Securities and Exchange Commission Ghana has published draft insider trading guidelines for consultation to turn the statutory offences on insider trading and unlawful disclosure into operational compliance, surveillance and reporting rules. The draft is intended to fill gaps in day-to-day implementation of the Securities Industry Act by setting clear obligations for listed bodies corporate, market operators and other supervised entities, while also giving the Commission a more structured basis for detection and enforcement. It would apply to listed securities, securities admitted to trading and derivative securities, with specified exclusions including own-share buy-backs and public debt management. The proposal would require issuers and market operators to adopt codes of fair disclosure and conduct, appoint compliance officers, maintain insider lists and use trade controls such as blackout periods, pre-clearance and contra-trade restrictions. It also introduces a trading plan regime that would allow insiders to trade under transparent pre-approved plans subject to a 90-day cooling-off period. Insider trades would have to be disclosed within two trading days, with quarterly insider list submissions to the Commission. Broker-dealers, the Ghana Stock Exchange and the Central Securities Depository would be required to detect, document and report suspicious transactions and orders under a Suspicious Transaction and Order Reports regime, supported by documented systems, staff training, anonymous reporting channels and seven-year recordkeeping. The draft also includes standardized forms, cross-references penalties to the Act, provides for administrative penalties and gives market operators a six-month transitional window. Comments from market operators and the investing public are due by 20 July 2026.

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