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The start of Ghana’s Stock Exchange

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 into a higher gear when the Government set up a 10 – member National Committee under the Chairmanship of Dr G.K. Agama, then Governor of the Bank of Ghana. 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
Overview, Ghana Stock Exchange

To provide an efficient securities market for national economic development through access to capital and investment.


To become an internationally recognized securities market relevant to Ghana’s economy.


We value; Professionalism, Excellence, Transparency, Integrity, Teamwork and Efficiency

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.

Members of the GSE

The Ghana Stock Exchange as a public company limited by guarantee has no owners or shareholders as such, but members are either corporate bodies or individuals.

There are two categories of members, namely Licensed Dealing Members (LDMs) and Associate Members. An LDM is a corporate body licensed by the Exchange to deal in all securities. An Associate member is an individual or corporate body that has satisfied the Exchange’s membership requirements but is not licensed to deal in securities.

Overview, Ghana Stock Exchange
Overview, Ghana Stock Exchange

GSE Functions & Structure

Clearing, Settlement and Depository Services
Settlement of trades is done electronically using a web-based application. Settlement occurs three business days (T+3) after the trade date for Equity and two business days for Fixed Income. Trade settlement and share depository services are currently handled by the Central Securities Depository Company Limited (CSD), a subsidiary of the Bank of Ghana and the Ghana Stock Exchange. The CSD System allows for the mutual settlement of trade on T+0 or T+1 basis. On settlement dates securities are moved automatically to the client’s accounts in the depository system and the broker’s settlement account is debited.

The Securities and Exchange Commission (SEC) carries out regular inspections of Licensed Dealing Members’ operations and books. Brokers are also required to submit returns to GSE. The Trading and Surveillance Unit within the Exchange carries out on-site surveillance activities for all our trading members and reports to the Risk Management Committee Council.

GSE has two categories of listing. These are the Official list and the Ghana Alternative Market (GAX). The GAX is essentially aimed at small and medium-sized enterprises (SMEs). Types of Securities that can be listed include Shares (preference or equities); Debt in the form of corporate bonds (and notes), municipal bonds (and notes), & government bonds (and notes); and Close-end unit trusts and mutual funds

GSE Composite Index (GSE-CI)
The calculation of the GSE Composite Index (GSE-CI) is based on the volume-weighted average closing price of all listed stocks. All ordinary shares listed on GSE are included in the GSE-CI at total market capitalization, with the exception of those of listed companies which have shares listed on other markets. The GSE-CI is a market capitalization-weighted index, i.e. each constituent is given weight according to its market capitalization. The base date for the GSE-CI is December 31, 2010, and the base index value is 1000.

GSE Financial Stocks Index (GSE-FSI)
This index has its constituents as listed stocks from the financial sector including banking and insurance sector stocks. All ordinary shares of the financial stocks listed on the GSE are included in the GSE-FSI at total market capitalization, except for those of stocks which are listed on other markets. The base date of GSE-FSI is also December 31, 2010, and the base index value is 1000.

Overview, Ghana Stock Exchange


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.
The Stock Exchange Act was enacted
The Accra Stock Exchange company incorporated but never operated
February 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
October 1990
Executive Instrument No. 20 giving recognition to Ghana Stock Exchange as authorized Stock Exchange signed.
November 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.
12th November 1990
First Council of the Exchange with Mrs. Gloria Nikoi as Chairperson inaugurated.
12th November 1990
Trading commenced on the floor of the Exchange
11th January 1991
Ghana Stock Exchange was officially launched
Spetember 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)
September 1994
GSE All-Share Index was developed and adopted
January 1995
The 1994 Annual Report and Statistics of Federation Internationale des Bourses de Valeurs declares Ghana Stock Exchange as the best emerging market globally with the GSE All-Share Index increasing by 124%.
March 2001
GSE introduced manual Continuous Trading System
April 2003
The Exchange reduced settlement period to three business days (T+3) from T + 5
December 2003
GSE recorded the highest annual change of 154.67% in the All-Share Index
August 2008
Daily trading commenced
November 2008
GSE set up a wholly owned subsidiary called GSE Securities Depository Company
March 2009
GSE introduced an electronic trading platform called the GSE Automated Trading System (GATS), automated its Clearing and Settlement process and introduced the Settlement Guarantee Fund
April 2009
Ghana Stock Exchange won the Africa Investor “Most Innovative African Stock Exchange” Award
January 2011
Trading hours changed from 9:30am – 13:00pm to 9:30am – 15:00pmGSE Composite Index (GSE-CI) and GSE Financial Stocks Index (GSE-FSI) was developed
November 2011
Rules on Exchange Traded Funds were introduced and the first ETF was listed on the market
November 2013
Ghana Alternative Market (GAX) was established and its Rules introduced on the market
January 2014
GSD Ltd. merged with Central Securities Depository Gh Ltd. (CSD Ltd.)
October 2014
Izwe Loans Ltd. issued and listed the first bonds on the Ghana Alternative Market
April 2015
Samba Foods Limited became the first Company to list on the Ghana Alternative Market (GAX)
August 2015
Ghana Fixed Income Market (GFIM) was established after approval of its rules by the SEC. First trading commenced using the Bloomberg E-Bond Platform
October 2015
GSE upgraded its GSE Automated Trading System (GATS) to the Capizar Automated Trading System
November 2016
The GSE Automated Trading System (GATS) interfaced with the Millennium Depository System (MCSD) of the Central Securities Depository Company Ltd to ensure smooth clearing & settlement of trades
July 2017
GSE integrated Capizar Bond into Capizar ATS to enable GFIM dealers trade in corporate bonds
September 2018
MTN Ghana listed on the Ghana Stock Exchange and for the first time in Africa shares were purchased through the Mobile Money technology
September 2018
Ghana Stock Exchange won the Africa Investor “Most Innovative African Stock Exchange” Award for the second time
November 2019
Collaborated with Bank of Ghana and Ministry of Finance to develop and launch guidelines and country Annex for the Global Master Repurchase Agreement (GMRA) as well as the Ghana Fixed Income Market
January 2020
GSE became a full member of International Capital Market Association (ICMA).
August 2020
GFIM ranked fourth in size for issued sovereign debt in Sub-Saharan Africa by Bloomberg
May 2022
GSE was admitted to the African Exchanges Linkage Project (AELP)
June 2022
GSE was admitted into the UN Sustainable Stock Exchange Initiative
September 2022
GSE was admitted to full membership of the World Federation of Exchange (WFE)