How Ghana SEC’s ETF Framework Helped Shape West African Capital Markets Development

The 2021 Exchange-Traded Fund (ETF) Guidelines developed within the Funds Management Department of the Ghana Securities and Exchange Commission introduced a regulatory framework for ETFs in Ghana and contributed to broader discussions on capital markets development across West Africa. In October 2021, Joy Kweku Sakyi, a fund management professional at the Ghana Securities and Exchange […]

The 2021 Exchange-Traded Fund (ETF) Guidelines developed within the Funds Management Department of the Ghana Securities and Exchange Commission introduced a regulatory framework for ETFs in Ghana and contributed to broader discussions on capital markets development across West Africa.

In October 2021, Joy Kweku Sakyi, a fund management professional at the Ghana Securities and Exchange Commission, was part of the regulatory team involved in the development of the ETF Guidelines, which established the framework for Ghana’s ETF market. The work has since drawn attention from market participants and regulators across the region, including stakeholders in Nigeria’s capital markets sector.

Before the introduction of the Guidelines, Ghana did not have a comprehensive regulatory structure specifically governing exchange-traded funds, a class of investment products that combine features of mutual funds and listed equities. Market participants had long identified the need for a clearer framework to support innovation and broaden investment opportunities within the country’s capital markets ecosystem.

Sakyi’s work within the Funds Management Department included processing applications relating to collective investment schemes, trustees, custodians and fund manager representatives, as well as participating in compliance reviews and regulatory assessments involving investment companies.

The ETF Guidelines were introduced during a period of broader financial sector reforms in Ghana aimed at strengthening regulatory oversight and improving confidence in the investment management industry.

For stakeholders in Nigeria and other West African markets, the Ghana ETF Guidelines have become part of wider discussions on the development of exchange-traded products and the harmonisation of capital markets regulation within the region. Industry conversations have focused on areas such as market-making, investor protection, custodial requirements and operational standards for ETF products.

Within the Ghana SEC, Sakyi also participated in broader regulatory and administrative initiatives involving licensing procedures, compliance processes, regulatory documentation and internal operational frameworks.

His professional background includes training in accounting, law and securities regulation. He completed the IOSCO/PIFS-Harvard Law School Global Certificate Programme for Regulators of Securities Markets in 2018 and earned the International Introduction to Investments Award from the Chartered Institute for Securities and Investments in London in 2020. His academic qualifications include degrees in accounting and law from institutions in Ghana.

ETF regulation has increasingly featured in discussions around financial market development in West Africa, particularly in relation to investment diversification, market liquidity and regional integration efforts. Regulators across the region continue to explore frameworks that encourage innovation while maintaining investor protection and market stability.

The Ghana ETF Guidelines introduced provisions relating to disclosure standards, custodial responsibilities and operational procedures for ETF products. Market participants have referenced the framework in regional discussions on the evolution of capital markets regulation and cross-border investment products.

Sakyi’s work at the Ghana SEC has also included regulatory supervision, compliance reviews, reporting activities and contributions to regulatory publications and policy discussions connected to the Securities Industry Act, 2016 (Act 929).

Observers say the continued development of ETF regulation in West Africa reflects the growing focus on building stronger and more integrated capital markets across the region.