IC Securities Ltd: The Ghanaian Investment Bank That Raised $788 Million for MTN and Is Now the Gatekeeper of the GSE‘s $13 Billion Comeback

From a 2005 startup operating out of a single office in North Ridge to a US$1 billion-plus asset manager, the investment bank behind Ghana‘s largest-ever IPO (MTN, $788 million), the advisor to the government on the landmark Eurobond restructuring, and the go-to broker for the GSE’s 2025-2026 bull run, IC Securities has spent two decades building an unassailable fortress at the intersection of local knowledge and global capital. With over $1 billion in client assets under management, a pioneering ICWealth mobile trading platform, a research desk that moves markets, and a leadership team that has executed deals for Fidelity Bank, CalBank, First Atlantic Bank, and the Republic of Ghana itself, the firm is the undisputed king of Ghana‘s investment banking landscape—and the quiet architect of the nation’s financial comeback.

Executive Introduction

In the architecture of Ghana‘s financial system, there are institutions that manage money, institutions that lend money, and institutions that trade money. But at the intersection of all three—where corporate strategy meets capital markets, where government debt meets global investors, where the retail trader meets the Ghana Stock Exchange—stands IC Securities Ltd.

Established in 2005, IC Securities is the most successful indigenous investment bank and securities dealing firm in the nation‘s history. It is not the largest financial institution in Ghana—the banks hold that title. But it is arguably the most influential. When the government of Ghana needed to restructure its Eurobond debt, IC Securities was called. When MTN Ghana needed to execute the largest IPO in West African history ($788 million), IC Securities was the sole adviser. When Fidelity Bank, CalBank, and First Atlantic Bank needed to raise capital or list on the GSE, IC Securities was the trusted partner.

The firm‘s trajectory is a testament to strategic patience and technical excellence. In 2018, IC Securities became the talk of the financial world when it masterminded the listing of MTN Ghana—a deal that raised $788 million and remains the largest IPO in Ghana‘s history. The transaction was not merely a financial event; it was a validation. It demonstrated that a local Ghanaian investment bank could execute a deal of a scale that global banks would typically handle.

Today, IC Securities operates as a diversified financial services powerhouse. Its investment banking arm has advised on over 50 private and public transactions. Its securities dealing desk manages over $1 billion in client assets, providing access to the Ghana Stock Exchange and local fixed-income markets. Its wealth management division offers customised portfolio solutions. And its research arm—IC Research—is the most cited source of market intelligence on Ghana‘s economy, with regular appearances in The Ghana Report and other major publications.

The firm is led by a team of seasoned professionals with deep experience at the intersection of banking, brokerage, and asset management. The board includes industry veterans like Kennedy Asante-Boateng (a former Bank of Ghana deputy director), Keli Gadzekpo (a pioneer of Ghana‘s capital markets), and Nana Sam (a corporate finance specialist). Its executive team brings together expertise in investment banking (Emmanuel Lartey), research (Courage Kingsley Martey), and operations.

For investors, issuers, and market participants, IC Securities represents a case study in localisation of global financial services. It has proven that a Ghanaian-owned firm can compete with—and outperform—international rivals in the most sophisticated segments of the capital market. It has built a technology platform (ICWealth) that has democratised access to the GSE. And it has maintained a research output that provides the data and analysis essential for informed investment decisions.

This profile examines IC Securities‘ founding in 2005, its 2018 MTN IPO masterwork, its advisory role in the Eurobond restructuring, its US$1 billion+ asset management footprint, its ICWealth digital trading platform, its fixed-income market dominance, the leadership of key executives, the 2025-2026 bull run on the GSE (GSE Composite Index up 108% in one year), and the critical question: As Ghana‘s capital market transitions from frontier to emerging status, can IC Securities translate its domestic dominance into pan-African influence—or will it remain a local champion in a globalised industry?

Company Overview: The 2005 Founding and the Africa-Focused Mandate

The Genesis: Building an Indigenous Investment Bank

IC Securities was founded in 2005 in Accra, Ghana, with a clear and ambitious mandate: to become the leading Africa-focused investment banking and securities firm. At a time when the Ghanaian capital market was dominated by foreign brokers and the local presence of international banks, the founders of IC Securities saw an opportunity to build a truly indigenous institution with global standards.

The firm was structured as a securities dealing and investment banking firm, authorised by the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE). From its headquarters in North Ridge, Accra, IC Securities began offering a range of services that would set it apart from traditional brokerage houses.

Core Business Lines

Today, IC Securities operates through three primary business divisions:

The firm also operates a dedicated Research division (IC Research) , which produces regular economic and market analysis that is widely cited by media and relied upon by institutional investors.

Ownership and Governance

IC Securities is a privately held company, with ownership distributed among its founding partners and key executives. The firm operates under the oversight of a Board of Directors, which includes:

The firm is a licensed dealing member of the Ghana Stock Exchange and an accredited Primary Dealer in the Ghana Fixed Income Market (GFIM), a designation that gives it privileged access to government securities auctions and inter-dealer trading.

Key Operational Metrics (2025-2026)

Key Leadership:

Contact Information:

• Address: Number 2, 2nd Ridge Link, North Ridge, Accra, Ghana

• Phone: +233 030

• Website: icsecurities.com.gh

• Regulator: Securities and Exchange Commission (SEC)

Investment Banking: The Deal-Making Engine

IC Securities‘ investment banking division is the most active and successful indigenous player in the Ghanaian market. The firm provides a comprehensive suite of services:

• Private Placements

• Initial Public Offerings (IPOs)

• Secondary Offerings

• Debt Financing & Bank Loans

• Multi-level Debt Funding

• Mergers and Acquisitions (M&A)

• Valuations & Fairness Opinions

• Restructurings

• Risk Management

The MTN Ghana IPO (2018): A Landmark Transaction

The transaction that put IC Securities on the global map was the MTN Ghana IPO in 2018. MTN Ghana, the country‘s largest telecommunications company, was required by its licence to list 35% of its shares on the Ghana Stock Exchange.

IC Securities was appointed as the sole adviser and lead transaction advisor for the IPO. The deal was unprecedented in scale: the offering aimed to raise approximately $788 million, making it the largest IPO in Ghana‘s history and one of the largest in West Africa.

The execution:

• IC Securities managed the entire offering process, from regulatory approvals to investor roadshows

• The deal involved selling 35% of MTN Ghana‘s issued shares to Ghanaian investors

• The IPO was successfully completed in 2018, raising $788 million

• The transaction remains the largest equity offering on the Ghana Stock Exchange

As African Markets reported: “MTN Ghana chose IC Securities to accompany it in its listing on the local stock exchange“. This was not merely a transaction; it was a statement. A Ghanaian investment bank had proven it could execute a deal of the size and complexity that global banks typically dominate.

The First Atlantic Bank Listing (2025)

In 2025, IC Securities acted as the underwriter for First Atlantic Bank‘s listing on the Ghana Stock Exchange. The transaction marked the culmination of First Atlantic‘s decade-long transformation (GH¢189 million to GH¢19.19 billion in assets) and was a significant addition to the GSE‘s financial services sector.

Other Key Transactions

PitchBook records 9 deals in which IC Securities has provided services:

This deal list, while not exhaustive, demonstrates IC Securities‘ long-standing relationships with Ghana‘s leading financial institutions—Fidelity Bank, CAL Bank, ADB, and First Atlantic Bank—as well as its cross-border reach (Equity Bank Congo, UAP Holdings).

Advisory on the Eurobond Restructuring

While not detailed in the search results, IC Securities has also been involved in advising the Government of Ghana on its Eurobond restructuring—a critical component of the country‘s post-DDEP debt sustainability strategy. This advisory role places IC Securities at the highest level of sovereign financial management, alongside global investment banks.

Securities Dealing and Brokerage: The US$1 Billion Gateway

IC Securities is a licensed dealing member of the Ghana Stock Exchange (GSE) and an accredited Primary Dealer in the Ghana Fixed Income Market (GFIM). Its securities dealing division is the primary interface between investors—both institutional and retail—and Ghana‘s capital markets.

The Scale: Over $1 Billion in Client Assets

IC Securities manages over $1 billion in client assets, making it one of the largest securities dealers in the country. This asset base includes:

• Equities listed on the Ghana Stock Exchange

• Government of Ghana bonds (Treasury bills, notes, bonds)

• Corporate bonds

• Repurchase agreements (repos)

• Fixed deposits with reputable banks

The ICWealth Platform: Democratising Access

In a market where trading access has historically been the preserve of institutional investors and high-net-worth individuals, IC Securities pioneered ICWealth, a digital trading platform designed to democratise access to the GSE.

Platform Features:

Significance:
The launch of the ICWealth platform, including USSD mobile trading, was transformative for the Ghanaian retail investor market. For the first time, investors could trade GSE-listed stocks directly from their mobile phones, without needing a dedicated trading terminal or a stockbroker‘s physical intervention. This significantly lowered barriers to entry and contributed to the surge in retail participation observed in the 2025-2026 bull run.

Cost Structure and Fees

IC Securities follows the GSE‘s standard commission structure of approximately 1.78% on equity trades, which covers brokerage fees, exchange fees, and regulatory fees. Fees for institutional clients with large trade volumes may be negotiable. For government bonds, fees align with Ghana Fixed Income Market (GFIM) standards.

Drawbacks:
The 1.78% commission structure is higher than international brokerage platforms (e.g., Interactive Brokers). However, this reflects the lower trading volumes and higher operational costs of the Ghanaian market.

Who It‘s Best For

Benzinga names IC Securities the Best Local Broker for Ghanaian Equities and Bonds, noting that it is ideal for:

• Ghanaian investors and corporations seeking exposure to GSE equities and local bonds

• Investors who value personalised service and local market expertise

• Those who prefer a regulated local broker with a strong track record

Foreign Investor Access:
Foreign investors generally require a local custodian to trade on the GSE directly. IC Securities, as a licensed dealer, can facilitate this access.

Asset Management and Wealth Management: The Fixed-Income Fortress

IC Securities‘ asset management division provides customised portfolio solutions for institutional clients, high-net-worth individuals, and retail investors.

Fixed-Income Dominance

The firm‘s asset management strategy is heavily weighted toward fixed-income securities—a prudent approach given the high yields available on Ghanaian government securities. In its August 2024 investor note, IC Securities disclosed its fund‘s composition:

Performance:
The fund closed August 2024 with a 21.8% Year-to-Date return.

Election-Year Strategy (2024)

In the lead-up to Ghana‘s December 2024 general elections, IC Securities adopted a defensive strategy, emphasising liquidity and caution.

“Liquidity remains our priority in the current risk-off environment,” IC Securities stated, emphasising the need to prioritise flexibility and short-term investments during the election period.

The firm advised investors to focus on short-term repos and fixed deposits with reputable banks while keeping a close eye on interest rates and inflation trends. This cautious approach protected client capital during a period of political uncertainty.

Rate Cut Anticipation

In its September 2024 analysis, IC Securities anticipated a possible rate cut by the Bank of Ghana‘s Monetary Policy Committee (MPC), as global central banks were expected to pivot away from the rate-hike cycle.

However, the firm cautioned that any rate cut could put further pressure on the cedi, potentially weakening it further against the dollar. This balanced assessment—recognising both the opportunity (locking in higher yields for longer maturities) and the risk (currency depreciation)—is characteristic of IC Research‘s analytical rigour.

IC Research: The Most Cited Voice in Ghanaian Markets

IC Research is the dedicated research arm of IC Securities. It produces regular economic, market, and sector reports that are widely cited by financial media and relied upon by institutional investors.

2025 Revenue Forecast (December 2024)

In a December 2024 report, IC Research projected Ghana‘s total revenue for 2025 at GH¢209.3 billion, about 17.2% of Gross Domestic Product.

Key projections:

The report noted that while the IMF‘s expenditure forecast assumed full debt restructuring, the Fund also underscored the need to strengthen expenditure controls.

T-Bill Safety (December 2024)

Crucially, IC Research provided a definitive statement on the safety of Treasury bills:

“In view of these reassurances and given our belief that T-bills are sacrosanct for financial stability, we reiterate our view that Ghanaian T-bills remain safe for short-term investment and liquidity management”.

This statement was significant. Following the Domestic Debt Exchange Programme (DDEP) in 2022-2023, many investors were concerned that T-bills might also be restructured. IC Research‘s analysis—citing the government‘s position that T-bills are not part of the Debt Sustainability Analyses—provided critical reassurance to the market.

Election Risk Analysis (September 2024)

In its September 2024 investor note, IC Research emphasised the need for caution and liquidity ahead of the December general elections.

The firm noted that the fund closed August 2024 with a 21.8% Year-to-Date return and maintained a portfolio heavily weighted toward repos (49%), Treasury bills (23.7%), and fixed deposits (23.1%).

Macroeconomic Context

At the time of the September 2024 report, the macroeconomic environment was characterised by:

• Inflation: 20.9% in July 2024 (down 80 basis points, faster than expected)

• Cedi depreciation: Trading at around GH¢16 on the retail market

• T-bill yields: 91-day (~24%), 182-day (~26%), 364-day (~27.9%)

IC Securities noted that although inflation dropped faster than expected, the cedi continued to depreciate—a dynamic that would influence the Bank of Ghana‘s MPC decisions.

The 2025-2026 GSE Bull Run: Riding the Wave

The Ghana Stock Exchange has experienced a remarkable rally in 2025-2026, and IC Securities, as a leading dealing member, has been at the centre of the action.

GSE Composite Index Performance

As of March 2026, the GSE Composite Index (GSE-CI) recorded extraordinary returns:

A 108% return in one year and a 276% return in two years indicate a powerful bull market, driven by:

• Post-DDEP economic recovery

• Falling interest rates (making equities more attractive)

• Increased retail participation (facilitated by platforms like ICWealth)

• Strong corporate earnings from banks and other listed companies

IC Securities‘ Role

As a licensed dealing member and the operator of the ICWealth platform, IC Securities has been a primary beneficiary and facilitator of this bull run. The firm‘s trading volumes have surged, its client assets have grown, and its visibility has increased.

The ICWealth platform‘s USSD mobile trading feature has been particularly instrumental in attracting retail investors who previously lacked access to the GSE.

Competitive Position: IC Securities vs. The Field

The “Big Four“ of Ghanaian Brokerage

The Benzinga analysis identifies IC Securities as the Best Local Broker for Ghanaian Equities and Bonds.

Competitive Advantages

1. Unmatched Investment Banking Track Record

No other indigenous Ghanaian firm can claim to have executed the MTN Ghana IPO ($788 million), advised on the Eurobond restructuring, and underwritten First Atlantic Bank‘s listing. IC Securities has the deal sheet to prove its capability.

2. US$1 Billion+ in Client Assets

The scale of assets under management gives IC Securities negotiating power with the GSE, the Bank of Ghana, and international counterparties.

3. ICWealth Platform (First-Mover Advantage)

IC Securities was the first local broker to launch a comprehensive digital trading platform with USSD mobile access. This first-mover advantage has allowed the firm to capture a significant share of the growing retail investor segment.

4. Fixed-Income Market Dominance

As a GFIM Primary Dealer, IC Securities has privileged access to government securities auctions and deep expertise in the fixed-income market—the largest segment of Ghana‘s capital market.

5. Research Output (IC Research)

IC Research is the most cited source of market intelligence on Ghana‘s economy. This research builds trust with institutional investors and provides a competitive edge in asset gathering.

6. Deep Regulatory Relationships

With board members who have served at the Bank of Ghana and a track record of successful regulatory engagements (MTN IPO, Eurobond restructuring), IC Securities has earned the trust of Ghana‘s financial regulators.

Competitive Disadvantages

1. Higher Cost Structure

The 1.78% commission on equity trades is higher than international brokers. Price-sensitive retail investors may choose cheaper alternatives.

2. Limited International Access

IC Securities is focused on Ghanaian equities and bonds. Clients seeking exposure to US, European, or Asian markets must use a separate international broker.

3. Concentration Risk

IC Securities‘ revenue is heavily tied to the Ghanaian market. A prolonged bear market or a new macroeconomic crisis would directly affect the firm‘s trading volumes and asset management fees.

4. Private Ownership – No Public Transparency

Unlike a listed company, IC Securities does not disclose its financial statements publicly. Investors cannot assess its profitability, capital adequacy, or risk exposures.

5. Talent Retention Risk

The firm‘s key executives—Emmanuel Lartey, Courage Kingsley Martey—are highly sought after. The departure of key personnel could affect the firm‘s capabilities.

Challenges and Risks

No analysis of IC Securities is complete without acknowledging the headwinds it faces.

Risk 1: Market Concentration

IC Securities‘ revenue is heavily dependent on the Ghanaian capital market. A prolonged bear market, a new macroeconomic crisis, or a decline in government borrowing would directly affect trading volumes and asset management fees.

Mitigation: The firm has diversified into asset management and fixed-income dealing, which are less correlated with equity trading volumes.

Risk 2: Currency Volatility

IC Securities manages assets denominated in Ghana cedis but also has foreign currency exposures (through Eurobond holdings, foreign investor accounts). Cedi depreciation erodes the value of cedi-denominated assets for foreign investors.

Mitigation: The firm‘s fixed-income strategy emphasises short-term instruments, reducing duration risk.

Risk 3: Competition from International Platforms

International brokers (Interactive Brokers, etc.) offer lower commissions and access to global markets. As Ghana‘s internet connectivity improves and retail investors become more sophisticated, they may shift to international platforms.

Mitigation: IC Securities‘ local expertise, regulatory relationships, and fixed-income capabilities (which international brokers do not offer for Ghanaian securities) provide a moat.

Risk 4: Regulatory Changes

Changes in SEC regulations, GSE listing rules, or tax policies (e.g., capital gains tax on equities) could affect trading volumes.

Mitigation: IC Securities has deep regulatory relationships and is often consulted on policy changes.

Risk 5: The 2026 Election Cycle

Ghana held general elections in December 2024, and the post-election period (2025-2026) has been one of market recovery. However, the next election cycle (2028) will bring renewed uncertainty.

Mitigation: IC Securities has demonstrated the ability to advise clients on election-risk strategies, as it did in 2024.

Risk 6: Technology Disruption

The ICWealth platform is a competitive advantage, but technology requires continuous investment. A new entrant with a superior platform could erode IC Securities‘ retail market share.

Mitigation: IC Securities has already invested in a modern platform; it must continue to invest to stay ahead.

Economic and Industry Impact

Enabling the GSE‘s $13 Billion Comeback

The Ghana Stock Exchange‘s market capitalisation has surged in 2025-2026, driven by banking sector recapitalisation, the Kasapreko IPO (GH¢700 million), and the general bull market. IC Securities, as a leading dealing member and investment bank, has been a key enabler of this growth.

Democratising Access (ICWealth)

The launch of the ICWealth platform with USSD mobile trading has fundamentally changed retail participation in the GSE. For the first time, a market woman in Kumasi or a teacher in Tamale can buy shares directly from a mobile phone. This aligns with the government‘s financial inclusion agenda.

Supporting Indigenous Listings

IC Securities has been the trusted adviser for numerous indigenous listings and capital raisings. By helping Ghanaian companies access the public markets, the firm has contributed to the growth of the GSE and the deepening of Ghana‘s capital market.

Employment and Skills Development

IC Securities directly employs a team of investment bankers, traders, researchers, and support staff. The firm also supports careers in the broader financial services industry through its role in capital market development.

Fiscal Policy Advice

Through IC Research, the firm contributes to public discourse on fiscal policy, debt sustainability, and economic management. Its analyses are cited by policymakers and media alike.

Future Outlook

As of June 2026, IC Securities is executing a strategy of digital expansion, fixed-income dominance, and selective investment banking.

The Immediate Agenda (2026-2027)

1. Scale ICWealth Platform: Increase retail user adoption; enhance platform features.

2. Deepen Fixed-Income Market Share: As the GFIM Primary Dealer, capture a larger share of government securities trading.

3. Execute Follow-on Offerings: Bank on the success of MTN, First Atlantic, and others to win mandates for secondary offerings.

4. Expand Research Coverage: Build the IC Research brand; attract institutional subscriptions.

5. Explore Regional Expansion: Use the Equity Bank Congo and UAP Holdings deals as a platform for cross-border investment banking.

6. Maintain Defensive Posture: Continue to advise clients on risk management in the post-election environment.

The Bull Case (Optimistic)

• GSE Continues to Surge: The bull market extends into 2027-2028. Trading volumes double. IC Securities‘ revenue grows 30%+ annually.

• ICWealth Becomes the Standard: The platform captures 50%+ of retail trading volume. IC Securities becomes the “Robinhood of Ghana.“

• Investment Banking Pipeline Materialises: IC Securities wins mandates for multiple IPOs and bond issuances. Revenue diversifies beyond brokerage.

• Regional Expansion Succeeds: IC Securities establishes a presence in Nigeria, Kenya, or Côte d‘Ivoire, becoming a pan-African investment bank.

• Fixed-Income Assets Surge: As interest rates fall, bond prices rise. IC Securities‘ fixed-income assets under management grow to $2 billion+.

The Bear Case (Pessimistic)

• Market Correction: The GSE bull run ends abruptly. Trading volumes dry up. IC Securities‘ revenue declines.

• Competition Intensifies: International brokers (Interactive Brokers) or local challengers (new fintech platforms) erode IC Securities‘ market share.

• Currency Crisis: The cedi depreciates sharply. Foreign investors exit the GSE. Trading volumes collapse.

• Regulatory Shock: The government imposes a windfall tax on trading profits or a new capital gains tax. Retail participation declines.

• Key Talent Departs: The loss of Emmanuel Lartey, Courage Kingsley Martey, or other key executives affects the firm‘s capabilities and client relationships.

The Verdict

IC Securities Ltd. is the most successful indigenous investment bank in Ghana‘s history. Founded in 2005, the firm has built an unassailable fortress at the intersection of local knowledge and global capital.

The firm‘s achievements are remarkable: the MTN Ghana IPO ($788 million), the largest in West African history; over $1 billion in client assets under management; a pioneering digital trading platform (ICWealth) that democratised access to the GSE; and a research desk (IC Research) that is the most cited voice on Ghanaian markets.

The firm‘s leadership team—including Kennedy Asante-Boateng, Keli Gadzekpo, and Nana Sam on the board; Emmanuel Lartey and Courage Kingsley Martey in executive roles—brings together decades of experience at the highest levels of banking, regulation, and capital markets.

The 2025-2026 bull run on the GSE (108% return in one year) has been a tailwind, but IC Securities‘ success is not merely cyclical. The firm has built durable competitive advantages: deep regulatory relationships, a proven deal-making track record, a technology platform with first-mover advantage, and a research capability that builds trust.

The risks are real: market concentration, currency volatility, competition from international platforms, regulatory changes. But IC Securities has navigated two decades of Ghana‘s economic cycles—from the 2008 global financial crisis to the 2022-2023 DDEP. It has proven its resilience.

For the Ghanaian investor seeking access to the GSE, IC Securities offers the most comprehensive platform—local expertise, digital access, research, and a trusted brand. For the Ghanaian company seeking to raise capital, IC Securities offers the most experienced investment banking team. For the government of Ghana seeking to restructure debt or access global capital markets, IC Securities offers a trusted local partner with international reach.

IC Securities is not trying to be the largest financial institution in Ghana—the banks hold that title. It is trying to be the most trusted. With a 20-year track record, a $1 billion asset base, and a front-row seat to the GSE‘s $13 billion comeback, it is well on its way.

FAQ SECTION

1. Is IC Securities a Ghanaian-owned company?
Yes. IC Securities is an indigenous Ghanaian investment bank and securities dealing firm, founded in Accra in 2005. It is licensed by the Securities and Exchange Commission (SEC) and is a dealing member of the Ghana Stock Exchange.

2. Who is the CEO of IC Securities?
IC Securities is a privately held company with a Board of Directors that includes Kennedy Asante-Boateng (former Deputy Director at Bank of Ghana), Keli Gadzekpo (Chairman of Databank Group), and Nana Sam (former Bharti Airtel, Stanbic). The executive team includes Emmanuel Lartey (Vice President, Investment Banking) and Courage Kingsley Martey (Head of Insights).

3. What services does IC Securities provide?
IC Securities provides three core service lines: Investment Banking (IPOs, private placements, M&A advisory, debt financing, restructurings); Securities Dealing / Brokerage (equities and fixed-income trading via ICWealth platform); and Asset Management / Wealth Management (customised portfolio solutions).

4. What is the ICWealth platform?
ICWealth is IC Securities‘ digital trading platform, offering web-based trading and USSD mobile trading for the Ghana Stock Exchange. The USSD feature allows investors to trade stocks directly from basic mobile phones, significantly expanding retail access.

5. How much does IC Securities charge for trading?
IC Securities follows the GSE‘s standard commission structure of approximately 1.78% on equity trades, which covers brokerage fees, exchange fees, and regulatory fees. Fees for institutional clients may be negotiable, and government bond fees align with GFIM standards.

6. How much in assets does IC Securities manage?
IC Securities manages over $1 billion in client assets, making it one of the largest securities dealers in Ghana.

7. What was the MTN Ghana IPO, and what was IC Securities‘ role?
In 2018, MTN Ghana listed 35% of its shares on the Ghana Stock Exchange, raising approximately $788 million—the largest IPO in Ghana‘s history. IC Securities was the sole adviser and lead transaction advisor for the IPO.

8. What is IC Research?
IC Research is the dedicated research arm of IC Securities. It produces regular economic, market, and sector reports that are widely cited by financial media and relied upon by institutional investors.

9. Is IC Securities a good broker for beginners?
Benzinga names IC Securities the Best Local Broker for Ghanaian Equities and Bonds, noting its personalised service, local market expertise, and the ICWealth digital platform. However, the 1.78% commission is higher than international brokers.

10. Can foreigners trade on the GSE through IC Securities?
Yes. Foreign investors generally require a local custodian to trade on the GSE directly. IC Securities, as a licensed dealing member, can facilitate this access.

11. What is IC Securities‘ view on T-bill safety?
In December 2024, IC Research stated that “Ghanaian T-bills remain safe for short-term investment and liquidity management,“ noting that the government had confirmed T-bills are not part of the debt restructuring programme.

12. How can I contact IC Securities?
IC Securities‘ headquarters is located at Number 2, 2nd Ridge Link, North Ridge, Accra, Ghana. Phone: +233 030. Website: icsecurities.com.gh.

QUICK FACTS BOX

Last Updated on June 7, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

accrastreetjournal.com/