The Central Securities Depository (CSD) is positioning Ghana’s capital market for greater participation by diaspora and international investors as it accelerates the digitalisation of investor services and upgrades its market infrastructure.
The move is expected to reduce some of the barriers associated with accessing Ghana’s securities market remotely, while improving the identification of investors and companies participating in transactions.
Speaking at the launch of InvestorConnect, the CSD’s new digital investor platform in Accra, Chief Executive Officer Joseph Lartey said the institution’s transformation agenda was aimed at connecting Ghana’s capital market with investors beyond the country’s major commercial centres.
“Our journey continues from Accra to the remotest part of our country and from Ghana to the world,” he said.
InvestorConnect has been integrated with the National Identification Authority (NIA) database to enable real-time verification of Ghanaian investors during the account-opening process.
The integration is also expected to improve the quality of investor information and reduce problems associated with duplicate or dormant accounts.
Ghana Stock Exchange Managing Director Abena Amoah said the identity verification system had helped the market identify and remove duplicate and dormant accounts during the migration from the previous system.
She said every individual opening a securities account would be verified against a trusted identity source, strengthening the accuracy of investor records.
The digital infrastructure is particularly relevant as Ghana seeks to widen participation in the capital market beyond investors who can physically access financial institutions or market operators.
Bank of Ghana Governor Dr Johnson Pandit Asiama said digital access could help address the concentration of capital-market participation in major commercial centres across Africa.
He, however, stressed that expanding digital access must be accompanied by strong safeguards for investor information, reliable authentication systems and effective mechanisms for resolving complaints.
“Investor education belongs on the same list. Digital access is valuable, but it must be accompanied by a clear understanding of investment products, risks and responsibilities,” he said.
Beyond InvestorConnect, the CSD is working to strengthen the market infrastructure required to connect Ghana more closely with international financial markets.
Mr Lartey said the CSD was preparing to issue Legal Entity Identifiers (LEIs) for companies in Ghana, which would provide globally recognised identification for legal entities participating in financial transactions.
An LEI is a unique 20-character code used to identify companies and organisations involved in financial transactions. Its adoption would help market participants and regulators distinguish entities more accurately, particularly where companies operate across different jurisdictions.
The CSD is also pursuing greater use of application programming interfaces (APIs) to connect its infrastructure with financial institutions, fintech companies, market operators and other service providers.
According to Mr Lartey, the increased use of APIs would allow market data and services to move more efficiently across the financial ecosystem while supporting automation and the development of new financial services.
The developments form part of the CSD’s broader effort to move beyond its traditional role in securities custody and settlement towards becoming a more technology-driven market infrastructure provider.
Mr Lartey said the transformation would continue beyond the launch of InvestorConnect, with the long-term objective of making Ghana’s capital market more accessible, connected and responsive to investors.
For the CSD, the expansion of digital access therefore represents not only a technology upgrade but also an attempt to widen the investor base and strengthen Ghana’s links with the international financial system.
