The Managing Director of the Ghana Stock Exchange (GSE), Ms. Abena Amoah, has appealed to government to restore the capital gains tax on listed securities back to zero, describing it as a crucial step to rekindle investor confidence and inject fresh momentum into Ghana’s capital market.
Delivering her remarks at the 10th Anniversary celebration of the Ghana Fixed Income Market (GFIM) in Accra, Ms. Amoah said reinstating the zero-rated tax regime would make Ghana’s capital market more competitive and attract both domestic and foreign investors at a time when the economy needs long-term growth capital.
She noted that while the GSE has been among Africa’s best-performing exchanges over the past two years, the market’s continued progress depends heavily on supportive policy actions from government and regulators.
“Our capital market has proven its resilience and potential. However, to soar higher, we need the right support from policymakers, regulators, and market participants. A review of the capital gains tax on listed securities back to zero will be a strong signal to investors and help deepen market liquidity,” she emphasized.
Push for State-Owned Enterprises to List
The GSE boss also called on Cabinet to approve the listing of viable State-Owned Enterprises (SOEs) on both the GFIM and the main exchange to raise capital and promote improved corporate governance.
According to her, this move will not only enhance transparency and efficiency within public enterprises but also broaden the investment options available to domestic investors.
“The listing of viable SOEs will raise capital for national development and introduce stronger accountability frameworks, which will in turn improve operational performance,” she added.
Promoting Bond-Backed PPPs and Municipal Bonds
Ms. Amoah further advocated for the promotion of bond-backed Public-Private Partnerships (PPPs) and the issuance of municipal bonds as innovative financing mechanisms for infrastructure development.
She explained that such financing models can help bridge Ghana’s infrastructure gap while providing long-term, low-risk investment opportunities for pension funds and institutional investors.
Incentives for Multinationals
In addition, the GSE Managing Director urged government to create incentives for multinationals to localise their ownership through the Ghana Stock Exchange, thereby ensuring greater participation of Ghanaians in the equity of companies operating in the country.
“Encouraging multinational firms to list locally will foster inclusive growth and allow ordinary Ghanaians to own shares in some of the largest and most profitable companies operating within our borders,” she said.
Harnessing Pension Assets for Development
Ms. Amoah drew attention to Ghana’s growing pension fund assets, which have surpassed GHS100 billion, stressing the need to channel these long-term funds into productive investments through the capital market.
“With pension assets seeking investible opportunities, and both government and businesses looking for patient capital, the Ghana Stock Exchange stands ready to facilitate this connection,” she stated.
Building “The Market for Capital”
The GSE MD concluded that with these strategic interventions, policy reforms, infrastructure bond promotion, and incentives for listings, the capital market can truly become “the Market for Capital,” serving as the engine for Ghana’s sustainable economic transformation
