market provide benchmarks for the system as a whole. it is important to extend the yield curve, while encouraging public issues by corporates on the market. as government and the private sector bond and equity markets develop, ladies and gentlemen, they would facilitate the development of new products and in particular, facilitate the intermediation of funds more competitively and contribute to a culture of long term savings as an objective envisaged by the long term savings act. as a commitment to the development of the domestic capital market, the bank of ghana introduced the central securities depository ( csd ) system, which became operational in 2005. the depository has seen increasingly large volumes of activity in terms of transactions in equity. the system has curtailed unnecessary delays in settlement, and it minimizes fraud. this is expected to greatly enhance the automation of the trading system of the exchange. ladies and gentlemen, what we are seeking to develop is a capital market that will enable businesses to tap long term savings and investible funds. i am particularly happy that gradually corporates are increasingly moving in this direction and what we are witnessing today is a good example. it is important for the ghana stock exchange in collaboration with the sec to encourage market participants with diverse characteristics in terms of transaction needs, risk profiles and investment horizons, to a greater boost to the market. the long term savings act and the pending pension reform are bound to result in an increase in demand for long term debt securities. it is very important that we prepare ourselves through education to demystify the processes involved in listing and investing on the exchange and highlight its value as an avenue for raising medium to long term capital as well as making capital gains. distinguished guest, ladies and gentlemen, let me close by noting that it is important we all play our part in developing a deep and efficient market, which would help to channel domestic and international capital for investment in this economy. on this note, mr. chairman, let me once again congratulate the management and staff of ecobank for the successful listing on the exchange and wish them well as they contribute towards the development of the capital market in ghana. thank you very much for your audience.

rundheersing bheenick : brief look at the commercial banking sector in mauritius address by mr rundheersing bheenick, governor of the bank of mauritius, at the official 100th foundation day celebrations of the bank of baroda, port louis, 20 july 2007. * * * honourable deputy prime minister and minister of finance and economic development his excellency the high commissioner of india the vice president of the bank of baroda distinguished guests ladies and gentlemen it gives me great pleasure to be present today and share this historical moment with you. let me first congratulate bank of baroda on reaching this milestone in its history. allow me also to commend all those whose work and dedication have positioned the bank as a successful and respected global bank. a centenary should indeed be celebrated. this celebration, however, cannot start without saluting the founder of bank of baroda, maharaj sayajirao. under his rule, a hundred years ago, maharaj sayajirao erected a tiny building in the princely town of baroda. his vision, i understand, was to set up a bank which would “ prove to be a beneficial agency for lending, transmission and deposit of money and a powerful factor in the development of art, industries and commerce of the state of baroda and adjoining territories ”. the vision of the maharaj is today a legend which has etched footprints in the sands of time. the small baroda building has today grown into an empire with an impressive network of around 2700 branches in india. bank of baroda has also created history beyond the frontiers of india. the bank migrated with the indian diaspora and settled in over 20 countries, of which our very own. indeed, this year marks the 45th year of close association of bank of baroda with mauritius. bank of baroda started operations in mauritius in 1962 at a time when we were still an underdeveloped country. we had, at that time, only three full commercial banks ; the mauritius commercial bank ltd, barclays bank dco and mercantile bank of india. there were, in addition, two other quasi banks, namely the mauritius cooperative central bank, a “ bank ” operating for the benefit of cooperative societies, and the post office savings bank. we cannot overlook the contribution of the bank of baroda in the economic and social development of our country over the years. we all recognise the social mission of the bank. bank of baroda brought banking to the unbanked. it pioneered