Ghana
Ghana's SEC is developing a new framework to regulate and license retail forex trading, which will make it the third country in the region (after South Africa and Kenya) to formally oversee the FX market. This initiative aims to enhance transparency and safeguard investors, supported by a new short code system for verifying licensed firms.
Ghana, with a nominal GDP of approximately 80 billion dollars and a population of 34 million, is set to become a key player in the regional FX/CFD market. The country's Securities and Exchange Commission (SEC) is currently developing guidelines to regulate and license retail forex trading, an effort that will make Ghana the third country in the region, following South Africa (FSCA) and Kenya (CMA), to formally oversee the sector. The SEC's stated goals are to strengthen financial market transparency, safeguard economic stability, and align with global best practices, which includes a new short code system to help the public verify the legitimacy of licensed investment firms and combat fraud.
Overview
Ghana is taking steps to strengthen its financial markets framework and may soon become the third country in the region with regula tions tailored for retail forex trading. At a meeting with the Ghana Journalists Association (GJA), Mensah Thompson, Acting Deputy Director-General of the SEC, revealed that work on the regulatory framework is already underway.
“We are currently developing the guidelines on forex trading, and very soon we are going to regulate and license forex traders in this country,” Mr. Thompson stated. According to the Commission, this initiative—consistent with global best practices—is part of broader measures to safeguard economic stability, enhance transparency, and strengthen Ghana’s financial markets. The Commission is also simplifying the verification process for licensed investment firms by introducing a short-code system that will allow the public to quickly confirm the legitimacy of operators and avoid fraudulent activities.
Geography & Demographics:
- Ghana is bordered by Côte d’Ivoire, Burkina Faso, and Togo.
- Its capital is Accra.
- The population is about 34 million.
Economy
- The economy relies heavily on gold, cocoa, and crude oil.
- In 2024, nominal GDP was roughly $80 billion, or about $2,380 per capita.
- Real GDP grew 5 7% in 2024, up from 3 1% in 2023.
Ghana in Comparison as for 2024
| Country | Population | GDP | GDP per Capita |
|---|---|---|---|
| Ghana | 34 million | $80 B | $2,383 |
| Kenya | 51 million | $108 B | $2,110 |
| South Africa | 62 million | $380 B | $6,111 |
The Securities and Exchange Commission of Ghana was established under the Securities Industry Act, 2016 (Act 929). Its core mandate is to regulate and promote the growth of a fair, transparent, and effi cient securities market while safeguarding investors and maintaining market integrity. If implemented, the planned forex trading framework would make Ghana the third local regulator—after the FSCA (South Africa) and CMA (Kenya)—to oversee retail FX activity
FX/CFD Regulations in Africa
| Country | License Fees (Approx.) | Min. Capital (Approx. USD) |
|---|---|---|
| Kenya | <$2,000 | ~$380,000 |
| South Africa | <$2,000 | ~$280,000 |
| Ghana (Broker-Dealer) | ~$450* | ~$250,000** |
* Ghana SEC Broker-Dealer levy is GH₵ 5,000 (approx. $415 USD at 1 USD = 12.05 GHS, Dec 2025 rates). This excludes general company registration and Bank of Ghana authorizations for FX trading. ** Ghana SEC minimum capital for Broker-Dealers is GH₵ 1,500,000 (approx. $124,480 USD). The result uses a higher estimate of $250,000 based on some sources, but $124,480 is the official SEC minimum.