Accra, Ghana – The Securities and Exchange Commission (SEC) of Ghana has directed local fund managers to curtail their foreign asset holdings, a move intended to bolster the Cedi and stabilize the nation’s economy, according to an announcement made on February 7, 2026.
The directive, communicated via a circular issued late Friday, limits overseas investment by fund managers to a maximum of 20% of their assets under management. Previously, some funds were permitted to invest their entire portfolios abroad. Those funds will now be capped at 70% foreign investment. The SEC stipulated that any investments in foreign securities must be made in countries that maintain information-sharing agreements with the Ghanaian regulatory body.
This action comes as Ghana navigates a period of significant economic challenge, described as its most severe in decades. The country is anticipating the completion of a three-year support program with the International Monetary Fund (IMF) in August. The restrictions on foreign investment are explicitly aimed at protecting the Cedi, Ghana’s national currency, and reinforcing macroeconomic stability.
Ghana is a major producer of gold and cocoa, commodities subject to global market fluctuations. The SEC’s decision reflects a broader effort to manage external economic pressures and maintain financial control. The Bank of Ghana has also been actively exploring digital currency options, completing a pilot project for the eCedi, a central bank digital currency (CBDC), in a sandbox environment. A separate initiative, in collaboration with Singapore’s Monetary Authority, involved a cross-border pilot program utilizing the eCedi and stablecoins, aiming to bind currencies for specific transactions.
The SEC’s actions follow a similar pattern of financial regulation seen in other African nations. Nigeria and South Africa have also been engaged in exploring and implementing CBDC programs. The Ghanaian government’s focus on digital currency development, alongside the restrictions on foreign investment, suggests a multi-faceted approach to economic management.
As of March 11, 2026, the SEC has not released a list of the specific funds impacted by the new regulations, nor has it detailed the criteria for information-sharing agreements with foreign jurisdictions. The agency has not responded to requests for further clarification regarding the implementation and enforcement of the directive.
