Central Securities Depository

What Central Securities Depository does

Central Securities Depository (GH) Ltd (CSD Ghana) is Ghana's sole licensed central securities depository, established in 2004 and operating under the Central Securities Depository Act 2007 (Act 733) with regulatory oversight from the Securities and Exchange Commission. The company provides depository, clearing, settlement, registrar, auction, and corporate-actions services for both debt and equity securities issued by the Government of Ghana, Bank of Ghana, Ghana Cocoa Board, and over 39 listed and unlisted corporate issuers. It is owned 70% by the Bank of Ghana and 30% by the Ghana Stock Exchange, following the 2014 merger that consolidated the prior Bank of Ghana CSD with the GSE Securities Depository (GSD).

CSD Ghana runs a web-based Oracle platform with point-to-point encryption, Oracle Data Guard real-time replication (sub-5-minute failover), and direct Straight-Through Processing (STP) integration with the Bank of Ghana RTGS via SWIFT messaging standards, supporting T+2/T+3 DVP settlement. It holds ISO 27001 and ISO 22301 certifications (audited by Lloyd's Register), operates an automated Treasury Auction system, and is connected to Bloomberg via the Ghana Fixed Income Market (GFIM) launched in 2023. Systems are developed by Millennium IT (London Stock Exchange Group), with similar deployments across multiple African exchanges.

The business model is transaction-fee based: revenue streams include depository services fees, clearing and settlement fees, registrar services, auction services, and penalty fees, billed on a pay-as-you-go basis to banks, brokerage firms, custodians, primary dealers (13 designated), government issuers, and corporate issuers. Investors access the platform through accredited Depository Participants. Geographic operations are limited to Ghana, with the head office in Accra and 11-50 employees.

Name

Central Securities Depository

Legal name

Central Securities Depository (GH) Ltd.

Website

https://csd.com.gh

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Central Securities Depository (GH) Ltd is Ghana's sole licensed central securities depository, providing depository, clearing, settlement, registrar, and auction services for government and corporate securities via an Oracle-based platform integrated with the Bank of Ghana RTGS.

Ownership category

akta.pro rank

Product category

Financial Market Infrastructure (Central Securities Depository)

NAICS

Securities and Commodity Exchanges (5232), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Securities Settlement Systems (SSSs) for Government & Central Bank Securities (FSAFAGAC), Government Bond (Sovereign) Trading Platforms (FSAFACAA), Central Securities Depository (CSD) & Securities Settlement Services (FSAAAOAD)

Keywords

• Central securities depository
• Clearing and settlement
• Registrar services
• Treasury auction services
• Financial market infrastructure

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Depository Services Fees: Fees charged for various depository services including account opening, pledging, transfers, and trade reporting. Specific fee structure available upon request.
2. Clearing and Settlement Fees: Automated clearing and settlement processes for primary and secondary market transactions involving debt and equity securities.
3. Registrar Services: Maintenance of shareholder records, dividend distribution, and corporate actions processing for listed and unlisted issuers.
4. Auction Services: Oversight and processing of government securities auctions including bills, notes, and bonds.
5. Penalty Fees: Penalties imposed for non-compliance with reporting deadlines or failure to meet regulatory obligations.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Central Securities Depository (GH) Ltd provides centralized depository, clearing, settlement, and registrar services for debt and equity securities in Ghana. It operates the country's sole licensed CSD under Act 733, offering dematerialized custody, DVP (Delivery versus Payment) settlement with Bank of Ghana RTGS, automated treasury auction processing for government securities, corporate actions processing, securities pledging, and registrar services including shareholder management and dividend distribution. The platform serves over 39 issuers and institutional market participants including banks, brokerage firms, custodians, primary dealers, and investors in Ghana.

Product overview

CSD Ghana operates as Ghana's Central Securities Depository providing a unified financial market infrastructure platform. The core offering consists of a web-based depository system that delivers depository services, automated clearing and settlement, registrar services, auction services, corporate actions processing, and securities pledging. The system handles both debt and equity securities across multiple issuers including the Government of Ghana, Bank of Ghana, Ghana Cocoa Board, and corporate entities. Settlement uses T+2/T+3 cycles via DVP II model with Bank of Ghana RTGS integration. The platform also provides market data including active securities, historical data, auction results, and investor holdings reporting. Repurchase Agreement (Repo) services support liquidity management. Equity services include ordinary shares, preference shares, and ETFs, while debt services cover Treasury Bills, Treasury Bonds, Treasury Notes, and Corporate Bonds.

Differentiator

Problem solved

Functional benefit

Products and services

• Depository Services

Quantifiable outcome

• Sub-5-minute failover for disaster recovery
• +2 more outcomes

Named customers14 records

Segments9 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Bank of GhanacoreStrategic or Co-development Partner · 1 January 2014Bank of Ghana is the majority shareholder (70%) of CSD and the primary regulator. It provides RTGS settlement infrastructure and serves as the settlement bank for securities transactions. CSD emerged from Bank of Ghana's initiative to establish the first depository in Ghana in 2004.
• Ghana Stock ExchangecoreStrategic or Co-development Partner · 1 January 2014Ghana Stock Exchange holds 30% ownership of CSD following the merger. Provides equity trading infrastructure that integrates with CSD's depository and settlement services. CSE GSD was merged with Bank of Ghana CSD in 2014.
• Millennium IT (Sri Lanka)coreTechnology or IntegrationSystems developer for CSD's depository and auction platform. Member of London Stock Exchange Group. Similar systems implemented at Mauritius, Nairobi, Dar es Salaam, Zambian and Botswana stock exchanges.
• Lloyd's Register Quality Assurance Limited (LRQA)coreTechnology or IntegrationCertification body for CSD's ISO27001 (Information Security Management) and ISO22301 (Business Continuity Management) certifications. Performs surveillance, upgrade and recertification audits.
• Ghana Investment and Securities Institute (GISI)minorStrategic or Co-development PartnerIndustry training and education body for Ghana's capital markets. CSD contributes to investor education and market development initiatives.
• Securities and Exchange Commission (SEC)coreStrategic or Co-development PartnerRegulatory oversight body that approves CSD's Rules and Procedures and regulates day-to-day operations under the CSD Act 2007 (Act 733).

Scale indicators4 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• DTCC (Depository Trust & Clearing Corporation): DTCC provides post-trade market infrastructure for the global financial industry, including central securities depository services through its subsidiaries. Comparable as a much larger incumbent CSD showing the strategic and scaling potential for national CSD franchises like CSD Ghana.
• Clearstream (Deutsche Börse Group): Clearstream operates as an international CSD and provides settlement, custody, and asset servicing for bonds, funds, and securities globally. Comparable as a major international CSD demonstrating the structural model of depository, settlement, and asset-servicing revenue that CSD Ghana operates within on a national scale.
• London Stock Exchange Group (MillenniumIT parent): LSEG owns MillenniumIT, the technology vendor supplying CSD Ghana's depository and auction platform. Comparable as the broader incumbent capital markets infrastructure group whose technology powers CSD Ghana's operations, providing context on the global ecosystem of FMI providers.

Direct peers

• Central Depository and Settlement Corporation (CDSC) Kenya: CDSC operates as Kenya's authorized central depository providing clearing, settlement, and depository services for securities traded on the Nairobi Securities Exchange. Comparable as another African national CSD using MillenniumIT technology and offering similar registrar, depository, and corporate action services.
• Central Securities Clearing System (CSCS) Nigeria: Central Securities Clearing System Plc operates as Nigeria's CSD, providing clearing, settlement, and depository services for the Nigerian capital market. Directly comparable to CSD Ghana as a national CSD operator with similar regulatory mandate, member-based access model, and transaction-based fee economics.
• Mauritius Central Depository and Settlement (CDS): The CDS operates as a subsidiary of the Stock Exchange of Mauritius for clearing and settlement. Comparable as an African CSD using the same MillenniumIT platform that CSD Ghana runs, with similar scope (depository, clearing, settlement, registry).
• National Securities Depository Limited (NSDL) India: NSDL is India's largest depository providing electronic settlement of securities. Comparable as a national CSD with similar dematerialization, DVP settlement, and corporate actions service offerings tailored to institutional and retail participants.
• FMDQ Group Plc (Nigeria): FMDQ operates Nigeria's fixed income and currency exchange, with integrated clearing and settlement infrastructure. Comparable as a regional fixed income market infrastructure operator with auction and depository functions overlapping with CSD Ghana's Ghana Fixed Income Market activities.
• Central Depository Systems (India) Limited: CDSL provides depository services for securities in India. Comparable as a national CSD providing dematerialization, settlement, and registrar services to a large issuer base with similar transaction-based revenue model.
• Strate (Pty) Ltd South Africa: Strate is South Africa's central securities depository providing dematerialized settlement and custody for the Johannesburg Stock Exchange. Comparable as an African national CSD with similar dematerialization, DVP settlement, and corporate action processing, but at significantly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Facebookweb.facebook.com/profile.php?id=61567770176587
• Instagraminstagram.com/csdghana
• Xx.com/CSDGhanaLtd
• LinkedInlinkedin.com/company/central-securities-depository-gh-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Central Securities Depository