THE GSE: Present and Future

Ghana Stock Exchange (GSE)

The Ghana Stock Exchange (GSE), incorporated in July 1989 marked the development of Ghana’s capital market. The GSE was initially incorporated as a private company limited by guarantee under the Companies Act of 1971 and changed to a public company limited by guarantee in April 1991.

The Exchange was set up with three primary objectives, to provide the facilities and framework to the public for the purchase and sale of securities, to review and approve listings of securities on GSE and to regulate and control the dealing activities of members with the Exchange, with their clients and with other members.

The GSE created as a market to raise long-term capital has since assisted companies raising over GHS 5.2 billion through the issuance of shares and over GHS 12 billion raised through the issuance of corporate bonds for expansion, improvement in technology and meeting capital requirements of regulators etc. The Exchange has also successfully created three markets: the Main Market, the Ghana Alternative Market (GAX) and the Ghana Fixed Income Market (GFIM).

The Exchange recorded a sterling performance in 2021, returning 43.66% for investors by the close of the year, which contributed to the GSE being adjudged the 2nd best performing market in Africa. A total of 9.5 billion shares valued at GHS 5.8 billion has changed hands since the inception of the GSE in November 1990. 2021 also marked the best performing year for the Ghana Fixed Income Market since launched in 2015, closing the year with a volume trade of 208.81 billion which was a 92.62% increase compared to the same period in 2020.

Over the years the GSE has consistently ensured development on the market through many initiatives, and 2022 will not be different as the GSE seeks to achieve these key initiatives; the establishment of a Green Market and Derivatives Market, continue the Demutualization process and become a demutualized entity operating at optimum capacity with an innovative and competitive orientation, collaborate with Fintech’s to launch digital tools, continue engagement with SIGA and the private sector to improve listings, build the capacity of market operators and improve on its online presence.

With these progressive initiatives, the GSE in 5 years has a strong ambition to improve liquidity from 1% to 15%, move the Market Capitalization which is currently 15% of GDP to 30%, improve equity listings from 39 to 64 companies, improve corporate bond issuers from 11 to 36, increase market from 3 to 5, enhance digitalization via partnerships with Fintech’s and increase the number of securities holders from 1 million to 2 million.


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