Ghana stock exchange, tax planning, market performance, longitudinal correlative design, investors 1. An objective analysis desmond tutu ayentimi catholic university college, ghana anthony ekow mensah p. The population of this study was made up of all commercial banks listed on the ghana stock exchange. The findings from the activities ratios indicated efficiency of arytons management in utilizing the asset of the firms in daytoday basis is declining in recent years whiles that of starwin is improving even though aryton drug ltd is. Results also indicate the negative but insignificant impact of inflation on stock market performance in south asia.
The effect of macroeconomic variables on stock market. The main value of this study is the identification of how dividend policy affects performance of firms listed on the ghana stock exchange. Ghana stock market composite gseci ghana stock exchange composite gseci is a major stock market index which tracks the performance of all companies traded in the ghana stock exchange. The sample of this study included 140 firmyear observations from 14 listed manufacturing firms in ghana stock exchange gse over a 10year period, from 2007 to 2016. Pdf a study into growth and firms financial performance. Ghana stock exchange handbook download ebook pdf, epub. Ghana stock market performance reach 21 month low as. Ghana stock exchange gse listed companies african markets. Performance of ghanaian stocks march 2018 ceditalk. In this study, particular banks listed on the ghana stock exchange were examined in terms of their liquidity and profitability across time period of.
Article pdf available in investment management and financial innovations 42. Box up 1205 knust, kumasi, ghana francis naaidar p. The exchange was incorporated in july 1989 with trading commencing in 1990. College of technology education, university of education, winneba. Stratified and simple random, sampling methods were used for the study. The effect of ghana stock exchange performance on the ghanaian economy. Evidence from the ghana stock exchange isaac marfo oduro 1 samuel kwaku agyei 2 1. The performance of ghana stock exchange for the period 2000. Accepted 4 april, 2012 stock markets play a crucial role in financial development. Ghana stock exchange, stock listing, listed firms, unlisted firms, firm performance. The ghana stock exchange trades shares in ghanaian cedis. Ghana stock exchange sees strong performance in 2017. Pdf how does dividend policy affect performance of the. Keywords firms performance, debt policy, gross margin profit, return on asset roa, tobins q ratio, ghana stock exchange 1.
Evidence from smes in an emerging economy augustine kwasi amoateng1, kwaku tuah osei2, alex ofori1 and eric nsiah gyabaa2 1department of secretaryship and management studies, sunyani technical university, ghana. October was a rough month for listed stocks in ghana. The ghana stock exchange gse is the principal stock exchange of ghana. With a sample of 141 companies listed on the mumbai stock exchange, the study used a stepwise regression analysis to evaluate the influence of three corporate governance indicators. Cal brokers to resign from ghana stock exchange 17sep2019. Annual reports ghana for financial information on listed. Ghana stock exchange to transform to company limited by shares 12jul2019. It currently lists 42 equities from 37 companies and 2 corporate bonds. The performance of ghana stock exchange for the period. Annual reports of companies listed on the ghana stock exchange. College of technology education, university of education, winneba, p.
The effect of the stock exchange on economic growth. The number of manufacturing firms, as well as economic. Abstract the objective of the study was in two parts. The ghana stock exchange gse says it expects much more improvement in secondary market activity in 2017, on the basis of the positive macroeconomic environment. Ghana fixed income market gfim ghana alternative market gax. The performance of ghana stock exchange for the period 2000 to 2009 ernest c. Financial performance of listed pharmaceutical companies. Ghana stock exchange composite gseci is a major stock market index which tracks the performance of all companies traded in the ghana stock exchange.
Empirical evidence of the stock market performance and economic growth. Click download or read online button to get ghana stock exchange handbook book now. This site is like a library, use search box in the widget to get ebook that you want. Here are how stocks have performed in march and how they have done so far this year. In this study, particular banks listed on the ghana stock exchange were examined in terms of their liquidity and profitability across time period of 20052010. Annual reports ghana arg houses financial information of companies listed on the ghana stock exchange and collective investment schemes licensed by ghanas securities and exchange commission. Worstperforming stocks found in ghana as foreigners exit.
Overview and performance of the ghana stock exchange. The effect of macroeconomic variables on stock market returns. Amidu 2007 examined the last eight years of firms quoted at gana stock exchange gse and investigated whether there is a relationship between dividend policy and firm performance. Expenditure cuts have kept the fiscal performance on track but this. The exchange was given recognition as an authorized stock exchange under the stock exchange act of 1971. The financial performance indicators employed in this study are gross margin profit, return on assets roa, tobins q. Ghana stock market composite gseci 20152020 data 2021. This paper examines the profitability, liquidity and solvency and probability of failure of listed pharmaceutical companies on the ghana stock exchange. Winful, david sarpong jnr and prince koranteng kumi accountancy department, accra polytechnic, ghana. European journal of business science and technology, 22.
The impact of these factors on stock market development in emerging markets was then tested using an empirical model equation 2. Effect of tax planning on firms market performance. Through its automated trading system, the gse opens for continuous trading every working day from 10. School of business, university of cape coast, university post office, cape coast ghana. Ghana stock exchange, economic growth, market capitalisation, gdp. The main findings of the study revealed that oil prices and money supply are statistically significant at 1% level in explaining the influence of those macroeconomic variables on the ghana stock exchange. Introduction companies listed on the ghana stock exchange gse is dominated by manufacturing firms. Box 18, atebubu, brong ahafo region, ghana there has been profuse development in the stock markets all over. Aboagye et al 2008 in studying the performance of stocks in ghana, using an investment of the same amount in treasury bills and shares over a period of 1991 and 2001, found out that investors in stock. The ghana stock exchange gse is the principal stock exchange of the country. Pdf the effect of ghana stock exchange performance on the. Trading on the floor of the exchange commenced on november 12, 1990. The ghana stock exchange announces for the information of the general investing public that, the underlisted listed companies have sought permission for the extension of time to submit their audited financial statements for the year ended december 31, 2019.
The main findings of the study revealed that oil prices and money supply are statistically significant at 1% level in explaining the influence of those. Financial performance of listed pharmaceutical companies on. Ernest christian winful, prince kumi koranteng, and. Click download or read online button to get ghana stock. It is a capitalizationweighted index with base value on 123110. Aug 15, 2008 the study aims at examining how macroeconomic indicators affect the performance of stock markets by using the ghana stock exchange as a case study. Pdf stock market efficiency of ghana stock exchange. We carry out our research in order to provide indepth and independent analysis with an insight into the issues that african markets are facing today. In ghana, although the performance of the ghana stock exchange gse has been affected by macroeconomic variables. Pdf the effect of ghana stock exchange performance on. Provider of financial market data, news, analysis and research with a focus on africa. Impact of macroeconomic indicators on stock market. In ghana, although the performance of the ghana stock exchange gse has been affected by macroeconomic variables from january 2000 to december 20, the mechanisms of these relationships have not been studied. Ghana commodity exchange partners with world food programme to manage warehouse in ejura 01oct2019.
Measures of firm performance which were profitability and operating cash flows were examined. Uncertainty in the financial sector has hurt the equity of financial stocks and has driven down their performance to a little below where. The ghana stock exchange was incorporated in july 1989 as a private company under the ghana companies code 1963 act 179. The platform is entirely dedicated to african stock markets with the added functionality of access to historical data that include share price, market performances, trade volume and daily news. An empirical analysis of the performance of the ghana stock exchange and treasury bills samuel antwi1, 2 ebenezer fiifi emire atta mills3 professor xicang zhao1 1school of finance and economics, jiangsu university, 301 xuefu road, zhenjiang, jiangsu, peoples republic of china 2koforidua polytechnic, p.
Our databases store the annual reports of companies listed on the ghana stock exchange gse, with the earliest available report being from its year of listing, through to its recently ended financial year. For example, the annual reports in args database for benso oil palm plantation gse. Annual reports ghana arg houses financial information of companies listed on the ghana stock exchange and collective investment schemes licensed by ghanas securities and exchange. An empirical analysis of the performance of the ghana stock. Fdi, savings, economic growth, trade openness, exchange. The ghana stock exchange composite index has lost more than 14 percent this year, making it the laggard in dollar terms among 94 global equities benchmarks tracked by bloomberg. Impact of inventory management on firm performance. Performance of ghanaian stocks october 2018 ceditalk. How does dividend policy affect performance of the firm on ghana stock exchange. This research is an attempt to seek for the effects of mergers and. An empirical analysis of the performance of the ghana. The study found that the ghana stock exchange gse all share index, market capitalisation and.
It also sought to ascertain the level of public awareness of the stock exchange and discover the availability of. The finding of the work establishes that there is a. The effect of the stock exchange, page 1 the effect of the stock exchange on economic growth. About the ghana stock exchange ghana stock exchange currency. The initiative of meridianmarshalls holding to list on the ghana stock exchange received a very major boost on the 16th of january 2014 when the management of the ghana stock exchange at its. Introduction over the years and throughout the world, the history of taxation brings out. Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency. It also sought to ascertain the level of public awareness of the stock exchange and discover the availability of prospects on the stock exchange.
The idea of establishing a stock exchange in ghana lay on the drawing board for almost two decades prior to its implementation. Fdi, savings, economic growth, trade openness, exchange rates, banking sector development and stock market liquidity to a larger extent had a positive impact on stock market development in emerging markets. The ghana stock exchange composite index retreated 1. The relationship between liquidity and profitability of. Variations in macroeconomic indicators affect the performance of the stock markets. Ghana stock exchange 5th floor, cedi house,liberia avenue p. The ghana stock exchange announces for the information of the general investing public that, the underlisted listed companies have sought permission for the extension of time to submit their audited. This research is an attempt to seek for the effects of mergers and acquisitions on the performance of firms in.
A study into growth and firms financial performance. The study aims at examining how macroeconomic indicators affect the performance of stock markets by using the ghana stock exchange as a case study. This paper provides an empirical analysis of relationship between economic growth and its determinants with special focus on the stock market development in zimbabwe. The study also seeks to examine the simultaneous influence of other firm specific variables on the tax planningmarket performance relationship. The study investigated the challenges and prospects of the ghana stock exchange. Ghana stock exchange set to request vodafone to list on bourse 24jan2019. The panel data regression model was used to test if there was a significant relationship between the debt ratios and the performance indicators. Pdf there has been profuse development in the stock markets all over the world in the past decades. The official iso 4217 currency code for ghanaian cedi is ghs. If the capital structure has an effect on the firms performance, a correlation between debt policies and firms performance should be expected. Challenges and prospects of the ghana stock exchange mensah. Pdf how does dividend policy affect performance of the firm.
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