and the impact on foreign currency reserves, Amoah underscored the significance of strategic alliances. "Working with technology partners that are willing to grow with us… is important," she remarked, underscoring partnerships with both established entities and burgeoning fintech firms in Ghana.The GSE's strategy for modernisation transcends technological enhancements.

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It envisages a comprehensive metamorphosis of the marketplace, incorporating the digitisation of primary market operations. "How are we digitizing even the primary market space? Are we going to run IPOs that we’ve done for God knows how many years?" Ms. Amoah proposed, advocating for a re-evaluation of age-old practices.Ms. Amoah warned against treating technology as a universal remedy, advocating for bespoke solutions.

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"What problem are we solving for? Is everything going to be hit with the same solution?" she posed, promoting a judicious application of technological advancements.As the GSE forges ahead with its modernisation trajectory, it remains focused on delivering value to its stakeholders and fostering market expansion.

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