Finance: Capital requirement in Ghana's investment banking to sit at $1.1m

Minimum capital of investment banking to increase by 4900% The Securities and Exchange Commission (SEC) is planning to increase the minimu...

Minimum capital of investment banking to increase by 4900%

The Securities and Exchange Commission (SEC) is planning to increase the minimum capital of investment banking from $22,034 to $1,101,725

Local news agency in Ghana Starr Business has chanced on a sensitive document notifying all investment banking firms about the intention of SEC.

SEC is expected to make an announcement soon and will give timelines for the firms to meet the capital requirement or lose their license.

READ ALSO:The central bank of Ghana has introduced a new law to sanitize the country's banking sector

But some stakeholders in the investment bank space have described the proposed 4900% increase as astronomical.

As a result, through their Association, they are drafting a proposal to explain why the proposed increase will not only collapse more than 50% of investment banking firms but also further discourage the already depressed savings culture in the country.

One of the proposals from Investment Bakers is for the amount to be reduced and staggered over some years.

SEC on May 8 2018, warmed the public from dealing with 10 investment banking firms dealing in fund management over regulatory issues.

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