Analysis of Factors Affecting the Development of an Emerging Capital Market: The Case of the Ghana Stock Market

"The study looks at the institutional factors affecting the development of the Ghana stock market. Additionally, the study analyses the impact of the listing of Ashanti Goldfields corporation on the development of the Ghana stock market. The study establishes that the institutional factors particularly the legal and regulatory framework that ensure the protection and security of investors are in place, and that the call-over system of transactions is very transparent. The study also finds that the delivery and settlement of transactions are performed satisfactorily by brokers, however the introduction of a centralized clearing system would significantly improve upon the clearing and settlement procedures. The study further establishes that the entry into and exit from the GSE are without any significant restrictions."