• What is CSD?

    CSD refers to Central Securities Depository (GH) Ltd.

  • What is depository?

    A Depository is an institution that keeps custody of securities (debt, equities etc) for investors in electronic form and also offer other related services such as securities clearing and settlement, securities transfer etc that are related to securities transactions.

  • What are securities?

    Securities are any financial instruments that represent one's ownership of investment. Securities may take various forms such as debt, equity, debenture, certificate of deposit, promissory note etc.

  • Who regulates the CSD?

    CSD is regulated by the Securities and Exchange Commission of Ghana (SEC) and is administered by the CSD Act 2007 (Act 733), Central Securities Depository Act, 2007 (Act 733); the Securities Industry Law, (PNDC Law 333); and the Securities and Exchange Commission Regulations, 2007 (LI 1728).

  • What are the functions of the CSD?

    • Facilitate the admittance of securities into the Central Securities Depository;
    • Facilitate the deposit and withdrawal of certificates in respect of securities admitted in the Central Securities Depository;
    • Facilitate the dematerialisation of securities accounts;
    • Establish a proper and efficient system for the verification, inspection, identification and recording of book-entry securities with the Central Depository;
    • Facilitate the efficient transfer of book-entry securities;
    • Facilitate the efficient process of cash payment in exchange for securities;
    • Facilitate the registration of dealings in book-entry securities;
    • Operate securities accounts for the handling of book-entry securities and cash;
    • Designate one or more banks as settlement partner for the settlement of funds in respect of transactions cleared through a depository;
    • Facilitate the efficient collection of fees and other charges that may be required
    • Guard against falsification of any records or accounts required to be kept or maintained under this Act; and
    • Perform other functions that are necessary to ensure orderly dealings in admitted or dematerialised securities, or as the Commission may from time to time prescribe.

  • What is securities account?

    A securities account is an account opened by an investor through a Depository Participant (Banks, Custodians or a Broker) in the CSD System. The account when open will hold all the securities owned or held by an investor and through which all transactions (such as trades, transfers) will be effected.

  • Do I need to buy securities before I open a securities account?

    No. Moreover, no minimum amount is required prior to opening a securities account.

  • How much does it cost to open a securities account?

    No cost is involved. Moreover, there is no account maintenance charge.

  • Do I need to open a bank account before I can buy securities into my securities account?

    Yes. This is because when your security matures or interest payment is due, the fund will be credited directly to your Bank Account. However you don't need to open a new Bank Account if you are buying through a different Bank (Bank B) other than your Bank (Bank A). For equities though presently is not mandatory, it's strongly advise that investors open bank accounts.

  • Why must I open a securities account?

    • It will provide faster registration of debt securities & share ownership thereby preventing long delays in the delivery, settlement and transfer of securities.
    • It will eliminate risks associated with the use of paper certificate for debts and equities such as risk of loss, misplacement, theft, forgery, mutilation, forfeiture etc.
    • It will provide increased liquidity (increased activity in buying and selling of debts & shares) because of faster transfer and registration of securities.
    • As an investor, you can easily track your investments because quarterly statements will be sent to all security holders indicating the total number of debts & shares you own on the debt & stock markets. As an investor, you can also request for statements at any time from the DPs or the CSD and access my statement online.
    • As an investor, you can use securities statements in the same way as the paper certificates are used as collateral for loans from financial institutions. This will save the investor the tedious procedure and transaction cost involved with pledging of paper certificate for loans.

  • Who qualifies to open a securties account?

    • Individual investors who are 18 years and above.
    • Any corporate body.
    • Societies, Trusts, Investment Clubs, Churches, Corporations incorporated by an Act of Parliament.
    • Minors (anyone below the age of 18 years). In the case of a minor, a joint account will be opened in the name of his guardian or parent.
    • Account opening is opened to both Ghanaian and foreign investors irrespective of whether the investor is living in Ghana or the diaspora.

  • How can I open a securities account in the depository system?

    The investor will submit a duly completed and signed Securities Account Registration (Opening) Form CSD 1 with a copy of an identification or authorisation document to a Depository Participant (DP).

  • What are Depository Participants or DPs?

    Depository Participants or DPs are financial institutions, corporations and agencies which act as intermediaries between the CSD and the general public. DPs include Banks, Discount Houses, Custodians, and Brokerage Firms etc.

  • What do I need to open a securites account?

    • For an individual you need recent passport size photograph and any of the following ID.
      • Passport
      • Driving License
      • National Health Insurance Registration Card
      • Voters ID
      • National ID card (when operational)

    Note: each party to a joint account must satisfy the account opening requirements.

    • In the case of a corporate body the following IDs are required
      • Certified true copy of Certificate of Incorporation.
      • Certified true copy of Board Resolution.
      • Certified true copy of Certificate of Commencement of Business.
      • Specimen of Authorized signatories of the Securities Account.
      • Endorsed passport size pictures of authorised signatories.

  • How can I buy securities into my account opened with CSD?

    As an investor, you can buy securities issued by an issuer through any of the Depository Participants (Banks, Custodians, and Brokers) either on the secondary or primary markets.

  • What is a Primary Market?

    The primary market is the part of the securities market that deals with issuing of new securities by issuers to raise funds.

  • What is a Secondary Market?

    Secondary Market is that part of the securities market in which already issued securities in the primary market are bought and sold.

  • Who is an issuer?

    An entity such as government, corporation or any agency (Public or Private) enabled by law to develop, register and sell initial securities to investors or the general public to raise funds for investment purposes.

  • As an investor living outside ghana, can I buy securities in Ghana?

    Yes. You can buy securities through a local Custodian Institution/ Brokers registered with the CSD.

  • Who is a custodian?

    Is a depository participant (DP) who keeps custody of securities in trust of investors.

  • Who is a broker?

    Any institution engaged in the business of effecting transactions in securities markets for
    the account of his customer for a commission.

  • Can I discount share on the Secondary Market?

    Yes. But before you can discount your share you must first open a securities account with the depository and then immobilise the share certificate question.

  • What is immobilisation?

    Immobilization is the process through which paper/certificate based securities are converted into book entry or electronic securities into an investor's security account at the depository system.

  • After immobilisation can I still keep my share certificate?

    No. You need to tender in the certificate to the depository. This is because if the issuer of the said security announces its membership in the CSD all dealings in paper certificate becomes invalid.

  • How can investors deposit their shares certificates into the depository?

    Investors must approach any Depository Participant (Banks, Custodians, and Brokers) to open securities accounts and to deposit their securities. After successful deposit of the paper certificate in the CSD System, investors will receive a statement of account showing their holdings for the securities deposited.

  • What evidence will I receive after after submitting or deposit my share certificate?

    When you submit your share certificates to a DP or Stockbroker, you will receive a receipt (a copy of the deposit form), a proof of ownership. Once the certificates have been lodged into your securities account you will then receive statements on request or annually from the CSD.

  • Can I update my registration details?

    Yes. An investor must update his registration details when changes occur by completing and submitting to the DP, a Securities Maintenance Form showing the changes in the registration details.

  • As an investor can another person execute transaction on my behalf?

    A person authorized by you as your agent can operate your account on your behalf. You would in such a case, submit a power of attorney authorizing the relevant person to operate the account on your behalf along with the person's signatures and ID.

  • What is Investor Account Services (IAS)?

    Investor Services Account allows investors to directly open and maintain accounts in the CSD system for safe custody and electronic settlement of securities. This applies to only equities.

  • How different is an Investor Account Services from an account registered through a DP?

    An Investor Services Account, like the account registered through a Depository Participant (DP) or Stockbroker, is an electronic account by which investors can keep their book-entry securities. Investor Services Accounts are under the control of the CSD and are operated on direct written instructions of the Investor Services Account Holder. Accounts opened by the DP, on the other hand, are maintained and operated by DPs, on behalf of the Account holders. In short, CSD directly controls Investor Services Accounts whereas Client Accounts are controlled by the DPs.

  • What are the benefits of Investor Account Services?

    • It is ideal for holding certain blocks of shares which the institutional or individual holder does not wish to place with his Stockbroker.
    • It provides extra confidentiality where the investor wishes not to allow his broker to have access to such an account.
    • Investor Accounts are operated directly and only on written instructions of investor(s).

  • Can I trade (sell) the security in my securities account before the maturity date and how?

    Yes. You can sell your security at any time before the maturity date via any known DP, Broker or Dealer.

  • Can I donate my security as a gift, inheritance / bequest?

    Yes. In the case of inheritance or bequest, CSD requires a letter of administration or probate. And for gifts a tax clearance certificate must be submitted to CSD.

Press Release

Press Release CSD

Anniversary Brochure

CSD Anniversary 1