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PROFILE OF GOVERNING COUNCIL MEMBERSNana is the founder and Chief ExecutiveOfficer of Bora Capital Advisors. He hasover 20 years’ experience in the investmentbanking industry in Ghana and has workedon several major transactions in Ghana andthe West African sub-region. Prior to foundingBora Capital, Nana was the CEO of FidelitySecurities and Head of Investment Bankingwithin the Fidelity Bank Ghana Group for over5 years.He has worked as a Regional InvestmentOfficer in Ecobank Capital, responsiblefor capital market deals within West andCentral Africa. He also served as Headof Corporate Finance at UMB Bank (thenMerchant Bank Ghana) where he led majorlandmark transactions within banking, mining,breweries, automobile industries.Nana has an MBA from Carlson School ofManagement, University of Minnesota in theUSA, BA Economics and Computer Sciencefrom the University of Ghana and is a CharteredBanker (ACIB from both England & Wales andGhana Institute of Bankers).M. Nana SarfoCEO, Bora Capital Advisors LtdMemberEugenia Basheer is the Managing Directorof Tesah Capital Limited responsible for theimplementation of the strategic objectivesof the company.She has over 15 years of experience in theGhanaian capital and money markets spanninginvestment management, investment analysis,corporate finance, stock brokerage, moneymarket transactions, and customer service.Mrs. Eugenia BasheerMD, Tesah Capital LimitedMember8GSIA ANNUAL REPORTPrior to joining Tesah Capital, she led the teamat NewWorld Asset Management Limitedwhere she was responsible for clients likethe Teachers’ Fund of the Ghana NationalAssociation of Teachers.Eugenia holds an MBA in BusinessAdministration and BA in Economics from theUniversity of Ghana.

PROFILE OF GOVERNING COUNCIL MEMBERSMMr. Michael Ewusi MensahCEO, Central Securities Depositoryr. Michael Ewusi Mensah is the ChiefExecutive Officer. He has worked for over25 years with the Bank of Ghana, risingto Director and Head of ICT Departmentin October 2017. He has played key roles invarious projects in the Bank, including leadingin the establishment and certification of theInformation Security Management Systemand the Cybersecurity Management Systemas well as the implementation of the GhanaInterbank Settlement System for the bankingindustry in Ghana. He was member of theteam that produced the Cyber and InformationSecurity Directives for the banking Industry.He was instrumental in the certification of theISMS of the Central Securities Depository (GH)Limited. Between 2005 and 2013, Mr. Mensahled teams to the Central Bank of Liberia andBank of Sierra Leone to implement theirbanking and accounting systems and providetraining. He has facilitated ICT and accountingprogrammes at the Bank of Ghana TrainingSchool, National Banking College and WestAfrican Institute for Finance and EconomicManagement in Nigeria. He holds a BSc. inComputer Science from the Kwame NkrumahUniversity of Science and Technology, andhas a number of IT professional certificationsincluding Certified Business ResilienceManager, Certified Business Resilience ITProfessional, Certified Business ResilienceAuditor from BRCCI, Canada, Certified CyberRisk Manager, Learning Tree, UK and LeadInformation Security Auditor ISO27001, Lloyds,UK. Mr. Mensah has extensive experiencein ICT, risk management and information/cybersecurity systems.MemberMarian Maanaa Dsane is the ExecutiveSecretary of the Ghana Securities IndustryAssociation (GSIA).With over a decade of experience in Ghana’sFinancial Market, her core role includesimplementing the strategic decisions of theGoverning Council in order to shape the affairsof the Association. It also includes advocacyand working towards promoting the interest ofthe Capital Market Industry.Prior to her joining the Association in December2014, Marian worked with Databank FinancialServices, a leading investment banking firm inGhana, where she ultimately served as VicePresident, Branch Development responsiblefor expanding the bank’s footprint across thecountry.She holds an EMBA (HRM) degree from theUniversity of Ghana Business School, Legonand a BA (Hons) Arts degree and a Diploma inEducation both from the University of CapeCoast.She brings to the Management team her variedexperience in industry and from previous roles.Ms. Marian Maanaa DsaneExecutive Secretary, GSIAGSIA ANNUAL REPORT9

GSIASECRETARIAT10GSIA ANNUAL REPORT

GSIA SECRETARIATMarian Maanaa Dsane is the ExecutiveSecretary of the Ghana Securities IndustryAssociation (GSIA).With over a decade of experience in Ghana’sFinancial Market, her core role includesimplementing the strategic decisions of theGoverning Council in order to shape theaffairs of the Association. It also includesadvocacy and working towards promotingthe interest of the Capital Market Industry.Prior to her joining the Association inDecember 2014, Marian worked withDatabank Financial Services, a leadinginvestment banking firm in Ghana, where sheultimately served as Vice President, BranchDevelopment responsible for expanding thebank’s footprint across the country.She holds an EMBA (HRM) degree from theUniversity of Ghana Business School, Legonand a BA (Hons) Arts degree and a Diplomain Education both from the University ofCape-Coast.She brings to the Management team hervaried experience in industry and fromprevious roles.Ms. Marian Maanaa DsaneExecutive Secretary,Ivy Baah is the Office Manager of theGhana Securities Industry Association.She holds a CEMBA (BusinessAdministration) degree from the KwameNkrumah University of Science andTechnology. a Bachelor of ScienceDegree in Management Studies (withHons) from the Central Universityand HND in Secretaryship andManagement Studies. She has overSixteen years of experience in OfficeAdministration and OrganisationalManagement and has been highlysupportive in the growth of theAssociation.Ms. Ivy Akosua BaahOffice Manager,GSIA ANNUAL REPORT11

REPORT FROMTHE PRESIDENT12GSIA ANNUAL REPORT

REPORT FROM THE PRESIDENTIntroductionDistinguished market operators, ladies andgentlemen, it is my pleasure to welcome you, onbehalf of the Governing Council, to the 9th AnnualGeneral Meeting (AGM) of the Ghana SecuritiesIndustry Association (GSIA) and to present to youour Annual Report and Financial Statements for theyear ended 31 December 2021. This AGM marks myfirst anniversary as President of our association andI would like to thank immediate past president, Mr.Emmanuel Alex Asiedu, who served as a Memberof the Governing Council for the past 6 years for hisexemplary service.YEAR UNDER REVIEW -2021Our IndustryOur industry slowly returned to pre-pandemic levelfollowing the roll-out of vaccination programs andthe scaling back of some of the covid-19 restrictionsintroduced in the prior year. With the financial sectorcrises firmly resolved, 2021 marked a period withfew headwinds and an enabling environment forour members to thrive.At the GSIA, we continued to pursue our primarygoal of maximising our member’s interest throughengagement with the Securities & ExchangeCommission (SEC) and other stakeholders likethe Ministry of Finance (MoF), National PensionsRegulatory Authority (NPRA), the Chamber ofCorporate Trustees (CCT), and the NationalInsurance Commission (NIC).The MoF and the SEC inaugurated the CapitalMarket Master Plan - a 10-year development planwhich positions the securities industry as a robustand long-term financial market to anchor Ghana’seconomic development.The MoF, together with other key stakeholdersincluding your association also started work on theestablishment of a Domestic Credit Rating Agencyto improve information flow between marketparticipants and facilitate investment decisionmaking.The Governing Council & Standing CommitteesDuring the period under review, two members ofthe Governing Council retired – Mr Alex Asiedu, andMr Yao Abalo. We thank them for their exemplaryservice to the association. We appointed MrsEugenia Basheer, Managing Director of TesahCapital Limited, M. Nana Sarfo, CEO of Bora CapitalAdvisors and Mr Michael Mensah, CEO of theCentral Securities Depository (Gh) Ltd. They have awealth of experience and we are very pleased withtheir contribution to the Governing Council duringtheir first year of service.In line with our efforts at creating a diverse and allinclusive association, we reconstituted the GSIA’sstanding committees, retaining some membersto ensure continuity and institutional memory/knowledge. We believe in tapping the expertisefrom the industry and therefore all must be given anopportunity to assist with growing and developingthe association and capital market in general. Iwould like to thank all members who responded tothe call made at previous meetings to volunteer theirservice. Members of the various committees arelisted as part of annual report booklet.Our MembershipWe thrive because of the commitment of ourmembers and the varied support they extend incash and kind to the association. During the yearunder review, we admitted 4 new members – 2 FundManagers and 2 Broker-Dealers to the association.As at 31 December 2021, we had 95 registeredmembers out of which there were 65 paid upmembers compared with 132 registered membersand 98 paid –up members over the same periodin 2018. The sharp decline in our membership isdirectly attributable to the financial sector clean-upexercise which resulted in the withdrawal of licensesand some voluntary exit from the securities industryby some of our members.It is of concern to us that only 68% of our membershipfulfilled their financial obligations to the associationin 2021. We are eternally grateful to our memberswho continue to support the association especiallythe Ghana Stock Exchange (GSE) and the CentralSecurities Depository (Ghana) Ltd (CSD) thatprovide financial support beyond their annual dues.We thank you our cherished members for approvingthe graduated fee structure at our last GeneralMeeting. This new structure was timely, and itensured that, despite the sharp decline in ourmembership, we were able to raise enough revenueto finance the association’s business during the year.GSIA ANNUAL REPORT13

REPORT FROM THE PRESIDENT (CONTINUED)Ghana Investments &Securities Institute (GISI)GISI commenced full operations during the yearunder review under the leadership of Mr AlexanderWilliams. Your association made the final paymentfor the acquisition of an 18% stake in the Institutemaking us owners with the SEC, GSE, and CSD. TheGISI board is mulling plans to obtain a charter statusfor the Institute. We will inform members as theseplans unfolds.The GSIA is very much committed to the objectivesof GISI. It is our expectation that, in time, theInstitute will take its right full place as the go-toplace that provides individuals involved in capitalmarkets activities with adequate knowledge andunderstanding for their effective performance oftheir roles in finance and investments.Self - Regulatory Organisation (SRO)We continue to work with the SEC to enable theGSIA obtain an SRO status. During the year underreview, we submitted comments to the Commissionon the draft SRO guidelines and held meetings todiscuss the final draft. It is our expectation that theguidelines will be issued during this year to enableus to prepare towards this objective.Member Capacity BuildingTo enable our members deliver effectively on theirremit and to be abreast of international best practice,the GSIA held the following training programs formembers: May 2021 - An internal workshop facilitated bythe SEC on Collective Investment Schemes (CIS):responsibilities for Custodians and Trustees. July 2021 - A 3-day training program in July 2021on “professional standards in the finance industry”.Facilitation was by the International Capital MarketAssociation, (ICMA) Switzerland and sponsored bythe CSD and GSE.Investor EducationWe remain dedicated to our annual investoreducation efforts. In 2021, we secured a partnershipwith the GSE and CSD to develop investoreducational material (in English and Akan) to berolled out on both social media and television. Thematerials have been developed and approved andit’s our expectation that the rollout will commencein the second half of this year. We once again thankthe GSE and the CSD for their unflinching support tothe association.14GSIA ANNUAL REPORTCollaborationsThe association continues to collaborate withother stakeholders on varied fronts as well as haverepresentation on external committees, workinggroups and boards (listed below) lending valuableexpertise & guidance where it is required. TheCapital Market Master Plan Steering Committee,Fixed Income Market Project, (SEC led), AfDBstakeholder meetings on an International FinancialServices Centre (IFSC) in Ghana, (MOF led) and anImpact Investment Ghana (IIGH) pensions industrycollaborative.Board representation include, the Ghana Investment& Securities Institute (GISI), Ghana Fixed IncomeMarket (GFIM) and the Venture Capital Trust Fund(VCTF).2022 FocusIn 2022 we will continue to pursue our broad goalsin the areas of:1. Education2. Advocacy3. Self- Regulatory (SRO)- Status Recognition4. Member Engagement and Retention5. Standardization of Performance Management(development of local standards)6. Industry Data CollationConcluding RemarksOn behalf of the Governing Council, I would like toexpress my profound appreciation to members andthe secretariat led by Ms Marian Dsane. You haveall shown character, dedication and commitmentto move our association and our industry forward.We also thank the SEC for exhibiting a spirit ofcooperation in all our engagements. I wish us all afruitful and fulfilling 2022.Thank you.Winston Nelson Jr.Winston Nelson Jnr.PresidentVice President

REPORT OFGOVERNINGCOUNCILGSIA ANNUAL REPORT15

REPORT OF GOVERNING COUNCILThe Governing Council of Ghana Securities Industry Association (GSIA) presents its report and the financialstatements of the Association for the year ended 31 December 2021.NATURE OF BUSINESSThe GSIA is an industry association comprising firms regulated under the Securities Industry Act 2016(Act 929) as amended (investment dealers, investment advisors registrars and custodians), with associatemembership provision for other financial institutions and the Ghana Stock Exchange.The Association was incorporated as company limited by guarantee on 11 December 2003 and issued withcertificate of incorporation number G12, 582.The objects of the GSIA are to:§Bring together companies in the securities industry and related fields for the mutual exchange ofideas;§Encourage sound and ethical business practices among members;§Enhance the promotion and strengthening of links between firms, institutions, and persons operatingin the securities industry;§Sponsor educational programs for the benefit of members; and§Promote the collective interest of the association with public/private agencies in Ghana.There was no change in the nature of business of the Association during the year.GOVERNING COUNCIL’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTSThe Governing Council is responsible for the fair presentation of this financial statement in accordancewith International Financial Reporting Standards, the Companies Act 2019 (Act 992) and the SecuritiesIndustry Act 2016 (Act 929). This responsibility includes: designing, implementing and maintaining internalcontrol relevant to the preparation and fair presentation of financial statements that are free from materialmisstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; andmaking accounting estimates that are reasonable in the circumstances.The council members have made an assessment of the Association’s ability to continue as a going concernand have no reason to believe the business will not be a going concern in the year ahead.FINANCIAL STATEMENTSThe results for the year ended 31 December 2021 are as set out in the attached financial statements.The Governing Council considers the state of the Ghana Securities Industry Association’s affairs to besatisfactory.PRESIDENTWinston Nelson Jnr.31st March, 2022Vice President16GSIA ANNUAL REPORT.TREASURER31st March, 2022

OURMEMBERSGSIA ANNUAL REPORT17

OUR MEMBERSCATEGORIESSECLICENSEESNEW MEMBERS2021GSIA MEMBERS2021GSIA MEMBERS2020Broker Dealers2621714Custodians18912Depository1113630Fund Managers86Investment Advisory1211Registrars411Securities Exchanges211Trustees5NilTotal18142GSIA ANNUAL REPORT246660

GSIA MEMBERS/SEC LICENSEESMEMBERSHIP DATA - 2021GSIA MEMBERSHIP - 2021GSIA MEMBERSHIP- 20212%1%Broker Dealers1%26%Custodians466MEMBERSHIP DATA - 2021DepositoryBrokerDealersFundManagers2%1%55% 1%14%26%1%4 New Members 4Custodians AdvisorsInvestmentDepositoryRegistrarsMembers in660 Good Standing50Fund ManagersStockExchange55%14%1%142100142SEC LicenseesInvestment Advisors150RegistrarsStock Exchange0GSIA MEMBERSHIP - 2020Broker %20%23%1%20%Members inGood Standing1%SEC P DATA - 2020Custodians AdvisorsInvestmentInvestment Advisors1504 New Members 41314Fund ManagersStockExchange50%100MEMBERSHIP DATA - 2020GSIA MEMBERSHIP- 2020Custodians2%2%2%23%5006050100Stock Exchange150131050100GSIA ANNUAL REPORT15019

MARKET DATA AS ATDECEMBER 2021Market Capitalization of GSE64,495.20GHC M486,587,748GHC M533,270,293.38GHC M5,255.66GHC MSecondary Trades on the GSEVolume TradedValue TradedMoney Raised on Primary MarketEquityTotal Listed Companies on GSEEquities Traded on GAX366Fund Assets under Management (as at December 2021)Pensions29,720,842,965.38GHC BCIS7,442,854,183.60GHC BOthers7,323,504,745.57GHC BIndustry data credited to Ghana Stock Exchange & Securities and Exchange Commission20GSIA ANNUAL REPORT

INDEPENDENTAUDITOR’SREPORTGSIA ANNUAL REPORT21

GSIA ANNUAL REPORTFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021INDEPENDENTAUDITOR’SREPORTTO THE MEMBERS OF GHANA SECURITIES INDUSTRY ASSOCIATIONON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021OpinionWe have audited the accompanying financial statements of Ghana Securities Industry Association whichcomprise the statement of financial position as at December 31, 2021 and the statement of incomeand retained funds and statement of cash flows for

banking industry in Ghana and has worked on several major transactions in Ghana and the West African sub-region. Prior to founding Bora Capital, Nana was the CEO of Fidelity Securities and Head of Investment Banking within the Fidelity Bank Ghana Group for over 5 years. He has worked as a Regional Investment Officer in Ecobank Capital, responsible