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GSE Listings Process
& Requirements

When you are ready to make the big move and share your vision with the world, we have got you covered. We help you with everything you need to take your business public and maintain a healthy, publicly-traded company. Listing requirements are a set of conditions that a firm must meet before listing a security on the Ghana Stock Exchange. These requirements are outlined in detail in the GSE Listing Rules.

Listing Requirements, Ghana Stock Exchange

A company applying for listing on the Main Market of any class of its shares is, as a general rule, expected to meet the following requirements:

  1. Minimum Stated Capital: It must have a stated capital after the public flotation of at least GHc1 million in the case of an application relating to the Main Market and GHc0.25 million for the GAX.
  2. Minimum Public Float: Shares issued to the public must not be less than twenty-five percent (25%) of the number of issued shares of the company.
  3. Payment of Shares: Shares must be fully paid for: Except in very exceptional circumstances, the Exchange will refuse listing in respect of partly paid shares.
  4. Spread of Shares: The spread of shareholders existing at the close of an offer should be in the GSE’s opinion adequate with at least 100 shareholders after the public offer for the Main Market and 20 for the GAX.

Listing Requirement for Debt Securities

A company or institution seeking the admission of debt securities to the GSE may be considered for such admission if the security concerned has a total issue amount of not less than GHc1 million face value if there are at least 50 holders of such securities.

In the case of government securities, there is no prescribed minimum in respect of either amount of issues or the number of holders to permit admission to the GSE’s list.

Debt securities for which listing is sought shall be created and issued under a Trust Deed duly approved by the Securities and Exchange Commission (SEC).

Listing Requirements, Ghana Stock Exchange

Listing Requirement for Exchange Traded Funds

  • All applications for listing ETFs are to be submitted to the Exchange through a sponsoring broker.
  • The Issuer must be duly incorporated or otherwise validly established under the law of the country of incorporation or establishment of the ETF and must be operating in conformity with its regulations/memorandum and articles of association (or similar statutory provision) and all laws of its country of incorporation or establishment.
  • Where an Issuer is seeking a secondary listing for an ETF listed on another Stock Exchange, it must be in compliance with the requirements of that Exchange and the relevant laws of that country, and such Exchange should be acceptable to the GSE.
  • The GSE may, in its overriding discretion, grant a listing to an Issuer who does not fulfill the requirements set out or refuse a listing to an Issuer who does not comply with the listing requirements on the basis that, in the GSE’s opinion, the grant, or refusal of the listing is in the interest of the investing public.
  • The Issuer must appoint one or more Licensed Dealing Members as liquidity providers.

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