Ghana Security and Exchange Commission Launches Guidelines For Investment-Based Crowdfunding

The guidelines aim to unlock the potential of crowdfunding as a viable financing option for MSMEs and startups in the country

By Joseph-Albert Kuuire 3 Min Read

The Securities and Exchange Commission of Ghana (SEC) and the UN Capital Development Fund (UNCDF) have officially launched comprehensive guidelines for equity or investment-based crowdfunding in Ghana.


The guidelines were developed in collaboration with key stakeholders and following extensive consultations and technical assistance support from Lelapa African FinTech Advisory.

The guidelines aim to unlock the potential of crowdfunding as a viable financing option for Micro, Small and Medium Enterprises (MSMEs) and startups in the country while ensuring investors’ protection, providing a regulatory framework, and addressing critical gaps that have hindered the growth of the entrepreneurial community.

Digging Deeper

The guidelines encompass a wide range of entities, including crowdfunding intermediaries, companies seeking to raise funds, and foreign entities interested in operating crowdfunding platforms in Ghana.

They prioritize investor protection while encouraging crowdfunding for social and environmental impact projects. The guidelines will boost innovation and safeguard investors by:

  1. Requiring crowdfunding platforms to provide clear and comprehensive information about investment risks and potential returns.
  2. Implementing a rigorous licensing process to vet crowdfunding platforms based on their business model, governance structure, and financial stability.
  3. Fostering collaboration between crowdfunding platforms, banks, MFIs, and investment funds to create a seamless financial ecosystem.

What They’re Saying

Rev. Daniel Ogbamey Tetteh, Director-General of the SEC, highlighted the significance of the guidelines to the capital market, “in Ghana, we have witnessed the transformative power of crowdfunding in various sectors. From agriculture to healthcare, entrepreneurs have harnessed the collective strength of the crowd to bring their ideas to life.

However, the absence of a clear regulatory framework has limited the full potential of this innovative financing model. The guidelines we launched today are designed to change that. They provide a robust framework that protects investors, ensures transparency, and fosters trust in the crowdfunding ecosystem. By establishing clear rules and standards, we are creating an environment where both investors and fundraisers can thrive.

Arianna Gasparri, Technical Lead, UNCDF remarked, “On behalf of UNCDF, we are very happy to have worked with SEC in contributing to the future of investments and innovative channels for supporting MSMEs in Ghana. UNCDF is indeed meant to work with government and government agencies to assist with the favorable conditions to crowd-in private capital”.

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Joseph-Albert Kuuire is the creator, editor, and journalist at Tech Labari. Email: Twitter: @jakuuire
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