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GSE Listing Rules
and Obligations

There are certain requirements that a company must meet in order to qualify for listing on the Ghana Stock Exchange.  These requirements are stipulated in the GSE Rule Book.

To make it possible for many companies to list on the Exchange, there are two equity lists with fairly easy requirements:  The Main Market and the Ghana Alternative Market (GAX).

Companies with a main market listing (or seeking to list on the main market) are subject to more stringent requirements, while those with a GAX listing (or seeking to list on the GAX) follow requirements crafted for small and medium-sized businesses.

The Listing Rules specify the information that is to be provided in the original listing application. Work with a Licensed Dealing Member to ensure the application contains information in the following areas:

GSE Listing RulesGAX RulesETF RulesGFIM RulesESG Disclosures Guidance Manual
Listing Rules, Ghana Stock Exchange
  1. Background of the company – (history, type of business)
  2. Capitalization and share distribution – (authorized and issued capital, distribution of shareholding, etc)
  3. Directors and key management staff
  4. Long-term and funded debt – financing arrangement, interest rates, maturity dates, etc.)
  5. Investments and properties;
  6. Competition and industry;
  7. Profit and loss record for three years or one year as the case may be;
  8. Dividend records;
  9. Other information – (fiscal year-end, date of the annual meeting, pending legal actions, etc.) and;
  10. A copy of the prospectus submitted to the SEC.

The objective of the information requirements is to provide sufficient information to investors consistently so that they can make an informed investment decision.

It is the responsibility of the sponsoring Licensed Dealing Member to verify all the information provided by the company and then file with the Exchange all the necessary documentation to support the application