Ghana Stock Exchange
Who actually
trades here
Licensed members
23
Top three do
77%
Most a trade costs, each way
2.5%
To buy a listed share or the NewGold ETF you go through one of these. The exchange’s rules set what it costs: a commission of 0.80% to 1.80%, negotiable, plus 0.70% in levies, each time you buy or sell. Below is how much business each firm does, and how to reach them.
What your trade would cost
To buy
GH₵100
To sell later
GH₵100
Buy and sell
GH₵200
Price must rise
4.08%
At a 1.30% commission plus 0.70% in levies, each purchase and each sale costs 2.00%. Your shares must rise by 4.08% before selling returns what you put in.
Across the range the rules allow, buying and selling GH₵5,000 costs between GH₵150 and GH₵250, and the break-even rise is 3.05% to 5.13%. The commission is negotiable: ask a broker where in the range you will pay before you open an account. The same costs apply to the NewGold ETF.
Source: Rule 66, Ghana Stock Exchange Trading Rules (Equities). Selling cost shown at an unchanged price; the exact charge appears on your contract note.
Read the range, not the average
IC Securities averaged 54.26% of value traded — but ranged from 19.97% to 78.82% across 18 months. A swing that size with no direction means a handful of large trades decide who leads in any given month.
That is a fact about how thin this market is, not about how dominant any firm is — and thinness is what a saver should weigh. The index rose 76% in the year to July 2026 while volume fell 72%. A gain in a market that quiet is not necessarily one you can sell into.
Any of these can buy any listed share
Ghanaian brokers do not specialise by company or sector. The exchange’s monthly reports name no market makers and no sponsoring broker for any listing, so there is no need to find the right firm for a particular share — every licensed dealing member can trade all of them, and the NewGold ETF.
What differs between them is where in the exchange’s cost range they charge you, whether they want retail business, and how easily an account can be opened. Ask about all three before you choose.
Share of value traded
From the exchange’s own monthly reports, 18 of them. Ordered by average share. This measures activity — not cost, not quality, and not a recommendation.
If you are choosing one, this is what to look at
Not the order below. Every firm here is licensed and any of them can trade any listed share, so the choice comes down to whether you can reach them and what they will do for you.
- Can you reach them. Six of the websites on the regulator’s register did not respond when we checked, and six of the email addresses did not accept mail. A card below without a website or an address is one we could not reach either.
- What it costs. The exchange’s rules set the range: a commission of 0.80% to 1.80%, plus 0.70% in levies, on every purchase and every sale. IC Securities shows its own rates to account holders (on its card below); ask any other broker where in the range they charge, and whether there is a minimum, before you open anything.
- What else they do. Some deal in Treasury bills and bonds as well as shares, and some run funds of their own. If you want more than shares, ask before choosing.
- Whether they will take you. 3 firms below say something about who they accept, and one mentions custody. If you live outside Ghana that is the first question, not the last.
The exchange sets the range, in Rule 66 of the GSE Trading Rules; each firm decides where in it you pay, so ask before you open an account. For what other Ghanaian providers publish, see what gets published. Anything a firm sends us goes on their card here, cited and dated.
IC Securities
54.26%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
53.44% of shares traded
No. 2, Johnson Sirleaf Road, North Ridge
Ranged 19.97% to 78.82% across 18 months (Feb 2025 – Jul 2026). Commission: 1.80% up to GH₵500, 1.55% up to GH₵5,000, 1.30% up to GH₵10,000, 1.05% above GH₵10,000, plus 0.70% statutory charges, as shown to account holders on its platform; last checked 27 September 2026.
In Jul 2026 they traded GH₵1B across 124,776,830 shares.
SBG Securities
14.91%of value tradedWebsite and emailSays it takes clients abroad11.84% of shares traded — fewer, larger trades
Plot 215, Stanbic Heights South Liberation Link, Airport City
Ranged 0.27% to 74.13% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
Says something about who it will take on. SBG Securities publish a FAQ headed "I live outside Ghana, how can I trade?", answered: complete an account opening form and submit it by email to brokerage@stanbic.com.gh. Their required documents list names "Proof of Foreign Address (for Non-Resident clients)" and a resident or work permit for non-Ghanaians, alongside passport-sized photographs, a Ghana Card or passport, proof of physical address and an email indemnity. Orders are also placed by email using a securities deposit form. Whether the whole process can be completed without travelling is not stated, and we have asked.
In Jul 2026 they traded GH₵46M across 8,853,056 shares.
Databank Brokerage
8.12%of value tradedWebsite and emailSays it takes clients abroad10.10% of shares traded — more trades, smaller ones
No. 61 Barnes Rd, Adabraka
Ranged 2.20% to 27.64% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
Says something about who it will take on. Databank Brokerage state on their own site that they facilitate the trading of securities by both local and foreign investors, individuals and institutions alike. Their brokerage account opening form provides for non-resident applicants, with fields for a foreign residential address, foreign mailing address, foreign telephone and foreign tax identification number, and "Proof of Foreign Address (for Non-Resident clients)" among the required documents. What that means for a particular applicant — which documents, whether the process can be completed without travelling to Ghana — is not stated. We have asked.
In Jul 2026 they traded GH₵45M across 15,595,670 shares.
Blackstar Brokerage
5.62%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
5.57% of shares traded
The Rhombus , Plot 24 Tumu Avenue , Kanda Estates Accra
Ranged 2.19% to 11.65% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵35M across 17,804,958 shares.
Laurus Securities
3.86%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
5.37% of shares traded — more trades, smaller ones
No 2 Dr Isert Street North-Ridge, Accra GA-029-0014
Ranged 0.32% to 16.18% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵35M across 4,913,633 shares.
Constant Capital
3.54%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
1.57% of shares traded — fewer, larger trades
No. 6 Ayawaso West Wuogon, Tanbu Link, East Legon, Accra, Ghana
Ranged 0.05% to 27.51% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵25M across 3,826,650 shares.
SIC Brokerage
2.70%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
1.73% of shares traded — fewer, larger trades
No. 28/29, Nyametei House Ring Road East
Ranged 0.02% to 12.55% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵29M across 4,780,817 shares.
EDC Stockbrokers
1.62%of value tradedWebsite and emailSays it takes clients abroad2.25% of shares traded — more trades, smaller ones
No. 5 2nd Ridge Link, North Ridge
Ranged 0.11% to 5.51% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
Says something about who it will take on. EDC Stockbrokers publish eligibility requirements on their trading portal with a section headed Non Resident: a completed account opening form and a mandate card. They add that non-resident accounts may be subject to specific requirements under each country's regulations, that their customer service officers are available for clarification, and that copies of documents should be notarised by a foreign authority for non-residents. The notarisation requirement is worth costing before you start — a notary outside Ghana charges a fee per document, and some institutions also want an apostille. Absa Bank Ghana require the same thing in a stricter form — certification by a lawyer, notary or court, mandatory for Ghanaians living abroad. Zenith require neither.
In Jul 2026 they traded GH₵30M across 4,156,837 shares.
Strategic African Securities
1.45%of value tradedWebsite and emailAsk about clients abroadOffers custodyAsk this firm whether it takes clients outside Ghana; we have asked too.
1.46% of shares traded
14th Floor, World Trade Centre, Independence Avenue
Ranged 0.06% to 5.09% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵2M across 505,950 shares.
Republic Securities
1.29%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
2.17% of shares traded — more trades, smaller ones
#48A sixth avenue, North Ridge, Accra
Ranged 0.26% to 4.04% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵9M across 4,119,341 shares.
Merban Stockbrokers
0.74%of value tradedPhone onlyAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.96% of shares traded — more trades, smaller ones
1 Abdul Diouf Rd, Accra
Ranged 0.00% to 2.54% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵11M across 1,213,673 shares.
Teak Tree Brokerage
0.69%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
1.26% of shares traded — more trades, smaller ones
Nyaniba Estate, House number F380/4 Osu Crescent. GPS address GL-030-1368
Ranged 0.05% to 1.52% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵12M across 6,819,976 shares.
Fincap Securities
0.33%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.41% of shares traded — more trades, smaller ones
16 Noi Fetreke Street, Airport West, Accra
Ranged 0.00% to 1.33% across 14 months (Jun 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵4M across 2,217,373 shares.
Petra Securities
0.26%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.86% of shares traded — more trades, smaller ones
Plot No.217 Osu Badu Street, Airport West- Dzorwulu, Accra
Ranged 0.00% to 1.62% across 14 months (May 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵811K across 88,538 shares.
Amber Securities
0.16%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.23% of shares traded — more trades, smaller ones
2nd Floor Heritage Tower Cruickshank Road, Ridge Accra GA-077-0894
Ranged 0.00% to 0.70% across 17 months (Mar 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵328K across 41,922 shares.
Chapelhill Denham Securities
0.15%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.30% of shares traded — more trades, smaller ones
No. 2 Sithole Road, Labone
Ranged 0.00% to 2.34% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵136K across 25,621 shares.
NTHC Securities
0.12%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.24% of shares traded — more trades, smaller ones
NTHC House,18 Gamel Nasser Avenue, Ringway Estates, Osu
Ranged 0.00% to 0.60% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵2M across 291,231 shares.
First Atlantic Brokerage
0.11%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.12% of shares traded
Dr. Isert Street, North Ridge, Accra
Ranged 0.00% to 0.36% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵426K across 103,553 shares.
Bullion Securities
0.09%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.27% of shares traded — more trades, smaller ones
The Octagon Suite- B904, Barnes Road, Accra
Ranged 0.00% to 0.23% across 16 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
Firstbanc Brokerage
0.06%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.09% of shares traded — more trades, smaller ones
No. 5 Nii Nortey Afriyie, Ring Way Link, Osu
Ranged 0.00% to 0.19% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵752K across 141,567 shares.
CDH Securities
0.03%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.06% of shares traded — more trades, smaller ones
36 Independence Avenue, Adj. National Insurance Commission, North Ridge
Ranged 0.00% to 0.22% across 18 months (Feb 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵557K across 286,810 shares.
Serengeti Capital Markets
0.02%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.02% of shares traded
2nd Floor, Heritage Towers Ambassadorial Enclave
Ranged 0.00% to 0.06% across 14 months (Jun 2025 – Jul 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
In Jul 2026 they traded GH₵607K across 168,948 shares.
Sarpong Capital Markets
0.00%of value tradedWebsite and emailAsk about clients abroadAsk this firm whether it takes clients outside Ghana; we have asked too.
0.00% of shares traded
2 Almond Street and 21 Boundry Road, Christian Services, East Legon
Ranged 0.00% to 0.00% across 7 months (Jun 2025 – Jan 2026). Commission: within the exchange’s 0.80%–1.80%; ask this firm where.
What this page doesn’t show
- What any of them charge. IC Securities, which handles over half the exchange’s trades, shows its commission schedule to account holders on its platform (see its card). On the other brokers’ websites and documents we could read, no rate is published: websites were checked in August 2026 and documents in September, and nine of the sites could not be read at all. Republic Securities publishes a minimum to open an account; three describe their rates as “competitive” without giving a figure.
What the exchange sets. Rule 66 of the GSE Trading Rules lets a broker charge between 0.80% and 1.80%, negotiated with each client, plus levies of 0.70% (GSE 0.35%, SEC 0.15%, the depository 0.15%, market development 0.05%): 1.50% to 2.50% in all. Buyer and seller each pay, so buying and later selling costs 3% to 5% of the amount before the price moves. The exact charge appears on the contract note, which a broker must send within a day of the trade.
Ask before you open an account: what do you charge to buy and to sell, and is there a minimum? - Six are hard to find online. For Bullion Securities, CDH Securities, FirstBanc Brokerage, Petra Securities, Sarpong Capital Markets and Strategic African Securities, the website listed on the SEC register did not respond. They may have moved to a new domain — one firm on this page had, and told us when we wrote.
All six hold current SEC licences. The telephone numbers below are the more reliable route, since several of the register’s email addresses did not work either.
We are in contact with providers to close the gaps, and publish whatever they send, cited and dated. - Whether a busy broker is a good one. Share of value traded reflects who handles large institutional orders. It says nothing about service to a retail client with GH₵5,000, and should not be read as a ranking.
- Months they didn’t appear. A firm observed in three reports is averaged over three, not over every report. That flatters occasional participants against consistent ones, so the month count is shown beside every figure. Two names in the exchange's reports, UMB Stockbrokers and Merban Stockbrokers, are one firm, Merban Stockbrokers Ltd; its months are counted once, under Merban.
If you run one of these firms: send us your commission schedule and we’ll publish it beside your name, cited and dated. The exchange publishes the range, and IC Securities shows its rates to its clients; publish yours openly and you would be the first Ghanaian broker whose costs anyone can check before opening an account — which is a reason to be listed rather than a risk.
Not licensed by the Securities and Exchange Commission of Ghana. We publish factual comparisons of regulated products and do not provide investment advice, hold client money, or execute transactions. Market share figures are taken from the Ghana Stock Exchange’s published monthly reports.
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About this data
Free to quote · no permission needed
- Source
- Ghana Stock Exchange monthly market reports
- Covering
- February 2025 to July 2026, 18 monthly reports
- Last checked
- September 2026
- Method
- Share of value traded per dealing member, averaged across the months each firm appears. Firms absent from a report are averaged over the months they appear, not treated as zero — the month count is shown beside every figure.
Cite this
Ghana Stock Exchange broker market share, February 2025 to July 2026, 18 monthly reports. Compiled by Cedafin from Ghana Stock Exchange monthly market reports. https://cedafin.com/brokers (accessed 16 October 2026).
Use any of this without asking. No permission needed, no credit required — the line above is offered because a formatted citation is easier than composing one, not because we ask for it.