Best Stock Brokers in Ghana

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Contributor, Benzinga
June 27, 2023

Ghana is one of Africa’s richest countries in natural resources, and its gross domestic product (GDP) has grown significantly since oil was added to its exports. That's why it's important to know about the best stock brokers in Ghana.

Ghana has long been known as the world’s largest producer of cocoa and a major exporter of gold. The International Monetary Fund (IMF) estimates that the country’s GDP growth for 2019 will reach 8.8% — largely because of its oil exports. 

This means Ghana’s economy is one of the fastest-growing economies in the world and it’s a great prospect for stock investing and trading. 

Quick Look at the Best Stock Brokers in Ghana:

What You Need to Know About Investing in the Ghana Stock Market

Stock trading in Ghana takes place on the local stock market, known as the Ghana Stock Exchange (GSE). The GSE also runs the Ghana Fixed Income Market (GFIM) and the Ghana Alternative Market (GAX). The GFIM specializes in bonds and fixed-income securities. 

The GAX operates as a parallel market to the GSE and focuses on small to medium startups and companies at different stages of development. The GAX gives smaller companies easier access to long-term loans for future expansion and growth. 

The GSE is overseen by the West African Capital Markets Integration Council (WACMIC). The exchange works directly with the Ghana Securities and Exchange Commission (SEC) and major bank officials from both the Central Bank of Ghana and other major Ghanaian banks. 

Stockbrokers in Ghana charge a commission based on a percentage of the amount of each transaction. Commissions and fees are standard for all Ghana stockbrokers and generally run about 2.5% of the total transaction value, although some brokers will reduce their commission on higher volume trades. 

The national currency of Ghana is the Ghanian cedi (GHS) — $0.1861 or 5.37 Ghanian cedi is equivalent to $1 USD. You’ll need an account in the currency of your country as well as a Ghanaian account to convert your proceeds from the stock market to your home currency. 

Provide your basic information, a copy of your passport or other identification, your address and your banking details. The customary documents for verification of your identity need to be submitted along with a “Know Your Client,” or KYC form, which gives the broker an idea of your investment goals and risk tolerance level. 

You’ll be assigned a Ghana Securities Depository (GSD) account number with your brokerage account. This number will be on all of your transactions so the GSD can keep track of all of your transactions in Ghanaian securities.   

What to Consider Before Investing

The GSE and Ghana generally welcome foreign investment, although you should know the requirements for opening an account. While some Ghanaian brokerages will let you open an account without a deposit, you will need liquid funds in order to buy stock on the GSE. Other considerations before you begin trading are outlined below:

  • Have an investment or trading plan. Develop a plan or get one from a professional. Trading foreign stocks without familiarity with the market and a trading strategy could spell disaster for inexperienced traders and investors. 
  • Test your plan if possible. This option may not be possible given the illiquid nature of many Ghana stocks. If you have no way of testing your trading plan or strategy, then you should do an appropriate amount of research before you invest. 
  • Research and select your stocks. Choose the appropriate stocks to apply your strategy to once you’ve developed a trading or investment plan. Pick stocks in a growing field, such as Ghana’s oil or gold mining sectors. Some of the brokers listed below have excellent research facilities that could provide you with the information you need to make your selections.  
  • Choose the best stock broker. Your needs will determine the best stock broker for you. Keep in mind that not all brokerages are created equal, so carefully consider your needs before you open an account.

The Best Stock Brokers in Ghana

Ghana’s stock market does not rank among the most advanced in the world. Services offered by stockbrokers in Ghana may also seem somewhat primitive if you’re used to trading online in larger markets, and this review only found 1 broker that offered online trading.  

1. CAL Brokers Limited

CalBrokers Limited, a wholly-owned subsidiary of CalBank, is considered by some traders to be the best online brokerage in Ghana. It was also one of the first stock brokers in Ghana to offer online trading. 

Ghana Stock Exchange
securely through Ghana Stock Exchange's website

CalBrokers gets our top spot for its Direct Market Access (DMA) to the GSE through its i-Broker trading platform. You can either download the i-Broker trading software to your desktop or you can use a web-based version online. 

CalBrokers is a full member of the GSE and is licensed by the Ghana SEC as a broker-dealer and as a licensed dealing member. CalBrokers gives you access to trade in Ghana’s government securities and Ghanaian stock shares. The firm also has an investment banking division for companies to raise capital and provides extensive industry and company-specific research for the local market.  

CalBrokers also offers a short-term fixed income product called Cal Supersave. For a minimum deposit of GHS 1,000 (about $200), you can receive a rate of return based on Ghana’s government bonds for investment horizons of 91 days, 182 days and 1 year. 

While CalBrokers was still operating in Ghana as of this writing, a recent news article reported that the company was resigning its membership on the GSE and getting out of the brokerage business, so its future participation and utility as a broker are questionable. 

2. IC Securities Ghana

IC Securities has advised on and arranged a number of large private and public market transactions in several asset classes. The brokerage firm has offices in major African financial centers and offers various financial services to individuals and financial institutions.

Ghana Stock Exchange
securely through Ghana Stock Exchange's website

IC Securities also acts as an underwriter of new issues and as a dealer in Ghana’s government bonds. IC Securities’ services include advisory, mergers and acquisitions, debt and equity capital markets and investment banking. The firm also provides institutional equities and fixed-income services for corporate clients.

IC Securities handles all of its client business through telephone lines and email and it has no online brokerage services. In addition to its Ghanian office in Accra, the firm also has offices in Kampala, Lagos, Abidjan and Nairobi, with a presence in 30 countries across sub-Saharan Africa.

3. SDC Group

SDC Group’s 2 branches, SDC Finance Ltd. and SDC Capital Ltd., each offer a wide range of investment solutions in addition to brokerage services for GSE-listed securities. SDC originally started as SDC Securities Discount Co. Ltd. and SDC Brokerage Services Ltd., but it now also operates as a Finance House and Leasing Company licensed by the Bank of Ghana.

Ghana Stock Exchange
securely through Ghana Stock Exchange's website

The firm is largely owned by regional banks and offers asset and wealth management, leasing and financing for contractors and engineers, investment research, commercial paper structuring and marketing, corporate finance and fund placement. 

SDC Group also offers fixed-income instruments to its customers with set returns consisting of call deposit investments that have 91-day, 182-day and 1-year maturities. Other services include local purchasing order financing, interim payment certificates (IPCs), invoice discounts and government contract prefinancing. 

Contact with the SDC Group can be made through telephone to its offices in Accra or via email. All account forms can be downloaded from its website. 

4. FirstBanC Group

FirstBanC aims to be Ghana’s top investment banking firm and it consists of an integrated financial advisory and investment banking company. The firm is duly regulated by Ghana’s SEC and the National Pensions Regulatory Authority as a pension fund manager. 

securely through FirstBanC's website

FirstBanC’s partners also include some of the region’s largest banks. These include the United Bank of Africa, Stanbic Bank, Guaranty Trust Bank PLC and Bank of Africa Ghana. 

FirstBanC also offers mutual funds and customized fund management for both individuals and institutions, in addition to brokerage services on the GSE. The 3 mutual funds offered by  FirstBanC include:

  • First fund: A money market mutual fund with a short-term investment horizon geared for regular income, stable growth, liquidity and diversification. The fund is invested in high-yielding money market securities.
  • Heritage fund: This mutual fund is divided into a 70% asset allocation of equity holdings and a 30% share allocated to fixed income, cash and equivalents. This fund fits investors with a long-term investment horizon. 
  • Customized fund management: In this type of investment fund, you’ll be assigned a personal fund manager and have access to 3 main products: the First Institutional Account, a Private Wealth Account and a FirstPlus Account. These accounts have different investment plans and their suitability will depend on your specific investment objectives.

FirstBanC can be reached via telephone contact or through email. In addition to their main Ghanian office in Accra, the broker has three main branches in Kumasi, Tema and the Ghana World Trade Center (WTC).

Take the Next Step 

Ghana is still an emerging economy with all of the associated investment risks, although the nation’s GDP is presently the fastest-growing in the world according to the World Bank. With the recent advances in the oil industry, as well as the established gold mining and agriculture sectors featuring cocoa, Ghana seems ripe for investment in a number of industries if you have the risk appetite for emerging markets. 

As more companies invest in Ghana, additional stock market opportunities will probably present themselves to vigilant investors.

Most opportunities in emerging stock markets like Ghana require research, patience, considerable risk tolerance and a long-term view to producing the highest returns. Similarly, the key to success in trading Ghana stocks would most likely involve careful stock selection, deep pockets and an extended investment horizon. 

Frequently Asked Questions


Who are the best brokers to use for trading stock in Ghana?


Benzinga recommends SDC Group, CAL Brokers and FirstBanC Group.


What is a good way for a beginner to invest in Ghana?


The best avenue is to use an online broker such as Interactive Brokers.


How do I find a broker to trade in Ghana?


You can find a broker that trades in Ghana by looking at the list above.