Historical Background

The idea of establishing a Stock Exchange in Ghana lay on the drawing board for almost two decades prior to its implementation. In February 1989, the issue of establishing a stock exchange moved a higher gear when a 10 - member National Committee, under the Chairmanship of Dr. G.K. Agama, then Governor of the Bank of Ghana, was set up by the Government. Other members of the Committee were:

  • Dr. Kobina Erbynn - Former Chief Executive, GIPC
  • Mr. N. K. Kudjawu - Kudjawu & Co, Accra
  • Nana Wereko Ampem II (Late) - Former Chairman, Barclays Bank of Ghana Ltd
  • Mr. Afare Donkor - Former Managing Director, CAL Bank
  • Mrs. S.Beata-Ansah - Ex Managing Director, HFC Bank Ltd
  • Mr. E. J. A. Aryee (Late) - Former Managing Director, NTHC Ltd
  • Dr. J. K. Richardson - Former Managing Director, BAT Ghana
  • Mr. S. Y. Osafo-Maafo - Former Managing Director, National Investment Bank
  • Mr. Yeboa Amoa - Who became the Exchange's first Managing Director

The work of the committee was to consolidate all previous work connected to the Stock Exchange project and to fashion out modalities towards the actual establishment of the Exchange. As a result of the work of the committee, the Stock Exchange was established in July 1989 as a private company limited by guarantee under the Companies Code of 1963. It was given recognition as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 384) in October 1990. The Council of the Exchange was inaugurated on November 12, 1990 and trading commenced on its floor the same day. The Exchange, changed its status to a public company limited by guarantee in April 1994.

Historically, the Exchange was set up with the following objects:

  • To provide the facilities and framework to the public for the purchase and sales of bonds, shares and other securities;
  • To control the granting of quotations on the securities market in respect of bonds, shares and other securities of any company, corporation, government, municipality, local authority or other body corporate;
  • To regulate the dealings of members with their clients and other members;
  • To co-ordinate the stock dealing activities of members and facilitate the exchange of information including prices of securities listed for their mutual advantages and for the benefit of their clients;
  • To co-operate with associations of stockbrokers and Stock Exchanges in other countries, and to obtain and make available to members information and facilities likely to be useful to them or to their clients.


 1969 Pearl report by Commonwealth Development Finance Co. Ltd recommended the establishment of a Stock Exchange in Ghana within two years and suggested ways of achieving it.
  Various committees established by different governments to explore ways of bringing into being a Stock Exchange in the country.
1971 The Stock Exchange Act was enacted
1971 The Accra Stock Exchange company incorporated but never operated
Feb-1989  PNDC government set up a 10-member National Committee on the establishment of the Stock Exchange under the chairmanship of Dr. G.K. Agama, the then Governor of the Bank of Ghana.
July-1989 Ghana Stock Exchange was incorporated as a private company limited by guarantee under the Companies Code 1963
Oct-1990 Executive Instrument No. 20 giving recognition to Ghana Stock Exchange as authorized Stock Exchange signed.
Nov-1990 Council of the Exchange adopted operational regulations namely, GSE Membership Regulations L.I. 1510, Listing Regulations L.I 1509 and Trading and Settlement Regulations.
12-Nov-1990 First Council of the Exchange with Mrs. Gloria Nikoi as Chairperson inaugurated.
12-Nov- 1990 Trading commenced on the floor of the Exchange
11-Jan -1991 Ghana Stock Exchange was officially launched
Sept- 1993 The Exchange moved to its present offices, 5th Floor, Cedi House, Liberia Road, Accra
April- 1994 A resolution passed at the AGM changed the Exchange from a private company limited by guarantee to that of a public company limited by guarantee under the Company Code 1963 (Act 179)