Regulations affecting Foreign and Non-Resident Investors
Exchange Control permission was given in 1993 to non-resident Ghanaians and non-resident foreigners to invest through the Exchange without any prior approval. However, each non-resident foreign portfolio investor was not to hold more than 10% of a listed company's total issued shares while total holdings of non-resident foreigners in any one listed securities was limited to 74% unless with prior exchange control approval from the Bank of Ghana.

The new Foreighn Exchange Act of 2006 (Act 723) has done away with thses limits. Therefore non-resident investors can now invest on our market with no limits or prior exchange control approval.

There is free and full foreign exchange remitability for the original capital plus all capital gains and related earnings.

There is an 8% withholding tax (which is also the final tax on dividend income) for all investors, both resident and non-resident. Capital gains on listed securities are exempt from tax until November 2010.

Procedures for Non-Residents Investing through The Stock Exchange
There are eighteen (18) licensed stok broking firms which have set up systems for serving non-residents. Their names, addresses and contact details are provided on this site. Please contact any of the stockbrokers directly.

Custodial services for non-resident investors are provided by
Barclays Bank of Ghana Ltd. Head Office, P.O. Box 2949, Accra, Tel: 233-21-664901/4 and

Stanbic Bank Ghana Ltd, P.O. Box CT 2344, Cantonments, Accra, Tel: 233-21-250071-5

Investor Protection Provisions

The Exchange has various provisions in its Rules which have been designed to protect the investor in addition to what the securities regulatoprs (SEC) provides.

Under the SECURITIES INDUSTRY LAW, PNDCL 333 (1993), as amended, the apex regulatory body in the securities market is the Securities and Exchange Commission and its functions include:
- maintaining surveillance over the securities business to ensure orderly, fair and equitable dealing in securities.
- registering, licensing, authorizing a stock exchange, investment advisors, securities dealers etc.

- protecting the integrity of the securities market against any abuse arising from the practice of insider trading.