A company is said to be listed when its securities are approved to be bought and sold on the Stock Exchange. Newly issued shares cannot trade in the Over-The-Counter (OTC) Market before getting listed on the GSE, you need to communicate this intention early to the GSE and work with the Exchange’s listing requirements before the public flotation.


  1. First shareholders must meet and agree (pass a resolution) to change from a private company to a public one limited by shares.

  2. The company with the help of external solicitors or in-house lawyers prepares a new company regulations which conform to that of the Companies Code and also meet the listing requirements of the Ghana Stock Exchange.

  3. The new Regulations are discussed with the GSE and if found satisfactory, filled with the Registrar of Companies.

  4. The company’s board will also have to appoint a team of advisors to assist the company to prepare its offer document. The team will include brokers, lawyers, reporting accountants, financial valuation advisors, etc.

  5. The draft reports of the advisors are then discussed. Key decisions such as the price of the share to be sold, the proportion of shares of the company to be sold, etc. will have to be taken by the shareholders.

  6. An application to list on the GSE will have to be submitted and at the same time the draft public offer prospectus will have to be submitted to the Securities & Exchange Commission (SEC) for approval.

  7. Once the regulatory approvals in (6) are obtained, a date is set for the launch of the public offer.

  8. At the end of the offer, if it is successful, allotment is done and applicants are advised.

  9. The company then agrees on a date for the commencements of trading its shares on the GSE.


There are certain requirements that a company must meet in order to qualify for listing on the Exchange. These requirements are stipulated in the GSE Rules Book. Many companies will meet these qualifications.
To make it possible for many companies to list on the Exchange, there two lists with fairly easy requirements:

  • The first official list (FOL or Main Board)
  • The Ghana Alternative Market (GAX)