Ghana’s Securities and Exchange Commission (SEC) has instructed local fund managers to scale back offshore investments as part of efforts to protect the cedi and improve macroeconomic stability, Reuters reported.
The directive comes as Ghana, one of the world’s leading producers of gold and cocoa, continues to recover from its worst economic crisis in decades and prepares to complete a three-year International Monetary Fund support programme in August.
Don’t Miss This:
Ghana’s Gold Exports Surge To $20.9 Billion In 2025 Amid Reforms
In a circular issued late on Friday, the SEC said that, with immediate effect, local fund managers may invest no more than 20% of their assets under management in foreign securities.
Funds that previously had approval to invest all their assets offshore will now be capped at 70%.
The regulator added that “Any investment in foreign securities can only be made in countries that share information with Ghana’s SEC, the regulator said.”
Don’t Miss This:
Ghana’s Mining Reforms Could Discourage Investment, Warns Industry Group
Image Credit: Business Insider Africa
