Ghana Stock Exchange
GSEAccra · Incorporated 1989; trading began November 1990
The GSE is Ghana's only securities exchange and one of West Africa's two significant equity markets. It is a concentrated market: a handful of counters — MTN Ghana, the Ecobank entities and the large banks — account for most of the capitalisation and nearly all of the turnover, so liquidity outside the top names is thin and position-building takes patience. The exchange also runs the country's fixed income market, which is considerably more liquid than its equity board.
Depository
Settlement
Sessions (GMT)
Listed securities
Quoted in
Indices
The benchmark. Market-cap weighted across all listed ordinary shares, excluding companies whose shares are listed on other markets. Base 1,000 at 31 December 2010.
Same construction as the GSE-CI but limited to banking and insurance constituents. Same base and base date.
Market segments
Foreign investor access
No ceiling on non-resident participation in listed equity, and full remittability of original capital, capital gains and dividends. Acquisitions in banks and insurers need prior Bank of Ghana or National Insurance Commission approval. Trading is through a licensed dealing member.
Other venues & market infrastructure
Ghana Alternative Market (GAX)
Lower-threshold board for small and medium enterprises, with lighter listing and reporting requirements than the main market.
Ghana Fixed Income Market (GFIM)
Government and corporate debt. Far deeper than the equity board and the main route for institutional cedi exposure.
Ghana Commodity Exchange (GCX)
Spot commodity exchange with warehouse receipts for maize, soya, sorghum, sesame and rice.
Central Securities Depository
Depository and settlement for equities and debt; also publishes settlement circulars.