Ghana's Securities and Exchange Commission (SEC) reported a GHS 3.27 million deficit in 2025. This financial outcome reverses a GHS 21.41 million surplus recorded in 2024. The regulator's accounts show a sharp reduction in government support combined with rising personnel and administrative costs.
The SEC's total income fell to GHS 61.24 million in 2025 from GHS 75.86 million in 2024. Operating expenditure, however, climbed to GHS 64.51 million from GHS 54.45 million. The substantial shift from surplus to deficit was financed from the SEC's reserves.
This financial challenge highlights Ghana's broader fiscal pressures and the government's efforts to reduce its financial commitments to state entities. The capital market regulator's reliance on government transfers has decreased significantly. This forces the SEC to seek more sustainable, market-based funding mechanisms. The shift also reflects a wider trend of public institutions needing to become more self-sufficient.
The SEC noted that its 2024 surplus included GHS 20.00 million in government support. This support dropped to just GHS 1.10 million in 2025. The regulator stated its underlying 2024 operational surplus was only about GHS 1.41 million without government contributions. This distinction provides a clearer picture of the SEC's core financial performance.
Operating revenue actually increased by 2.71% to GHS 47.72 million. Investment income also rose to GHS 8.81 million. Other income more than doubled to GHS 3.62 million. The main pressure came from the disappearance of exceptional government support and faster growth in expenses.
The composition of SEC’s income shows a growing dependence on Ghana’s secondary capital markets. Transaction levy revenue surged by 77.49% to GHS 27.66 million from GHS 15.58 million. This accounted for most of the operating revenue. It benefited from increased trading activity during the year.
However, prospectus approval fees fell sharply to GHS 3.41 million from GHS 16.15 million. The SEC attributed this decline to a lack of major primary-market issuances. Licence fees increased to GHS 2.44 million, and market-operator levies rose to GHS 2.85 million. Depository fees climbed to GHS 11.38 million.
The contrast between booming transaction levies and weak prospectus fees is significant. It suggests improved trading liquidity has not yet led to a strong pipeline of new capital raises. The SEC acknowledged a 17.11% revenue shortfall against its GHS 73.88 million budget. It had budgeted GHS 25.00 million from pension asset fees, but collected none due to ongoing discussions.
On the expense side, personnel emoluments and other staff costs rose to GHS 44.30 million from GHS 38.70 million. This makes employee costs the largest expenditure item. Wages and salaries reached GHS 15.19 million, while staff allowances amounted to GHS 16.37 million. Administrative and programme-delivery expenditure climbed to GHS 19.08 million from GHS 14.63 million. Foreign travel, training, and conferences alone cost GHS 7.14 million.
This spending profile raises important questions for the regulator. The SEC aims to deepen Ghana’s capital market and boost its supervisory capacity. This requires skilled staff, investor education, and international engagement. However, the sustainability of these investments depends on market-based revenue growth. The SEC must avoid repeatedly drawing on its reserves. The balance sheet remains strong with total assets at GHS 100.73 million at the end of 2025.