Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the SEC Ghana licence decision, including banking and payment rails.
Get an investment license in Ghana.
Ghana licenses by regulated activity under the Securities Industry Act 2016 (Act 929), as amended by Act 1062 in 2021: investment adviser at GHS 1,000,000 paid-up capital, broker-dealer at GHS 1,500,000, fund manager at GHS 2,000,000, custodian at GHS 50,000,000, primary dealer at GHS 400,000,000 - the Licensing Guidelines 2020 schedule that the Financial Resources Guidelines 2025 keep in force. The Commission answers within 90 days of a complete file (Licensing Guidelines 13(1)). Four licensed representatives, a CEO and a compliance officer among them, a board of at least three with a third independent, and a liquid-capital floor phased in to December 2026. A 25% corporate rate, 8% on dividends, and 319 entries on the licensee register.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Ghana in brief
A ninety-day clock, cedi floors, and a liquid-capital rule phased to December 2026.
The Securities Industry Act 2016 (Act 929), amended by the Securities Industry (Amendment) Act 2021 (Act 1062), is the statute; the working rules sit in guidelines made under its section 209. The Securities Industry (Licensing) Guidelines 2020 - SEC/GUI/005/10/2020, issued 8 October 2020 - list the regulated activities in Schedule 4 and price each in cedis: broker-dealer GHS 1,500,000, fund manager GHS 2,000,000, corporate investment adviser GHS 1,000,000, individual investment adviser GHS 200,000, issuing house GHS 1,000,000, underwriter GHS 2,500,000, market maker GHS 3,000,000, custodian and trustee GHS 50,000,000, primary dealer GHS 400,000,000. Those remain the paid-up floors: paragraph 5(1) of the Financial Resources Guidelines 2025 (SEC/GUI/002/08/2025, 12 August 2025) says exactly that. A broker-dealer executes and deals; discretionary portfolio management for clients is the fund manager licence, a separate one; collective investment schemes are licensed again on top and must be run by a licensed fund manager.
The 2025 guidelines add a second floor: liquid capital equal to the highest of 50% of minimum capital, 25% of the expense base or 10% of adjusted liabilities (paragraph 7(2)), with Schedule 1 fixing GHS 750,000 for a broker-dealer, GHS 1,000,000 for a fund manager and GHS 250,000 for a corporate adviser - existing operators reach 50% by December 2025, 75% by June 2026 and 100% by December 2026 (paragraph 48). The Commission decides within ninety days of lodging, the clock restarting from any further information it requests under section 111(2) of the Act (Licensing Guidelines 13(1)). Its directory holds 319 entries: 34 broker-dealers, 83 fund managers, 9 investment advisers, 19 custodians, 10 primary dealers, and the funds themselves. The market is 34,378,768 people on the 2026 projection, the corporate rate 25%, and dividends bear 8%. What the guidelines leave to the Commission is the application fee, so we confirm it before filing. Built from Accra.
Licensed by activity under Act 929 as amended by Act 1062: adviser GHS 1,000,000, broker-dealer GHS 1,500,000, fund manager GHS 2,000,000 paid-up (Licensing Guidelines 2020, Schedule 4), liquid capital on top from 2025, four representatives, decision within 90 days of a complete file.
25% corporate tax, 8% dividend withholding, 2026 levies of GHS 15,000-25,000; 319 register entries in a market of 34.4 million. Built end to end from Accra.
The two builds
The GHS 1 million adviser - or the fund manager and broker-dealer.
Schedule 4 prices the model: advice alone at GHS 1,000,000 paid-up (GHS 200,000 for an individual); discretionary management as a fund manager at GHS 2,000,000; execution and dealing as a broker-dealer at GHS 1,500,000 - each with its own liquid-capital floor from 2025 and its own annual levy. We fix the activity first, then build to the 90-day clock.
The GHS 1m adviser - or the GHS 2m fund manager and GHS 1.5m broker-dealer.
01 - INVESTMENT ADVISER
The advice-only licence
Corporate investment adviser at GHS 1,000,000 paid-up capital and GHS 250,000 minimum liquid capital, or the individual licence at GHS 200,000 and GHS 100,000 - Form 1 or Form 2, four representatives for a company, a GHS 15,000 annual levy in 2026 and the same 90-day decision clock as every other operator.
Corporate investment adviser at GHS 1,000,000 paid-up capital and GHS 250,000 minimum liquid capital, or the individual licence at GHS 200,000 and GHS 100,000 - Form 1 or Form 2, four representatives for a company, a GHS 15,000 annual levy in 2026 and the same 90-day decision clock as every other operator.
- ✓Corporate adviser - GHS 1,000,000 paid-up
- ✓Individual adviser - GHS 200,000 (Form 2)
- ✓Liquid capital GHS 250,000 corporate · 100,000 individual
- ✓Annual levy GHS 15,000 (2026)
- ✓Decision within 90 days - Guidelines 13(1)
- ✓9 investment advisers on the register today
02 - FUND MANAGER · BROKER-DEALER
GHS 2,000,000 · GHS 1,500,000 paid-upThe manager or the dealer
Discretionary portfolio management and CIS management as a fund manager at GHS 2,000,000 paid-up and GHS 1,000,000 liquid; execution and dealing as a broker-dealer at GHS 1,500,000 and GHS 750,000 - client money in a trust account at a Bank of Ghana-licensed bank (Conduct of Business Guidelines 22(2)-(3)), a licensed custodian for the manager, levies of GHS 25,000 and GHS 15,000.
Fund manager at GHS 2,000,000 and broker-dealer at GHS 1,500,000 paid-up, liquid floors of 1,000,000 and 750,000, client trust account and licensed custodian.
- ✓Fund manager - GHS 2,000,000 · liquid 1,000,000
- ✓Broker-dealer - GHS 1,500,000 · liquid 750,000
- ✓Client trust account - CoB Guidelines 22(2)-(3)
- ✓Licensed custodian for fund managers
- ✓Annual levy GHS 25,000 manager · 15,000 dealer
- ✓83 fund managers · 34 broker-dealers licensed
Costs and timelines are confirmed for your case before any work begins. The application and licence fees are set by the Commission from time to time outside the guidelines; we obtain the current figure from the SEC before filing.
Why Ghana
Six reasons founders file in Accra.
Ghana prints its clock, its floors and its levies - and its 2025 liquid-capital rule is the thing to plan for.
✓
A 90-day clock in writing
Licensing Guidelines 13(1): the Commission decides within ninety days of lodging, counted afresh from any further information requested under section 111(2) of Act 929 - a rule, not a hope.Guidelines 13(1), in writing.
✓
Cedi floors from a schedule
GHS 1,000,000 for an adviser, 1,500,000 for a broker-dealer, 2,000,000 for a fund manager - Schedule 4 of the 2020 guidelines, confirmed as the operative floors by the 2025 Financial Resources Guidelines.GHS 1m, 1.5m, 2m.
✓
A market of 34.4 million
34,378,768 people on the Ghana Statistical Service's 2026 projection, served by 34 broker-dealers and 83 fund managers on a register of 319 entries.2026 projection.
✓
25% and 8%
A 25% general corporate rate under the Income Tax Act 2015 (Act 896) and 8% withholding on dividends to residents and non-residents alike - rates on the Revenue Authority's own pages.On the GRA's pages.
✓
Levies you can budget
Annual market-operator levies for 2026: GHS 15,000 for a broker-dealer or adviser, GHS 25,000 for a fund manager, GHS 80,000 for a custodian - published, not negotiated.GHS 15,000-25,000 a year.
✓
The liquid-capital rule
From 2025 a second floor: the highest of 50% of minimum capital, 25% of the expense base or 10% of adjusted liabilities. Existing operators phase in to December 2026; a new applicant budgets for the full figure.Second floor from 2025.
How it compares
How Ghana differs from other routes.
The honest comparison: a printed clock and cedi floors - against a bigger neighbour with no clock, a regional peer with none either, and the smallest floors on the continent with a thirty-day rule.
Ghana vs other jurisdictions
| Feature |  Ghana | Other jurisdictions |
|---|---|---|
| Regime | Act 929 as amended by Act 1062 - SEC Ghana | ISA 2025 Nigeria · Cap. 485A Kenya · Law 01/2011 Rwanda |
| Capital | GHS 1m adviser · 1.5m broker-dealer · 2m fund manager | NGN 5m-300m Nigeria · KES 20m-150m Kenya · RWF 5m-200m Rwanda |
| Scope | Domestic market, no passport | Domestic only - EAC harmonisation, no passport |
| Timeline | 90 days from a complete file | None Nigeria · none Kenya · 30 calendar days Rwanda |
Regime
GhanaAct 929 as amended by Act 1062 - SEC Ghana
Other jurisdictionsISA 2025 Nigeria · Cap. 485A Kenya · Law 01/2011 Rwanda
Capital
GhanaGHS 1m adviser · 1.5m broker-dealer · 2m fund manager
Other jurisdictionsNGN 5m-300m Nigeria · KES 20m-150m Kenya · RWF 5m-200m Rwanda
Scope
GhanaDomestic market, no passport
Other jurisdictionsDomestic only - EAC harmonisation, no passport
Timeline
Ghana90 days from a complete file
Other jurisdictionsNone Nigeria · none Kenya · 30 calendar days Rwanda
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Ghana | SEC market operator licence | 25% · 8% dividend WHT | GHS 1m / 1.5m / 2m · 4 representatives · 90 days |
 Nigeria | SEC CMO registration | 30% · 0% small cos 2026 | NGN 5m adviser · 150m manager · 300m broker/dealer · no clock |
 Kenya | CMA licence - 2025 Regulations | 30% resident · 37.5% non-resident | KES 20m fund manager · 50m stockbroker · 150m investment bank · no clock |
 Rwanda | CMA Rwanda licence - Reg. 01/2012 | 28% CIT | RWF 5m adviser · 10m broker · 20m manager · 30 calendar days |
GhanaLicense typeSEC market operator licence
Taxation25% · 8% dividend WHT
RequirementsGHS 1m / 1.5m / 2m · 4 representatives · 90 days
NigeriaLicense typeSEC CMO registration
Taxation30% · 0% small cos 2026
RequirementsNGN 5m adviser · 150m manager · 300m broker/dealer · no clock
KenyaLicense typeCMA licence - 2025 Regulations
Taxation30% resident · 37.5% non-resident
RequirementsKES 20m fund manager · 50m stockbroker · 150m investment bank · no clock
RwandaLicense typeCMA Rwanda licence - Reg. 01/2012
Taxation28% CIT
RequirementsRWF 5m adviser · 10m broker · 20m manager · 30 calendar days
Before you apply
Requirements for the Ghana licence.Requirements for the licence.
The Commission licenses a company with people it can name and capital it can count. The checklist below is what a Form 1 application contains.
01
Ghanaian entity - a corporate body under the Companies Act 2019 (Act 992) or the Incorporated Private Partnerships Act 1962 (Act 152) (Licensing Guidelines 6(2)); only an individual adviser applies on Form 2.
02
Paid-up capital - GHS 1,000,000 for a corporate investment adviser, GHS 1,500,000 for a broker-dealer, GHS 2,000,000 for a fund manager (Schedule 4 of the 2020 guidelines), not impaired by losses (Financial Resources Guidelines 5(2)).
03
Liquid capital - the highest of 50% of minimum capital, 25% of the expense base or 10% of adjusted liabilities (paragraph 7(2)), and never below Schedule 1's GHS 250,000, 750,000 or 1,000,000.
04
Board - at least three directors, at least one third independent non-executive, a chairman who is not the CEO (Conduct of Business Guidelines 6(1), 6(4), 6(5)), a majority with qualifications in banking, law, accountancy, economics or securities (Licensing Guidelines 6(10)).
05
Representatives - at least four licensed on Form 3, the CEO and an independent compliance officer among them (Licensing Guidelines 6(9); Conduct of Business Guidelines 13(1)), with GISI training.
06
Shareholders - every holder of 5% or more disclosed and tested as fit and proper; no foreign-ownership cap appears in the guidelines, which contemplate applicants incorporated outside Ghana.
07
Client money - held separately in a client trust account at a bank licensed by the Bank of Ghana (Conduct of Business Guidelines 22(2)-(3)), client assets segregated (23(2)), a licensed custodian for a fund manager.
08
Control functions - risk management (paragraph 11), internal audit (paragraph 15) and an AML/CFT programme, with premises specified in the licence and branches approved (Licensing Guidelines 6(5), 12(8)).
09
The file - Form 1, a Form 3 per representative, three years' audited accounts, a business plan and a GRA tax clearance certificate (2026 broker-dealer checklist).
10
Fees and levies - the application fee as prescribed by the Commission, confirmed before filing; then the 2026 annual levy of GHS 15,000 (broker-dealer, adviser) or GHS 25,000 (fund manager).
01
Act 992 company.
02
Schedule 4 paid-up capital.
03
Liquid capital - para 7(2).
04
Three directors, third independent.
05
Four representatives on Form 3.
06
5% holders disclosed.
07
Client trust account.
08
Risk, audit, AML/CFT.
09
Form 1, accounts, tax clearance.
10
Fee confirmed, levy budgeted.
Reflects Act 929 as amended by Act 1062, the Licensing and Conduct of Business Guidelines 2020 and the Financial Resources Guidelines 2025, as of 2026.Act 929 + 2020 and 2025 guidelines, as of 2026.
How it works
From first call to the SEC Ghana licence.
01
Activity and floor
Adviser, fund manager or broker-dealer - Schedule 4 floor, liquid-capital figure and 2026 levy fixed in writing.Fixed in writing.
02
Company and board
Act 992 company, capital paid up and unimpaired, three directors with one third independent, chairman not CEO.Capital unimpaired.
03
Representatives
Four Form 3 representatives including CEO and an independent compliance officer, GISI-trained.Four, GISI-trained.
04
Form 1 and the 90 days
Application lodged complete with accounts, business plan, AML/CFT programme and tax clearance - the Commission's clock runs from a complete file.Complete at lodging.
05
Licence and launch
Trust account, custodian, exchange or fund set-up, levy paid - live on the Ghana Stock Exchange or in the funds market.Trust account live.
Quick facts
RegulatorSEC Ghana
StatuteAct 929 · amended by Act 1062 (2021)
Investment adviserGHS 1,000,000
Broker-dealerGHS 1,500,000
Fund managerGHS 2,000,000
Representatives4 incl. CEO and compliance
Statutory clock90 days · Guidelines 13(1)
Corporate tax25% · 8% dividend WHT
Ninety days is the Commission's own rule, counted from a complete file. Every request for further information under section 111(2) restarts it - so the file we lodge is the one that does not draw the request.
On the ground in Ghana
Run from our Accra office.
Prifinance - Ghana
Accra · Ghana
Accra, Ghana
01
Activity and capital
Adviser, fund manager or broker-dealer chosen against the real model - the GHS 1,000,000, 2,000,000 or 1,500,000 paid up and the liquid-capital figure computed before Form 1 is signed.Both floors computed.
02
The Form 1 file
Business plan, three years' accounts, AML/CFT programme, GRA tax clearance and a Form 3 per representative - lodged complete so the 90-day clock runs once.Complete, clock runs once.
03
Board and representatives
Three directors with a third independent, four licensed representatives including CEO and compliance officer, sourced in Accra and GISI-trained.Sourced in Accra.
04
Trust account and launch
Client trust account at a Bank of Ghana-licensed bank, custodian for a manager, levy paid - trading or managing the day the licence issues.Live on licence day.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Ghana.
A 25% rate and an 8% dividend withholding on the Revenue Authority's own pages - with a VAT stack rebuilt from 1 January 2026.
Corporate tax 25%
The general rate under the Income Tax Act 2015 (Act 896); the sector rates of 20%, 22%, 15% and 35% are for lending to farming and leasing, hotels, free-zone exports and petroleum or minerals - 25% is the figure a securities firm models.Act 896 general rate.
8% on dividends
Withholding of 8% on dividends to residents and non-residents alike - the same rate whoever owns the licensee.Residents and non-residents.
20% on fees abroad
Management and technical service fees paid to non-residents bear 20% withholding - a cost to model in any group service agreement.Group services cost.
VAT 15% plus 5%
From 1 January 2026 under the VAT Act 2025 (Act 1151): 15% VAT with the 2.5% NHIL and 2.5% GETFund levies, the 1% COVID-19 levy abolished; whether investment services are exempt is confirmed with the GRA for your service set.From 1 Jan 2026.
The growth and sustainability levy
A levy that applies alongside corporate tax; its rate is confirmed with the GRA for the quote.Rate confirmed.
Levies by the Commission
The 2026 market-operator levies - GHS 15,000 broker-dealer or adviser, GHS 25,000 fund manager, GHS 80,000 custodian or primary dealer - sit beside tax, not inside it.GHS 15,000-80,000.
Tax summary
Corporate tax25%
Dividend withholding8%
Fees to non-residents20%
VAT15% + 2.5% + 2.5%
SEC annual levyGHS 15,000-25,000
*Figures as of 2026 per the Ghana Revenue Authority and the VAT Act 2025 (Act 1151). Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Ghanaian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
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Ghana · SEC
Launch your investment firm in Ghana with expert support.
Full-service assistance - from the Act 992 company and the cedi capital to the Form 1 file, the four representatives and the 90-day review - run through our Accra office.
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Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
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Request a free conclusion →FAQ
The Ghana investment licence, answered.
What licence does an investment firm need in Ghana?+
A market operator licence from the Securities and Exchange Commission under the Securities Industry Act 2016 (Act 929), as amended by Act 1062 in 2021, for the regulated activity in Schedule 4 of the Licensing Guidelines 2020 - broker-dealer, fund manager, investment adviser, custodian, primary dealer, issuing house or underwriter among them.
What capital is required?+
Paid-up capital by activity under Schedule 4: GHS 1,000,000 for a corporate investment adviser, GHS 200,000 for an individual one, GHS 1,500,000 for a broker-dealer, GHS 2,000,000 for a fund manager, GHS 2,500,000 for an underwriter, GHS 50,000,000 for a custodian or trustee, GHS 400,000,000 for a primary dealer - unimpaired by losses at all times.
What is the liquid-capital rule?+
The Financial Resources Guidelines 2025 require liquid capital of the highest of 50% of minimum capital, 25% of the expense base or 10% of adjusted liabilities, with Schedule 1 floors of GHS 750,000 for a broker-dealer, GHS 1,000,000 for a fund manager and GHS 250,000 for a corporate adviser. Existing operators phase in to 100% by December 2026.
How long does licensing take?+
Ninety days from lodging: Licensing Guidelines 13(1) obliges the Commission to inform the applicant of its decision within 90 days, counted from the submission of any further information it requests under section 111(2) of the Act. No official processing statistics exist, so the complete file is the lever.
Who has to be on the team?+
A board of at least three directors, one third of them independent non-executive, chaired by someone other than the CEO, a majority with recognised qualifications - and at least four licensed representatives including the CEO and an independent compliance officer, plus risk management and internal audit functions.
Can a foreign group own the firm?+
The Act and the Licensing Guidelines set no foreign-ownership cap: the Guidelines contemplate applicants incorporated outside Ghana and apply a fit-and-proper test to every shareholder of 5% or more. The Guidelines set no residency rule for directors either; we confirm both points with the Commission before structuring.
How are client assets protected?+
Client money is held separately in a client trust account at a bank licensed by the Bank of Ghana (Conduct of Business Guidelines 22(2)-(3)), client assets are segregated (23(2)) and fund managers use licensed custodians. Act 929 provides for an Investor Compensation Fund; its coverage figures are confirmed with the Commission before quoting.
How are Ghanaian investment firms taxed?+
25% corporate income tax under Act 896, 8% withholding on dividends to residents and non-residents, 20% on management and technical fees to non-residents, and from 1 January 2026 VAT at 15% plus the 2.5% NHIL and 2.5% GETFund levies. The growth and sustainability levy also applies; its rate is confirmed in the quote.
Ghana or Nigeria for a new firm?+
Nigeria is the bigger market with three exchanges, NGN 5 million for an adviser and NGN 300 million for a broker/dealer, but no decision clock, no register total and no published headline rate. Ghana prints 90 days, GHS 1-2 million floors and 25%. For a licence with a calendar, Accra; for Nigerian clients, Lagos.
Why Prifinance for Ghana?+
An Accra office that fixes the activity and computes both capital floors before Form 1 is signed, sources the board and the four representatives locally, and lodges a file built to the 2026 checklist so the 90-day clock runs once - with the application fee confirmed from the Commission rather than guessed.
What licence?+
SEC market operator, Act 929.
Capital?+
GHS 1m / 1.5m / 2m.
Liquid capital?+
Highest of three tests.
How long?+
90 days, complete file.
People?+
3 directors, 4 representatives.
Foreign owners?+
No cap in the Act.
Client assets?+
Trust account, custodian.
Taxes?+
25% · 8% WHT.
Or Nigeria?+
Clock vs market size.
Why you?+
Accra, both floors first.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Securities and Exchange Commission, Ghana or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.