The new Foreign Exchange Act of 2006 (Act 723) has done away with these limits. Therefore non-resident investors can now invest on our market with no limits or prior exchange control approval.There is free and full foreign exchange remitability for the original capital plus all capital gains and related earnings.There is an 8% withholding tax (which is also the final tax on dividend income) for all investors, both resident and non-resident. Capital gains on listed securities are exempt from tax.

Procedures for Non-Residents Investing through The Stock Exchange

There are currently twenty (20) licensed stock broking firms which have set up systems for serving non-residents. Their names, addresses and contact details are provided on this site as Brokers. Please contact any of the stockbrokers directly.

Custodial services for non-resident investors are provided by:

Merchant Bank Ghana Limited, Merban House, P.O. Box 401, Accra, Kwame Nkrumah Avenue, Accra, Tel: 233-30-2666331-3
Ecobank Custody Services, 19 Seventh Avanue, Ridge West, PMB GP 0, Tel: 0302674809
Stanbic Bank Ghana Ltd. – (SBL), Valco Trust House, Ridge, P. O. Box CT 2344 Cantonments, Accra Telephone: 233-30-2687670 – 8
Standard Chartered Bank Gh. Ltd, 1st Floor Accra High Street, P.O. Box 768 Accra, Tel: 00233 302 663 560; 302 673 819
Cal Bank Limited, 23 Independence Avenue, P.O. BOX 14596, Accra, Tel: 233-30-2680061-9, 680079, 2661260
Fidelity Bank Ghana Limited, 10 Ambassadorial Enclave, Ridge, PMB CT43, Cantonments, Accra Tel: 0302214490
Societe Generale Ghana Limited, P.O. Box 13119, Ring Road Central, Tel: 0302202001
HFC Bank Ghana Limited, Ebankese, No. 35 Sixth Avenue, North Ridge, Accra, Tel: 0302664372
Prudential Bank Limited, PMB GP, Accra, Tel: 0302781197
Zenith Bank Ghana Limited, Premier Towers, Liberia Road, PMB CT 393, Tel: 0302611500

Investor Protection Provisions

The Exchange has various provisions in its Rules which have been designed to protect the investor in addition to what the securities regulators (SEC) provides.

Under the SECURITIES INDUSTRY LAW, PNDCL 333 (1993), as amended, the apex regulatory body in the securities market is the Securities and Exchange Commission and its functions include:

  • maintaining surveillance over the securities business to ensure orderly, fair and equitable dealing in securities.
  • registering, licensing, authorizing a stock exchange, investment advisors, securities dealers etc.
  • protecting the integrity of the securities market against any abuse arising from the practice of insider trading.