Infotech inks agreement for landmark project of automating Ghana Stock Exchange
Posted on Jan 26, 2008 03:29 AM -0500
InfoTech, a leading System Integrator from Pakistan, announced commencement of work on a landmark project of “Automation of Ghana Stock Exchange” on a turnkey basis.
Valued over US$ 3.0M ($1.88M for the main systems, infrastructure and training, along with supplementary systems and support) the agreement was signed in Accra (Ghana) late November 2007, whereas the project details were revealed by the Minister of Finance, Government of Ghana, in a ceremony held in Accra on 10th of January 2008, to
mark the commencement of work.
Graced by Mr. Kwadwo Baah-Wiredu, the Minister of Finance and Economic Planning, the event was also chaired by
Mr., Frank Adu Jr. (Chairman of Ghana Stock Exchange & President of CAL Bank), together with Mr. Kofi Yamoah
(Managing Director of GSE), Mr. Ekow Efedzi (General Manager of GSE, and the Project Manager) and Mr. Naseer
A. Akhtar (President & CEO InfoTech-Pakistan). Others present at the occasion was Mr. S Agarwal (MD InfoTech,
Singapore) Mr. Amir Raza Khan (CTO Lahore Stock Exchange) and Dr. Salman Iqbal (CEO Softech Systems,
Pakistan). Event was largely attended by leading Investment and Brokerage firms in Ghana, and covered by all major
TV channels, Newspapers and Radio channels of Ghana.
Funded by World Bank, under the economic capacity building program for Ghana, the project is expected to bring the Exchange’s activities closer to international standards and put Ghana in a stronger position to compete as an investment destination, improve liquidity and surveillance of trading related activities as well as reduced risks associated with the market, including loss of certificates and impersonation among others. The project involves automation of Trading, Clearing, Settlement and Depository Systems, together with Infrastructure, Training and Support on a “turnkey” basis. Once in production, the system will not only considerably enhance volumes of securities
currently being traded (manually) but also improve market liquidity through new listings and public investments.
Award of the project happened as a result of an International Competitive Bidding Process which started in May 2007. While competing with OMX, Tata Consulting Services (India) and Millenium IT (Sri Lanka), InfoTech Pakistan’s roposal stood as the best.
Winning and successfully delivering this project will not only add a significant pride to Pakistani IT industry, but also set example and standards of collaboration within the industry. Solution is based on Trading System developed and run by Lahore Stock Exchange and the two nationwide systems, Clearing & Settlement and Depository systems while supporting infrastructure and technology components from IBM, Cisco, Oracle, Microsoft and CA.
Testimonials:
“Contract with InfoTech is finalized as a result of International Competitive Bidding process, involving a detailed due diligence. Features and functionality of the systems demonstrated by InfoTech is found to be the best to suit our needs. We expect InfoTech to prove their capabilities by delivering this project successfully and well within agreed time frame.”
Frank Adu jr.
Chairman, Ghana Stock Exchange
While succeeding to win this contract on technical and financial merits, InfoTech brings along a wealth of Institutional Knowledge and support to help GSE to build upon our experience and success of the Pakistani Capital Market. We shall go for extra miles in making this project a success and eventually showcasing it for the rest of African region. This will not only help Ghana to improve trading volumes and liquidity, but also open further opportunities for InfoTech.”
Naseer A. Akhtar
President & CEO, InfoTech (Pvt) Ltd.
Related links:
http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=137360
http://www.ghana.gov.gh/ghana/finance_minister_advices_journalists.jsp
http://www.myjoyonline.com/business/200801/12315.asp
http://www.modernghana.com/GhanaHome/NewsArchive/news_details.asp?menu_id=1&id=VFZSVmVrMUVVVEU9
Contacts:
Nadeem Malik , VP Strategic Business Development +92-42-111427427, +92-3008451427, nadeem.malik@infotech.com.pk
S. Agarwal, MD InfoTech Global-Singapore, +65-6276 2301, +65 9666 1106, agarwal@infotech.com.pk
