The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 41 equities (from 36 companies) and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, the spread of shares, years of existence and management efficiency.

Table of Content

 

See Also: Investment Opportunities in Ghana

Ghana Stock Exchange Listed Companies

Here are the companies listed on the Ghana Stock Exchange (GSE) with their profiles, stated capital, issued shares and authorized shares.

CompanyGSE SymbolSectorPrice
Anglogold AshantiAGAMining37.00
Access Bank GhanaACCESSFinancials3.98
African Champion Industries ACIConsumer Goods0.01
Agricultural Development BankADBFinancials3.83
Aluworks LimitedALWBasic Materials0.16
Ayton Drugs Manufacturing Company AYRTNHealth Care0.10
Benso Oil Palm PlantationBOPPConsumer Goods5.01
CAL Bank LimitedCAL Financials0.90
Camelot Ghana LtdCMLTIndustrials0.12
Clydestone Ghana LimitedCLYDTechnology0.03
Cocoa Processing CompanyCPCConsumer Goods0.02
Ecobank Ghana LtdEGHFinancials7.00
Ecobank Transnational IncorporationETIFinancials0.14
Enterprise Group LimitedEGLFinancials2.43
Fan Milk LimitedFMLConsumer Goods14.40
GCB Bank LtdGCBFinancials5.20
Ghana Oil Company GOILOil & Gas2.15
Golden Star Resources GSRBasic Materials1.90
Golden Web Ltd.GWEBConsumer Goods0.01
Guinness Ghana Breweries GGBLConsumer Goods1.45
HFC Bank LtdHFCFinancials0.73
Hords LtdHORDSConsumer Goods0.10
Mechanical LloydMLCConsumer Services0.10
Mega African Capital MACFinancials6.00
Meridian-Marshalls HoldingsMMHConsumer Services0.11
Pioneer Kitchenware LtdPKLConsumer Goods0.05
Produce Buying Company PBCConsumer Goods0.04
PZ Cussons GhanaPZCConsumer Goods0.20
Sam Wood LtdSWLConsumer Services0.04
Samba Foods LtdSAMBAConsumer Goods0.65
SIC Insurance Company SICFinancials0.12
Société GénéraleSOGEGHFinancials0.76
Standard Chartered BankSCBFinancials25.11
Starwin Products LimitedSPLHealth Care0.04
Total Petroleum GhanaTOTALOil & Gas2.22
Transol Solution GhanaTRANSOLIndustrials0.03
Trust Bank (The Gambia)TBLFinancials0.25
Tullow Oil PlcTLWOil & Gas20.94
Unilever Ghana LimitedUNILConsumer Goods9.01

AngloGold Ashanti Limited

AngloGold Ashanti is the third-largest gold mining company in the world, measured by production. It has 17 gold mines in 9 countries, as well as several exploration programs in both the established and new gold producing regions of the world.

anglogold ashanti, leading mining companies, ghana stock exchange
photo credit: Mining Africa

AngloGold Ashanti produced 3.95Moz of gold in 2015, generating $4.02bn in gold income, utilizing $857mn capital expenditure. AngloGold Ashanti has an attributable Ore Reserve of 51.7Moz of gold and an attributable Mineral Resource of 207.80Moz. AngloGold Ashanti was listed on Ghana Stock exchange on April 27, 2004.

Symbol: AGA

Stated Capital: ZAR 49,721,223,077.55

Issued Shares: 406.69

Authorized Shares: 600.000.000

Access Bank Ghana

Access Bank launched its operations in Ghana on August 19, 2009, as one of the most capitalized commercial banks in the industry. The entry of Access Bank into the Ghanaian economy signaled the beginning of a new era in the annals of banking because of its acknowledged reputation for innovation and service excellence across Africa and beyond.

Since inception, the Bank has provided universal banking services to nearly the entire population in Ghana and has acted as a catalyst for growth and socio-economic development. Access Bank Ghana has been listed on Ghana Stock Exchange (GSE) since.

Symbol: ACCESS

Stated Capital: GH¢ 118.28million

Issued Shares: 118,093,134

African Champion Industries Ltd

African Champion Industries, previously called Super Paper Products Co. Ltd., is a Ghanaian manufacturing company involved in the production of toilet paper. They were listed on the stock index of the Ghana Stock Exchange (GSE), on 12 May, 1992. The company was established on May 23, 1967.

Symbol: ACI

Issued Shares: 36.50

Authorized Shares: 500 million

Agricultural Development Bank Ltd (ADB)

Agricultural Development Bank of Ghana, commonly known as Agricultural Development Bank or ADB, is a government-owned development and commercial bank in Ghana. The bank is the first development finance institution established by the Government of Ghana in 1965, by Act of Parliament to meet the banking needs of the Ghanaian agricultural sector in a profitable manner.

It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator. The Bank successfully listed on the Ghana Stock Exchange (GSE) on December 20, 2016. The new ownership structure of the Bank is:

  • Government of Ghana – 32.30%
  • Belstar Capital Limited- 24%,
  • Starmount Development Company Limited – 11%
  • SIC Financial Services-10%
  • Bank of Ghana – 9.50%
  • EDC Investment Limited – 6%
  • Retail investors and ADB staff – 7.20%.

Symbol: ADB

Aluworks Limited

Aluworks Limited is an aluminium continuous casting and cold rolling mill located at the port City of Tema, Ghana. The company was incorporated as a private company limited by shares on the 24th day of February 1978, and granted a certificate to commence business on the 22nd March 1978.

The factory was built between 1982 and 1985, and was officially commissioned for production on 21st September 1985 with an installed capacity of 10,000 metric tons of various aluminium products at 70% utilization. The plant capacity was expanded to 20,000 metric tons per annum in 1992 and to 30,000 metric tons in 2002, and operated with a workforce of about 440.

Currently; the labor strength is about 265. Aluworks Limited was listed on the Ghana Stock Exchange (GSE) on 29th November, 1996.

Symbol: ALW

Issued Shares: 236,685,180 ordinary shares

Authorized Shares: 1,000,000,000 ordinary shares

Ayton Drugs Manufacturing Company Ltd

Ayton Drugs Manufacturing Company Ltd was incorporated on the 24th September 1965 by the Late Mr. Samuel Benson Adjapong; a Ghanaian entrepreneur and the first Ghanaian Chief Pharmacist at the Ministry of Health. From humble beginnings at Kokomlemle, with a staff strength of only 10, it moved to its current location on the Abeka Road, Tesano in Accra in 1969.

Over the years, despite the adverse economic conditions, Ayrton has kept alive the hope of becoming a force in the pharmaceutical industry in Ghana with about 30 product lines. AYRTON adapted quickly to the dynamics of the local business environment and with careful planning, managed to substantially upgrade its plant, machinery and product lines to its present status.

In February 2010, Adcock Ingram, a giant in the South African Pharmaceutical Industry, who has been in existence for more than 120 years acquired 65.59% shares in Ayrton Drug to become the major shareholder. Today, Adcock Ingram holds over 78% of total Ayrton Drug shares. AYRTON was listed on the Ghana Stock Exchange (GSE) on 14 August, 2006.

Symbol: AYRTN

Issued Shares: 215.00

Authorized Shares: 500000000

Benso Oil Palm Plantation Ltd

Benso Oil Palm Plantation is a Ghanaian oil palm plantation and company formed in 2004, based at the Adum Banso Estate in Takoradi. They are involved in the production and processing of crude palm oil. They were listed on the stock index of the Ghana Stock Exchange (GSE) on 16 April, 2004.

Symbol: BOPP

Issued Shares: 34.80

Authorized Shares: 50,000,000 shares of no par value

CAL Bank Limited

CAL Bank formerly Continental Acceptances Ltd and CAL Merchant Bank commenced operations in July 1990, providing world class financial solutions to the Ghanaian banking sector. CAL Bank received its Universal Banking License in 2004 and soon commenced providing specialized retail banking services.

CAL Bank Limited provides a broad range of banking and financial solutions to large corporations, small and medium-sized enterprises, public sector institutions and retail customers through a network of 26 branches and over 100 ATMs across Ghana. CAL Bank was listed on the Ghana Stock Exchange (GSE) on 5 November, 2004.

Symbol: CAL

Issued Shares: 548.26

Authorized Shares: 1,000,000,000

Camelot Ghana Ltd

Camelot Ghana is a printing company based in Ghana, serving the West Africa market. The company was founded in 1963. The company’s principal business includes the printing of stationery, computer stationery, security stationery, and business printing including stock certificates, cheques, chequebooks, payment vouchers, invoices and dividend warrants.

Camelot’s stock was listed on the Ghana Stock Exchange (GSE) on 17 September, 1999.

Symbol: CMLT

Issued Shares: 6.83

Authorized Shares: 20,000,000

Clydestone Ghana Limited

Clydestone (Ghana) Limited was formed in June 1989, being the pioneer of Clydestone group of companies is a premier Information Technology company, indigenous to Ghana and first in the IT industry to be listed on the Ghana Stock Exchange (GSE) on 19 May, 2004.

Over the years Clydestone has moved the frontiers of technology and has developed cutting edge solutions in the areas of financial document processing, remittance processing and transaction switching. They are a leading provider of IT solutions in Africa, currently providing Cheque Truncation Systems to 12 of Ghana’s leading Banks.

Symbol: CLYD

Issued Shares: 34.00

Authorized Shares: 100,000,000

Cocoa Processing Company

Established in 1965, Cocoa Processing Company Limited (CPC) is situated in the picturesque port city of Tema in Ghana on the Greenwich Meridian (Longitude 0°). The company comprises three factories: two Cocoa Factories and a Confectionery Factory. Cocoa Processing Company Limited is a limited liability company incorporated in Ghana on November 30, 1981. The shares of the company are publicly traded on the Ghana Stock Exchange (GSE).

The Cocoa Factories have an annual throughput of 64,500 metric tons of Premium Ghana Cocoa beans which it processes into Cocoa Liquor, Cocoa Butter, Cocoa Cake and Cocoa Powder. These semi-finished products are the major ingredients for the production of chocolate and other cocoa-based food products. The semi-finished products are sold under the Portem brand name to foreign markets. The company was listed on the Ghana Stock Exchange on 14 February 2003.

Symbol: CPC

Issued Shares: 2038.07

Authorized Shares: 20,000,000,000

Ecobank Ghana Ltd

Ecobank Ghana Ltd (EBG) is a member of the Pan-African Ecobank chain which operates in thirty two (32) countries. The bank is a fully networked commercial bank in Ghana with branches in almost all regions of the nation and was listed on the Ghana Stock Exchange in July 2006.

The bank was formed in 1990. In December 2011, Bank of Ghana, the central bank of the country, which also functions as the national banking regulator, gave approval for Ecobank Transnational to acquire 100% interest in The Trust Bank (TTB), another licensed commercial bank.

At the time, the total asset valuation of TTB was approximately US$119 million (GHS: 220 million). Ecobank has successfully merged TTB and EBG. The new bank is known as Ecobank Ghana.

Symbol: EGH

Stated Capital: GH¢226.64 Million

Issued Shares: 2038.07

Authorized Shares: 500 Million

Ecobank Transnational Incorporation

Ecobank Transnational Incorporated (ETI), a public limited liability company, was established as a bank holding company in 1985 under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS).

eti shares, ecobank, ghana stock exchange
ETI shares in the African market as at June 2016

In October 1985, ETI was incorporated with authorized capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. The company was listed on the Ghana Stock Exchange (GSE) on 11 September, 2006.

Symbol: ETI

Stated Capital: US$867,714,000

Issued Shares: 24067.75

Authorized Shares: 800000000

Enterprise Group Limited

Enterprise Group was incorporated on 24th November 2008 and is the holding company of the Group. The original entity was Enterprise Insurance Company, established in 1924 and is the oldest insurance company in Ghana. It was listed on the Ghana Stock Exchange (GSE) on 21 February, 1992 as the first insurance company to be publicly listed in Ghana.

With an annual turnover in the region of GH¢ 132million and a total asset base of over GH¢ 220, Enterprise is a leading provider of financial services in Ghana.

Symbol: EGL

Stated Capital: GH¢ 31,599,000.00

Issued Shares: 133.10

Authorized Shares: 200 million

Fan Milk Limited

Fan Milk Limited is a Ghanaian dairy retailer based in Accra. It has since begun operating in Benin, Togo and Burkina Faso. It was incorporated in 1960 and was previously known as the Ghanaian Milk Company. It took advantage of Danish investment in the early 1960s and initially specialized in pasteurized milk.

However, in 1962, the company changed its name to Fan Milk Limited, and branched out into the production of ice cream, yoghurt and ice lollies. The name has since become a household name in Ghana, and is a common sight to see ice cream carts and bicycles on beaches and the streets selling the brand.

Fan Milk has been the manufacturer and retailer of ice-creams and frozen dairy products which has a leading position on the West African market. They were listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index on 18 October 1991.

Symbol: FML

Issued Shares: 116.21

Authorized Shares: 200,000,000

GCB Bank Ltd

Formerly Ghana Commercial Bank, now legally GCB Bank Ltd. The second largest bank in Ghana by net profit and total assets, licensed by Bank of Ghana, the national banking regulator. GCB Bank Ltd is the largest indigenous financial institution in Ghana with 157 branches.

As of December 2015, the bank’s total assets were valued at about US$1.27 billion (GH¢:2.45+ billion), with shareholders’ equity of approximately US$88 million (GH¢:170 million). GCB Bank Ltd was listed on Ghana Stock Exchange on 17 May, 1996.

Symbol: GCB

Stated Capital: GH¢ 72,000,000

Issued Shares: 265.00

Authorized Shares: 1,500,000,000

Ghana Oil Company Limited (GOIL)

GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana.

GOIL has the largest retail network across the country. The company also has numerous consumer outlets throughout Ghana. The consumer outlets include companies, schools, hospitals, factories, hotels, banks and major parastatals. GOIL was listed on the Ghana Stock Exchange on November 16, 2007.

Symbol: GOIL

Issued Shares: 391.86

Authorized Shares: 1,000,000,000

Golden Star Resources Ltd.

Golden Star Resources Ltd is a mid-tier Canadian gold mining company, with two producing gold mines in Ghana, West Africa. It has total historical production of over four million ounces of gold. It is a non-refractory producer with production that is expected to increase and operating costs that are expected to decrease due to the Company’s two high grade underground development projects coming on-stream by mid-2017.

Golden Star is an established gold mining company with two producing gold mines and two underground development projects. The Company began production in Ghana in 1999. Golden Star holds a 90% interest in both the Prestea (formerly known as Bogoso/Prestea) and Wassa mines, situated on the prolific Ashanti Gold Belt in western Ghana.

The Company is strategically focused on growing its operating margin through shifting production to lower cost, higher grade, non-refractory ounces and was listed on the Ghana Stock Exchange (GSE) on 15 February, 2008.

Symbol: GSR

Stated Capital: US $520,320,000

Issued Shares: 259.70

Authorized Shares: Unlimited (Under Canadian Law)

Golden Web Ltd.

Golden Web Ltd. is a Ghana-based company engaged in agro-processing industry. The Company produces vegetable oils from Palm Kernel, crude and refined oils as well as groundnuts to soya beans and was listed on the Ghana Stock Exchange on Monday August 29, 2005.

All vegetable oils and cakes produced by the Company that amounts to 5% are sold on the local Ghanaian market. About 80% of the palm-kernel cakes produced are exported to African countries leaving 20% for the local market.

Symbol: GWEB

Stated Capital: GH¢ 830,975

Issued Shares: 35.00

Authorized Shares: 750.000.000

Guinness Ghana Breweries Ltd

Guinness Ghana Breweries Limited (GGBL) is the leading Total Beverage Business in Ghana with an outstanding collection of brands across beers, stouts, non-alcoholic and spirits.

GGBL is a Diageo business, the world’s leading premium drinks business with internationally celebrated brands including Johnnie Walker, Smirnoff and Baileys. In Ghana, GGBL is the only beverage business listed on the Ghana Stock Exchange. Date of listing was August 23, 1991.

Symbol: GGBL

Stated Capital: GH¢ 26,252,000

Issued Shares: 307.59

Authorized Shares: 200 million

HFC Bank Ltd

HFC Bank (Ghana) Limited, is one of the leading financial institution in Ghana. It offers one-stop financial services that include Corporate, Commercial and Retail Banking; Investment Banking; Mortgage Banking and Micro Finance. These services make HFC Bank arguably the most diversified universal banking institution in the Ghanaian Banking industry and was listed on the Ghana Stock Exchange on March 17, 1995.

The total issued shares of HFC Bank at end of 2012 was 296.36 Million shares with a market capitalization of GH¢133.36 Million. Ordinary shares of HFC Bank as at end of the half year 2015 was 297.36 Million shares with a market capitalization of GH¢475.78 Million.

The share price of HFC Bank registered a price appreciation of 6.67% for the period January to June 2015. The opening price as at January 2015 was GH¢1.50 and the price as at June 2015 was GH¢1.60.

Symbol: HFC

Stated Capital: GH¢ 95,000,624

Issued Shares: 297.42

Authorized Shares: 1,000,000,000

Hords Ltd

Hords Limited is an agro-processing company that adds value to the various agricultural products such as cocoa, cassava, soya and other non-food products in Ghana.

Hords is a member of the Association of Ghana Industries (AGI).

With a strong and vibrant management team, Hords is fast becoming one of the major food and household processing companies in the country.

Symbol: HORDS

Issued Shares: 114.95

Mechanical Lloyd Company Ltd

Mechanical Lloyd Company Limited is a fully owned Ghanaian company established in August 1970 and listed on the Ghana Stock Exchange since 10th May, 1994. It is an automobile company which currently holds franchises for BMW and Ford vehicles as well as Massey Ferguson agricultural machinery. It has held these franchises for over 10 years.

Mechanical Lloyd has two offices in Accra with its head office located in the South Industrial Area in Accra with branches in the Ashanti Region- Kumasi, Western Region- Takoradi and Northern Region- Tamale. These branches have been strategically positioned to take care of customers across the country.

Symbol: MLC

Issued Shares: 50.10

Authorized Shares: 100 Million

Mega African Capital Limited

Mega African Capital is a long-term private investment company which targets high net-worth investors looking for African opportunities to generate high returns. The company’s primary objective is to provide long-term capital growth through investments in African securities. It is owned by the Accra-based private investment services company OAK Partners.

Mega African Capital (MAC) was listed on April 23, 2014 and currently ranks 12th on the Ghana Stock Exchange in terms of returns to investors with a year-to-date return of zero percent. Following MAC are EGL (-0.42%), GGBL (-7.98%), and SIC (-8.33%). Shareholders were excited that they had gained 1% on their investments when dividends were last paid to them by Mega African Capital Limited.

Symbol: MAC

Issued Shares: 9.95

Meridian-Marshalls Holdings

As part of Marshalls pursuit to become the Ivy League university in the next 10 years, these three educational institutions namely; Meridian Pre-University, Marshalls and High Point Academy has been grouped under the umbrella of Meridian-Marshalls Holding (MMH), creating a very dominant and ideal educational synergy, the first of its kind, to be listed on the Ghana Stock Exchange (GSE). MMH brings on to the Digital Board of the GSE a wide spectrum of educational investment from the Post-Secondary, to Diploma and to the Degree Levels.

The initiative of Meridian-Marshalls Holding to list on the Ghana Stock Exchange received a very major boost on the 16th of January 2014 when the management of the Ghana Stock Exchange at its Performance Review Session of the year 2013 made mention of the progress Meridian-Marshalls Holding has made toward listing on the Ghana Alternative Exchange (GAX), the platform for New Market dedicated for small and medium size companies and start-ups.

The Company, being the first to list an educational institution on the GSE, seeks to raise a total of GH¢2.5 million through the issuance of 25 million new ordinary shares at 10 Pesewas per share.

Symbol: MMH

Issued Shares: 96.08

NewGold Issuer Limited

NewGold Issuer Ltd is a special purpose company registered in South Africa. The company is set up to issue Gold Bullion Securities. Gold Bullion Securities are designed to track the spot gold price less fees. GBS provides investors the opportunity of investing in the gold bullion market without the necessity of taking physical delivery of gold.

NewGold debentures are listed on the Johannesburg Stock Exchange (JSE), with secondary listings in Botswana (BSE), Nigeria (NSE), Mauritius (SEM), Namibia(NSX) and Ghana (GSE). They’re easily obtained through a member stockbroker in the relevant jurisdiction, through Absa internet banking portal and additionally in South Africa through the Investment Plan administered by Absa Investment Management Services (AIMS).

Symbol: GLD

Issued Shares: 0.40

Pioneer Kitchenware Ltd

Pioneer Kitchenware Limited (PKL) is one of the leading manufacturers of aluminum hollow ware products in Ghana, and within the West Africa sub-region. PKL, previously known as Pioneer Aluminum Factory, was incorporated in Ghana by its Swiss founder in 1959.

On August 25th 1995, the company went public on the Ghana Stock Exchange. In August 2006, the company’s name was changed to Pioneer Kitchenware Limited to reflect the new strategic focus being pursued by the company. SAS Finance Group owns over 70% of PKL.

Symbol: PKL

Stated Capital: GH¢ 866,201

Issued Shares: 33.34

Authorized Shares: 100,000,000

Produce Buying Company Ltd

Produce Buying Company was formed on November 13, 1981 and is one of the biggest dealers in cocoa, sheanut and other cash crop in the West Africa sub-region. They were listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index on May 17, 2000.

Produce Buying Company purchases high quality cocoa beans/sheanuts from farmers and prepares, stores them in purpose-built sheds at village/society level and ensures prompt delivery of the graded and sealed stocks to designated Take Over Centers collection points in the most efficient and profitable manner for inspection, grading and sealing by the Ghana Cocoa Board’s Quality Control Department.

Currently, PBC Ltd belongs to Ghana’s most prestigious 100 companies club known as “Best 100 Companies League” (Ghana Club 100), which other companies look up to in their desire to attain commendable performance levels.

Symbol: PBC

Stated Capital: GH¢ 4,914,377

Issued Shares: 480.00

Authorized Shares: 20,000,000,000

PZ Cussons Ghana Ltd

PZ Cussons is a multinational consumer goods business. They manufacture and distribute some of the most familiar household brands in the world, from Imperial Leather to Cussons Baby and Morning Fresh. They operate in four core categories – personal care, home care, food and nutrition and electricals.

pz cussons products, ghana stock exchange, gse listingPZ Cussons Ghana Limited is one of the early Companies that was first listed on the Ghana Stock Exchange (GSE) at the inception of the stock exchange in the early 1990s (Provisional – November 12, 1990; Formal – August 23rd, 1991).

The Company, which started operations in the then Gold Coast in the 1930s, begun as a trading concern which imported goods from Europe for distribution and sale in the Gold Coast and West Africa as a whole. The Company also engaged in the export of produce from the West African region to Europe.

Symbol: PZC

Stated Capital: GH¢ 2,160,000

Issued Shares: 168.00

Authorized Shares: 200,000,000

Sam Wood Ltd

Sam wood Limited was incorporated on the 16 of October 1984. The company is involved in the field of Publishing of all kinds. Printing and related businesses are the other functions of Sam Wood Limited. The company was listed on the Ghana Stock Exchange on the 24 of April 2002.

Symbol: SWL

Stated Capital: GH¢ 220,990

Issued Shares: 21.83

Authorized Shares: 100,000,000

Samba Foods Ltd

SAMBA Foods Limited is a Ghana-based company, which is principally engaged in the food processing and preservation business. The Company specializes in the condiments and seasoning market based in Tema in the Greater Accra Region of Ghana. The Company offers various products, which include Peanut Butter, Roasted Groundnuts and Pepper (Shito) Sauce.

SAMBA Foods is a member of the Association of Ghana Industries (AGI). The Company was founded by the Sole Shareholder. By a special resolution dated 28th October 2014, the company was converted from a private limited liability company to a public limited liability company and adopted new Regulations.

The Company sorts, fries and mills peanuts into fine quality Peanut Butter Paste as a component (intermediary product) for the production of Choc Delight. The Company grades, sorts and roasts peanuts for further production into chocolate pebbles.

The Company’s Pepper (Shito) Sauce is offered in various sizes, including approximately 350 grams, approximately 450 grams and approximately 650 grams. The Company’s food production and processing facility is located within the West Coast Dyeing Industries compound, Heavy Industrial Area, Tema.

Symbol: SAMBA

Stated Capital: GH¢ 250000

Issued Shares: 5.98

SIC Insurance Company Limited

SIC Insurance Company Limited is one of the oldest non-life insurance companies in Ghana. It traces its roots to the year 1955, when the Gold Coast Insurance Company was established. It was renamed Ghana Insurance Company in 1957, when Ghana attained independence.

In accordance with the provisions of the current insurance legislation, the Insurance Act, 2006, SIC has duly separated its general business from the life business with the incorporation of SIC Life Limited.

By a special resolution, SIC transferred the life business and assets to SIC Life Limited and in consideration of that 80,000,000 ordinary shares were issued to the Government of Ghana. The company was listed on the Ghana Stock Exchange (GSE) on 25 January, 2008.

SIC Insurance is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25%. The company exceeds the minimum stated capital requirement of US$1 million (GH¢1.42 million) set by the National Insurance Commission of Ghana

Symbol: SIC

Stated Capital: GH¢ 2,500,000

Issued Shares: 195.65

Authorized Shares: 500,000,000

Societe Generale Ghana Limited

Societe Generale Ghana Limited (SG),founded in 1975 is a bank that is based in Ghana, previously known as Société Générale – Social Security Bank (SG-SSB). The bank is part of the Société Générale banking group.

The company was listed on the Ghana Stock Exchange on October 13, 1995. The bank’s name was changed to SSB Bank Ltd in 1998. In March 2003, Société Générale of France acquired a controlling interest in SSB Bank Ltd.

societe generale ghana, ghana stock exchange, gse listing

On March 31st 2004, the Company’s name was changed to SG-SSB Limited to reflect the new strategic focus being pursued by the Company. However, in 2013, shareholders of the bank approved for the bank’s name to be changed to Societe Generale Ghana Limited.

Symbol: SOGEGH

Stated Capital: GH¢ 62,393,557.80

Issued Shares: 429.06

Authorized Shares: 500 million

Standard Chartered Bank Ghana Ltd

Standard Chartered Bank Ghana Limited is a market – leading financial services brand in Ghana, listed on the Ghana Stock Exchange on the following dates;

Provisional: November 12, 1990

Formal: August 23, 1991

Listing of Preference Shares: Feb. 16, 2006.

It has operated for 118 years in the country and is currently the highest priced stock on the exchange.

The Bank’s focus and commitment to developing deep relationships with clients and customers have driven its consistent growth in recent years.

With a current network of 27 branches and 56 ATMs across Ghana, Standard Chartered offers exciting product propositions for customers and clients as well as career opportunities for more than 1,000 staff in Ghana.

Symbol: SCB

Issued Shares: 115.51 Ordinary Shares, 17.48 Pref. Shares

Authorized Shares: 250 million – Ordinary

Starwin Products Limited

Starwin Products Limited a Ghana-based company, which is engaged in manufacturing, sale, import and export of pharmaceutical products and drugs of any kind. The Company operates in Ghana within the Ashanti region, Central region, Greater Accra region, Northern region, Western region, Easter Region, Brong Ahafo region and Volta region. The Company is a subsidiary of Dannex Limited.

Starwin Products Limited traces its history to 1960 when Sterling Products International (SPI) an American pharmaceutical company incorporated a subsidiary in Ghana. The company, Sterling Products Ghana Limited (SPGL) operated as a fully owned subsidiary of the parent company until 1976 when fifty percent of its shares were acquired by a group of Ghanaian investors.

The Ghanaian group eventually bought the remaining shares of the company in 1987 and subsequently changed the name to Starwin Products Limited. The company was listed on the Ghana Stock Exchange on 29th December 2004.

Symbol: SPL

Stated Capital: GH¢ 1,982,028

Issued Shares: 259.81

Authorized Shares: 500,000,000

Total Petroleum Ghana Ltd

Total Petroleum Ghana Limited (TPGL) is part of the global Total group, which is the fifth largest publicly-traded integrated international Oil and Gas Company in the world with presence in over 100 countries. TOTAL was listed on the Ghana Stock Exchange on 19th July, 1991.

TOTAL’s operations in Ghana have spanned 50 years. The Company made its first entry into Ghana as TOTAL Oil Products. TOTAL has undergone various transformations. TOTAL took over the British Petroleum through Elf Oil and French TOTALfinaElf. This was followed by a global merger of TOTAL and Elf; and ultimately the incorporation of TPGL when TOTAL acquired Mobil in Ghana.

Symbol: TOTAL

Issued Shares: 111,874,072

Authorized Shares: 50,000,000

Transol Solution Ghana Ltd

Transol Solutions Ghana Limited is a leading provider of electronic funds transfer infrastructure and support services, third party payments, automated teller machine services, prepaid voucher, and top-up products. It was incorporated as a private company limited by shares on July 8, 2002.

The company was wholly owned by Mr. Paul Jacquaye when it commenced business in 2003. Transol adopted new company regulations and was subsequently made a public company. It was listed on the Ghana Stock Exchange on December 29, 2006.

Symbol: TRANSOL

Stated Capital: GH¢ 2,150,000

Issued Shares: 80.00

Authorized Shares: 1,000,000,000

Trust Bank Limited (The Gambia)

Trust Bank (Gambia) Limited, commonly known as Trust Bank Limited (TBL), but also referred to as Trust Bank (Gambia), is a private commercial bank in the Gambia. It is one of the fourteen (14) commercial banks licensed by the Central Bank of the Gambia, the national banking regulator.

Trust Bank Limited was founded in 1997 by private investors, with the objective of offering banking services to local and International individuals and businesses in a timely, professional, courteous manner, in a profitable framework. At its inception, Trust Bank acquired the assets and liabilities of the defunct Meridian Biao (Gambia) Bank. In 2002, the shares of stock of Trust Bank Gambia Limited were listed on the Ghana Stock Exchange (GSE) on 15 November.

Symbol: TBL

Stated Capital: DALASIS 200,000,000

Issued Shares: 200.00

Authorized Shares: 200,000,000

Tullow Oil Plc

Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom.

tullow oil, gse, ghana stock exchangeTullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom. Tullow’s main production comes from six countries in Africa as well as the Southern North Sea and Asia. Ghana’s offshore Jubilee oil field which was discovered in 2007 and started production in December 2010 is Tullow’s largest discovery.

Tullow has a primary listing on the London Stock Exchange and is a constituent of the FTSE 250 Index. It has a market capitalization of approximately £2.75 billion as of 15 July 2015. It has secondary listings on the Ghana Stock Exchange (27 July 2011) and Irish Stock Exchange.

Symbol: TLW

Stated Capital: GH¢ 109,477,926

Issued Shares: 906.96

Unilever Ghana Limited

Unilever Ghana (GSE: UNIL) is the largest producer and retailer of consumer goods in Ghana. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index (Provisional: November 12, 1990 Formal: August 23, 1991). It formed on July 14, 1992 with a merger of UAC Ghana Limited and Lever Brothers Ghana Limited.

Unilever Ghana Limited supplies fast moving consumer goods across foods, home and personal product categories in Ghana. The Company’s Foods category manages brands in four groups: savory and dressings, which includes sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and olive oil; spreads and cooking products, which includes sales of margarines, spreads and other cooking products; beverages, which include the sales of tea, weight management products and nutritionally enhanced staples.

Symbol: UNIL

Issued Shares: 62.50

Authorized Shares: 100 million

UT Bank Limited

UTB is a medium-sized financial services provider headquartered in Ghana with subsidiaries in West Africa and Western Europe. The bank’s total assets in December 2011 were valued at approximately US$378.4 million (GH¢ 712.9 million), with shareholders’ equity of approximately US$32.5 million (GH¢ 61.23 million).

In 1997, Joseph Nsonamoa and Prince Kofi Amoabeng co-founded the financial services and then renamed it Unique Trust Financial Services. UT Financial Services was a non-bank financial services provider (NBFI), in Ghana, which was incorporated in 1997.

Over time, the NBFI acquired subsidiaries and was listed on the Ghana Stock Exchange, under its holding company, UT Holdings Limited. On 14 August 2017, the Bank of Ghana announced the takeover of UT Bank by GCB Bank. Due to this, UT Bank have been removed from the stock market.

Symbol: UTB

Issued Shares: 456.31

Authorized Shares: 750,000,000

How to list on the Ghana Stock Exchange

A company is said to be listed when its securities are approved to be bought and sold on the Stock Exchange. Newly issued shares cannot trade in the Over-The-Counter (OTC) Market before getting listed on the GSE, you need to communicate this intention early to the Ghana Stock Exchange and work with the Exchange’s listing requirements before the public flotation.

How does your company get listed?

1. First shareholders must meet and agree (pass a resolution) to change from a private company to a public one limited by shares.

2. The company with the help of external solicitors or in-house lawyers prepares a new company regulations which conform to that of the Companies Code and also meet the listing requirements of the Ghana Stock Exchange.

3. The new Regulations are discussed with the GSE and if found satisfactory, filled with the Registrar of Companies.

4. The company’s board will also have to appoint a team of advisors to assist the company to prepare its offer document. The team will include brokers, lawyers, reporting accountants, financial valuation advisors, etc.

5. The draft reports of the advisors are then discussed. Key decisions such as the price of the share to be sold, the proportion of shares of the company to be sold, etc. will have to be taken by the shareholders.

6. An application to list on the Ghana Stock Exchange will have to be submitted and at the same time the draft public offer prospectus will have to be submitted to the Securities & Exchange Commission (SEC) for approval.

7. Once the regulatory approvals in (6) are obtained, a date is set for the launch of the public offer.

8. At the end of the offer, if it is successful, allotment is done and applicants are advised.

9. The company then agrees on a date for the commencements of trading its shares on the GSE.

Can your company qualify for listing?

There are certain requirements that a company must meet in order to qualify for listing on the Exchange. These requirements are stipulated in the GSE Rules Book. Many companies will meet these qualifications. To make it possible for many companies to list on the Exchange, there two lists with fairly easy requirements:

  • The first official list (FOL or Main Board).
  • The Ghana Alternative Market (GAX).

Ghana Stock Exchange listing fees

A company applying for listing on the Main Board of any class of its shares is, as a general rule, expected to meet the following requirements:

1. Minimum Stated Capital: It must have a stated capital after the public floatation of at least GHc1million in the case of an application relating to the First Official List and GH¢0.25 million for the GAX.

2. Minimum Public Float: Shares issued to the public must not be less than twenty-five per cent (25%) of the number of issued shares of the company.

3. Payment of Shares: Shares must be fully paid for: Except in very exceptional circumstances, the Exchange will refuse listing in respect of partly paid shares.

4. Spread of Shares: The spread of shareholders existing at the close of an offer should be in the GSE’s opinion adequate with at least 100 shareholders after the public offer for the Main Board and 20 for the GAX.

Listing requirement for debt securities

A company or institution seeking the admission of debt securities to the GSE may be considered for such admission if the security concerned has a total issue amount of not less than GH¢1 million face value of there are at least 50 holders of such securities.

In the case of government securities, there is no prescribed minimum in respect of either amount of issue or number holders to permit admission to the GSE’s list.

Debt securities for which listing is sought shall be created and issued pursuant to a Trust Deed duly approved by Securities and Exchange Commission.

Ghana Stock Exchange listing rules

The listing Rules specify the information that is to be provided in an original listing application. The application requires information in the following areas:

1. Background of the company – (history, type of business)

2. Capitalization and share distribution – (authorized and issued capital, distribution of shareholding, etc)

3. Directors and key management staff

4. Long-term and funded debt – financing arrangement interest rates, maturity dates, etc.)

5. Investments and properties;

6. Competition and industry;

7. Profit and loss record for three years or one year as the case may be;

8. Dividend records and;

9. Other information – (fiscal year end, date of annual meeting, pending legal actions, etc.)

10. A copy of the prospectus submitted to the SEC.

The objective of all the information requirement is to provide sufficient information to investors on a consistent basis so that they can make informed investment decision.

It is the responsibility of the sponsoring Licensed Dealing Member to verify all the information provided by the company and then file with the Exchange all the necessary documentation to support the application.

Download GSE Listing Rules

Listing Rules 1

Listing Rules 2

All stats and are from the Ghana Stock Exchange (GSE) Website.

The video below is a public lecture on the Ghana Stock Exchange (GSE) on its 25th Anniversary

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