Posted on :
24 Nov, 2017
24 Nov, 2017
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Job Title: Stock Exchange Strategic Planning Advisor
Project Overview and Role
The USAID Financing Ghanaian Agriculture Project (USAID FinGAP) addresses a key constraint restricting the development of commercial agriculture and food security in Ghana—access to finance necessary to enable investment in agricultural value chains. USAID FinGAP has in the past four years used a comprehensive approach to facilitate agriculture financing, including but not limited to engaging a broad range of Ghanaian financial institutions (FIs) (e.g., banks, private equity firms, and investment funds) as well as Business Advisory Service (BAS) providers, in partnership with strategic investors and buyers of maize, rice, and soy. USAID FinGAP facilitates investment in the agriculture sector in Ghana that complements Government of Ghana (GOG) and other donor programs aimed at expanding commercial agriculture. To date, USAID FinGAP has facilitated over $138 million in finance to over 2,400 SMiLEs (Small, Medium including Large Enterprises) in the maize, rice, and soy value chains.
Since being selected as a Partnership for Growth (PFG) country, the Government of Ghana (GOG) has engaged in extensive analysis and consultations with the U. S. Government (USG) in developing a Joint Country Action Plan (JCAP) to assist Ghana to sustain and broaden its economic growth by addressing two key constraints that inhibit private sector development and participation in the Ghanaian economy – an unreliable and inadequate supply of electric power and lack of access to credit.
The two main goals of the PFG JCAP are to:
1.Strengthen the power sector; and
2.Increase access to credit (especially for the SME sector) and strengthen the financial system.
The PFG Technical Working Group on Increasing Access to Credit (also known as the PFG “Access to Credit Team”) has five overall goals:
1.Reduce government engagement in the banking sector;
2.Strengthen Financial Sector regulation and supervision;
3.Develop the Financial Sector infrastructure;
4.Broaden and deepen the financial sector; and
5.Encourage development finance and support SME access to finance.
In mid-October 2017, the Ghana Stock Exchange (GSE), by Deputy Managing Director Ekow Afedzie, requested USAID support in furtherance of Goal 3 above, Developing the Financial Sector Infrastructure. Specifically, the GSE requested support to develop a 3-year Strategic Plan to provide more efficient operations, more effective regulation, and an expanded securities market to attract more debt and equity investors as well as issuers, on the GSE (the main board), the Ghana Alternative Market (GAX, the board for SMEs), and the Ghana Fixed Income Market (GFIM) for debt securities. The latter two markets are subsidies of the GSE.
Securities markets in Ghana represent an important alternative form of financing for local SMEs (i.e., non-agribusinesses in the MRS VCs) and SMiLEs. With the assistance of specialized Business Advisors, USAID FinGAP has helped Ghanaian agricultural firms to list debt and equity issues on the GSE markets.
USAID FinGAP aims to support the GSE as it seeks to grow as an organization and expand its reach to include additional Ghanaian enterprises. To that end, the project seeks a Ghana Stock Exchange Strategic Planning Advisor to support the GSE in the development of its next three-year plan.
The objective of this assignment is to strengthen capital markets in Ghana, ultimately expanding the options available to SMEs and SMiLEs for accessing financing. The GSE Strategic Planning Advisor will achieve this by assisting the GSE to develop an ambitious but realistic three-year strategic plan. This will ultimately help expand capital markets in Ghana and improve the country’s overall financial ecosystem providing access to finance for enterprises in Ghana.
Activities to be undertaken shall include:
1.Desk (home) research as to the current activities of the GSE.
2.Work directly with the GSE Management and Governing Council to support the development of a three-year strategic plan.1.This plan may incorporate the following activities and recommendations; and guidance for further projects to be considered by the GSE and its subsidiary markets:
•Review of the Rules of the GSE; making recommendations for enhancements to the Rules
•Review of listing requirements and making recommendations for provisions of key information for investors and more effective requirements for issuers
•Plan for attracting new companies to list their securities and plan to attract listed companies to list additional securities, such as bonds or warrants
•Recommendations and plans of actions should incorporate marketing and educational campaigns for investors and issuers.
•Review of trading system; making recommendations of increased trading and levels of liquidity
•Review of surveillance and enforcement systems to make recommendations for greater effectiveness which might include closer working relationships with the SEC Ghana and the Central Securities Depository
•Recommendations should be made as to the GSE implementing a Risk Based Supervisory (RBS) system for oversight and enforcement.
•Recommendations should be made as to the need and implementation of a more efficient disclosure system for listed companies and brokerage firms.
•Review of GSE’s cooperation with other (regional) exchanges; making recommendations for cross listing and trading and otherwise, overall implementation of a regional exchange.
3.Perform any other tasks deemed necessary by the USAID FinGAP Chief of Party or his/her designate relating to this SOW
Deliverables shall include:
1.Within two weeks of the initiation of this assignment, the consultant shall prepare and deliver an implementation plan.
2.Within two weeks of the end of this assignment, the consultant shall deliver the GSE three-year strategic plan, including needs and activities to meet these needs; activities and recommendations for implementation for the GSE and stakeholders; and recommended projects for consideration post three years.
3.During the last week of this assignment (in-country), the consultant shall hold a workshop for the GSE and its stakeholders as to the key elements of the strategic plan.
4.If there are comments from USAID FinGAP, either directly from the project or from stakeholders such as the GSE management, the SEC, or others, the consultant shall incorporate responses to the comments and deliver the Final Report of the GSE Three-Year Strategic Plan.
•The Strategic Plan Final Report shall include headings/secitons such as:
3.Key strategic goals
4.Strategy Map, including recommendations
7.Exhibits and supporting documentsE. LEVEL OF EFFORT and TIMING OF ASSIGNMENT
The consultant(s) shall spend no more than 40 work days (Level of Effort) on this assignment. This may include up to five days of desk research. LOE days may be extended by up to 25% if deemed warranted by the USAID FinGAP. The consultant will be allowed up to two round trips for this assignment.
It is expected that this assignment will commence in December 2017, with all technical assistance completed by March 2018. Planning and preparation to engage the GSE will be conducted in close coordination with the Financial Sector Support Unit of USAID FinGAP.
The consultant will report to the Chief of Party, or to his/her designee and will work closely with the Financial Sector Support Unit. All outputs and reports are to be delivered in writing, in English, and transmitted electronically.
G. JOB QUALIFICATIONS
The GSE Strategic Planning Advisor will meet the following qualifications:
•At least ten years’ experience with international and emerging capital markets, 15 years preferred; experience with Ghanaian capital markets a plus
•Experience providing strategic planning advisory services to financial organizations
•Strong verbal and written communications skills