16 Mar 2023


  • Preamble

These Guidelines are issued by the Securities and Exchange Commission (hereinafter referred to as “SEC”) pursuant to section 15 of the Securities Industry Act, 2016 (Act 929) amended by the Securities Industry (Amendment) Act, 2021 (Act 1062) for the payment of market levies.

The SEC has reviewed upwards the Market Operators’ Levy in view of the fact that they have remained unchanged since 2017 and to reflect the cost of doing business.

  • Applicability

These Guidelines shall be applicable to Market Operators for the year 2023.

  • Market Operators’ Levy
Market Operators   Levy (GH¢)
Stock Exchange 50,000
Commodity Exchange 15,000
Securities Depository 50,000
Primary Dealer 20,000
Custodian 20,000
Issuing House 20,000
Trustee (CIS) 15,000
Note Trustee 20,000
Fund Manager 7,500
Broker Dealer 5,000
Investment Advisor 5,000
Registrar 5,000
Commodities Warehouse Operator 3,000
Credit Rating Agency 15,000

3.1 Mode of payment

The Market Operator shall pay the required levy by the end of the first quarter of the year either in full or in a maximum of three installments with the last installment paid not later than June 30th of the applicable year. 

  • Transaction levy

(1) The transaction levy shall be paid by the purchaser and seller of securities.

(2) The transaction levy shall be charged on the purchase and sale as follows:

  • For shares, 0.7% of the total transaction value will be distributed as follows:
  • Ghana Stock Exchange – 0.35%
  • Central Securities Depository Ltd – 0.15%
  • Securities and Exchange Commission – 0.15%.
  • Market Development – 0.05%
  • For Bonds, 0.01% of the value of trades and shall be appropriated as follows:
    • Ghana Fixed Income Market – 0.0045%;
    • Central Securities Depository Ltd – 0.0028%;
    • Securities and Exchange Commission – 0.0025%;
    • Market Development – 0.0002%
  • For Repurchase transactions: both Collateralized Lending and GMRA shall be charged at 0.002% total fees payable by each of the parties and shall be distributed as follows:
    • Central Securities Depository Ltd – 0.0014% (i.e. 70% of 0.002%) and
    • Securities and Exchange Commission – 0.0006% (i.e. 30% of 0.002%).
  • Mode of payment

The transaction levy shall be paid within ten working (10) days after the end of the month in  which the transaction was effected.

  • Admission Levy (Previously Issuer fee).

Fixed income securities issued by the Government, Corporates, Metropolitan and Municipal Assemblies shall attract an admission levy of 0.0018% of the face value of the issued securities and shall be apportioned as follows;

  • Central Securities Depository Ltd-0.015%
  • Securities and Exchange Commission-0.003%
  • Mode of payment
    The Central Securities Depository shall pay the required levy within fifteen working (15) days after the end of the month in which the transaction was effected.
  • Bank account details for all transactions

All payments shall be made to the SEC through the bank account stated below;

          Name of Bank: Consolidated Bank Ghana Limited
          Account Name: Securities and Exchange Commission
          Account Number: 1774358120001
          Branch: Manet Tower 3

  • Sanctions for non-payment of Market Levies

The Commission shall exercise its powers under section 209 (4) of the Securities Industry Act, 2016 (Act 929) as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062).

DATED: MARCH 13, 2023

Download the Guidelines On Market Levies For 2023 here.