VAT on Capital Market Services in Ghana: Policy Shift or Legislative Oversight?

Ghana’s capital market has evolved significantly since the 1980s, expanding from a narrow base to a diversified ecosystem with equities, bonds, and mutual funds.
The sector has faced recent challenges, notably the Domestic Debt Exchange Programme, which eroded investor confidence.
The newly introduced Value Added Tax Act, 2025 (Act 1151), imposes VAT on services in the capital market, potentially increasing operational costs for investors.
The article questions whether this VAT imposition is a policy decision or a drafting error and examines its likely negative impact on market performance.
Recommendations are offered for regulators, government, and market players to consider ways to restore investor trust and support sector growth.

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.