CHAPTER 4 37. A council governs the Exchange with representation from licensed dealing members, listed companies, banks, insurance companies, the money market, and the general public. The managing director is an ex-officio member. The functions of the Council include preventing fraud and malpractice, maintaining good order among members, regulating stock market business and granting listings. 38. The GSE currently has fourteen stock broking firms licensed to deal on the Exchange and hosts thirty listings. In December 2004, total market capitalisation stood at 97 8 437.33 billion cedis or US$ 10.79 billion. Ashanti Goldfields Company Limited, now jointly owned by the government and Anglo Gold of South Africa, is the largest company on the GSE, with a market capitalisation of 2 099.75 billion cedis, which is about 57.45% of total market capitalisation. In future, the GSE would like to attract more SMEs who wish to access long-term financing for growth. Currently, concerns over loss of control, costs of listing, transparency and accountability keep some of these firms from listing. ii. Findings of the CRM 39. The Mission noted various constraints on doing business in Ghana and the provision of an effective regulatory environment for economic activities. Overall, stakeholders have complained of bureaucracy and inefficiency of institutions that interface with the private sector; prevalence of corruption; delays in, and escalating costs of litigation; poor trade-related infrastructure; unreliable provision and the relatively high cost of utilities. Legal and regulatory framework 40. Stakeholders confirmed the need to review legislation (e.g. the Companies Code Act) for its adequacy and relevance to current developments. They also emphasised the need to enact the outstanding legislation relevant to corporate governance, such as the Anti-Money Laundering and Whistle Blower's Bills. The CRM confirmed that relevant laws (Companies Act, GSE, SEC, and banking laws) are being reviewed under the Financial Sector Strategic Plan. A part of the review is undertaken through the Business Law Division at the Ministry of Justice, which is charged with reviewing the business law charged with reviewing the business law framework with a view to making amendments. Business registration 96