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SEC hints at plans of introducing crowdcrowdfunding in Ghana
Business and Economy

SEC hints at plans of introducing crowdcrowdfunding in Ghana

by  Aba Afful 2 min read

- The Security and Exchange Commission (SEC) is in the process of establishing a crowdfunding system in Ghana

- Challenges resulting from the outbreak of the coronavirus has pushed the start of operations to the year 2021

- When complete, the system will make funds available to MSMEs in Ghana

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The Security and Exchange Commission (SEC) of Ghana has hinted about plans for introducing crowdfunding in Ghana.

YEN.com.gh understands that it is possible the regulator of Ghana’s capital market would establish a framework for the start of the programme.

Information available shows that despite setbacks present due to the outbreak of the coronavirus, everything could be ready by 2021.

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Per a report by thebftonline.com, the plan is to make the package attractive to micro, small, and medium-sized enterprises (MSMEs) in the country.

SEC explained that its fund would serve as a pool of resources from which entrepreneurs can easily finance their operations.

SEC hints of plans of introducing crowd funding in Ghana
Director-General of SEC, Daniel Ogbarmey Tetteh Source: Pulse Ghana
Source: UGC

It added that mechanisms are being implemented to ensure investors are not defrauded by entrepreneurs.

In other news, the World Bank has announced a $250 million package to support the Ghana Development Finance Project.

Financial intermediaries in the country, such as Micro, Small, and Medium Enterprises, are expected to benefit from the package.

The World Bank revealed that it is collaborating with the Ministry of Finance and the Bank of Ghana to implement the project.

READ ALSO: Parliament issues caution to MASLOC over 55% loan recovery rate

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Source: YEN.com.gh

Authors:
Aba Afful avatar

Aba Afful (Copyeditor) Maame Aba serves as a copy editor at YEN.com.gh. She naturally enjoys working with words and has an eye for quality content. She has a keen interest in cyberspace and wants to see YEN.com.gh produce more impactful, thought-provoking, and error-free content. Aba has five years of experience as a content writer, blogger, author, and proofreader. She graduated from the Ghana Institute of Journalism in 2017. She joined the team in 2021.

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