President and CEO of MTN Group, Ralph Mupita has saluted the Ghana Stock Exchange (GSE) for its role in the ‘Ghana Cares’ national socio-economic priorities that is going to be critical for Ghana’s development going forward.
He noted that GSE has made progress in deepening the capital markets in Ghana to support the “Ghana Cares” initiative, and that is laudable.
“We are encouraged by the progress we have seen in the development and deepening of the capital markets in Ghana”, Mr Mupita said, adding that “capital formation and capital markets are critical in economic development of countries. We salute the ‘Ghana Cares’ national socio-economic priorities that is going to be critical to Ghana’s development going forward”.
He made the remarks during his visit to the GSE to pay a courtesy call on the Managing Director, Mr. Ekow Afedzi, as part of a three-day working tour to Ghana, which is one of MTN Group’s key markets.
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Ralph Mupita also used the opportunity to get a first-hand account of the performance of MTN Ghana shares since the Initial Public Offer (IPO) in 2018.
He expressed his gratitude to GSE for the support MTN Ghana had received since its listing on the bourse, saying “On behalf of the MTN Group we would like to thank the GSE for the support we have received since listing in September 2018.”
MTN Ghana’s performance on the GSE in 2021 has been nothing short of excellent, accounting for 86% and 77% of total volume and value traded on the bourse as at 18 May 2021.
The company’s share price has gained 49 pesewas this year, increasing year to date return on shares by 76.6%.
The MD of the GSE, Mr. Ekow Afedzi applauded MTN Ghana’s stellar performance. He commended the company for being the most liquid and driver of liquidity on the market.
MTN Ghana listed on the Ghana Stock Exchange in 2018 and is the third largest company by market capitalization. This represents about 23% of the total market capitalization of the listings on the Ghana Stock Exchange.
The MTN Group CEO was accompanied on his visit to the GSE by the Vice President for MTN WECA Region, Ebenezer Twum Asante, Chief Enterprise Business Officer, Sam Addo representing Selorm Adadevoh Chief Executive Officer, and the Chief Corporate Services Officer, Samuel Koranteng.