However, the value of Stock Exchanges for the financial development of all countries internationally cannot be doubted. The current paper refers especially to Ghana Stock Exchange and the impediments that appear in relation to the daily operation of the particular Stock Exchange. Towards this direction, the role of Ghana Stock Exchange regarding the development of the particular country is examined. the general characteristics of the above Stock Exchange are also presented trying to identify the reasons that have led to the development of impediments in the operation of the specific Stock Exchange. In order for the relevant study to be more complete, the general financial, political and social environment of Ghana is going to be discussed briefly as to their role on the operation of the country’s Stock Exchange.Ghana Stock Exchange is considered to be one of the most powerful in Africa. Its structure can explain its effectiveness in most financial transactions. More specifically, the particular Stock Exchange is structured as follows: ‘the Ghana Stock Exchange is governed by a Council of thirteen representing Licensed Dealing Members, Listed Companies, Banks, Insurance Companies, Money Market Institutions, and the Ghanaian General Public’ . It should be noticed that the effectiveness of the particular Stock Exchange has been limited during 2006 mostly because of a financial crisis that referred to most Stock markets internationally. In fact, it has been found that ‘the market in 2006, made a slow but steady recovery from the downturn of 2005. this was evident in the oversubscriptions recorded in the listings that were made during the year. against a background of stable macroeconomic environment, continuing decline in interest and inflation rates, a stable exchange rate regime and impressive results by many of the listed companies, this was expected’.
Impediments to the Operation of the Ghana Stock Exchange