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GSE boss makes bold call for scrapping of capital gains tax to boost Investments

 


The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has reiterated calls for the removal of the capital gains tax on listed securities.

Delivering an address at a ceremony to mark the10th anniversary of the Ghana Fixed Income Market (GFIM), she described the tax as a key hindrance to investment on the financial market.

According to her, restoring the tax to zero will attract more investors and deepen the market.

Here, I talk for the whole industry, a review of capital gains tax on listed securities, and we want it back to zero,” she emphasised.

Amoah's call forms part of four key measures outlined in her address to champion the expansion of the financial market.

One of the measures was a passionate appeal to cabinet for the speedy approval of policies that will enable viable State-Owned Enterprises (SOEs) to raise long-term capital through the GFIM and other GSE platforms.

She believes this will not only improve corporate governance but also reduce the burden on public finances.

We call for the Cabinet’s speedy approval to enable viable State-Owned Enterprises to use GFIM and other GSE platforms to raise capital and improve corporate governance,” she stated.

She further called for incentives that would encourage multinational companies operating in Ghana to localise ownership through the Ghana Stock Exchange.

The private-public partnership bonds for long-term infrastructure development, such as municipal bonds and the use of pension funds for capital-intensive projects, were also cited by the GSE boss as some of the key measures.

The GFIM platform has traded cumulative volumes of over 1.2 trillion over the years.

Although volumes in trade dipped from 230 million in 2022 to 98 billion in 2023, due to the Domestic Debt Exchange Programme (DDEP), trading has experienced a phenomenal rebound, with records from the GSE suggesting 214 billion in trades as of October 2025.

The GSE MD’s comments come at a time when Ghana’s capital market is seeking to regain momentum following the impact of the Domestic Debt Exchange Programme.

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