MINTWhat you pay to buy and sell shares in Ghana
The commission, levies and dividend tax to expect, with a worked example so there are no surprises.
Read at your own pace. A video for this lesson is on the way.
A simple explanation
Buying and selling shares is not free. You typically pay a brokerage commission to your broker, small levies to the exchange, regulator and depository, and VAT on the commission. Dividends are also taxed before you receive them.
Example
Published guides give these commonly quoted rates. Brokers differ, so treat them as a guide and ask yours for its fee schedule.
| Cost | Commonly quoted rate |
|---|---|
| Brokerage commission | about 1.5% to 1.75% of the trade, sometimes more |
| GSE levy | about 0.1% |
| CSD fee | about 0.1% |
| SEC levy | about 0.015% |
| VAT | charged on the commission only |
| Minimum commission | many brokers set a minimum per trade |
Suppose you buy GHS 5,000 of shares with a 1.5% commission.
- Commission: GHS 75.00
- GSE levy: GHS 5.00
- CSD fee: GHS 5.00
- SEC levy: GHS 0.75
- VAT on commission: about GHS 16.43 at a 21.9% rate
The total is roughly GHS 102, or about 2% of the trade. You pay similar costs again when you sell, so the share must rise by about 4% just for you to break even.
Dividends: a final withholding tax of 8% is commonly applied. If a company pays you GHS 100 in dividends, you receive GHS 92.
Why it matters
Small trades cost proportionally more, and frequent trading adds up. Knowing the costs helps you decide whether to hold shares for the long term.
Key things to know
- Ask your broker for the full fee schedule before you fund your account.
- Your contract note lists every fee charged.
- Tax rules, including how gains on listed shares are treated, can change. Check with the Ghana Revenue Authority or a tax adviser for your situation.
- Compare brokers on total cost, not just commission.
Risks to consider
- Fees reduce your return even when a share does not fall.
- Rates quoted online may be out of date.
Key takeaway
Expect roughly 2% in costs each time you buy or sell, plus 8% tax on dividends. Confirm the exact numbers with your broker and the tax authority.
Common questions
Are brokerage fees negotiable?
Sometimes, especially for larger trades. It is worth asking, and comparing the total cost across brokers, not just the commission rate.
Is tax taken from my dividends?
A final withholding tax of 8% is commonly applied to dividends paid to individuals. Rules can change, so confirm the current rate with your broker or a tax adviser.
Why is my total cost higher than the commission?
Because levies to the exchange, regulator and depository are added, and VAT is charged on the commission.
Is it cheaper to trade often in small amounts?
No. Many brokers charge a minimum fee per trade, so frequent small trades cost more as a share of the money invested.
This is general financial education, not financial advice. Figures are illustrative. Speak to a licensed professional before making investment decisions.
Figures as of September 2026. Sources: Ghana Stock Market, trading hours, settlement and fees, PwC Tax Summaries, Ghana withholding taxes, Ghana Stock Exchange, rules and regulations
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