— A world-leading rally on Ghana’s stock market and an improving economy are likely to encourage lenders to plan initial share sales, according to the head of the nation’s bourse.
First Atlantic Bank Plc and Zen Petroleum Holdings Plc sold shares in the past six months, while beverage producer Kasapreko Plc will list next month.
More banks will list in the “foreseeable future,” Ghana Stock Exchange Managing Director Abena Amoah said in an emailed response to questions. Ghana’s benchmark stock market has risen 63.4% in local-currency terms, making it the world’s best-performing after South Korea, following three straight years of gains. The economy is recovering from a debt default in 2022 while inflation slowed to 3.4% in April from 23.8% in December 2024.
“Strong gains on the Ghana Stock Exchange have increased appetite for equities and new listings,” Amoah said. “Improving macroeconomic conditions have boosted investor confidence and market valuations.”
The central bank has cut interest rates by 14 percentage points since July to 14%. Meanwhile, a rally in gold has helped bolster the currency of Africa’s top producer of the precious metal. Economic growth accelerated to 6% in 2025 from 5.8% the year before.
The recovery, following Ghana’s completion of a debt restructuring exercise two years ago, is boosting the attractiveness of stocks to investors, compared with other asset classes such as bonds. Out of the country’s 23 lenders, only nine are currently listed on the Ghanaian market, including units of Standard Chartered Plc, Societe Generale SA and Ecobank Transnational Inc. The Bank of Ghana is encouraging lenders to list, while luring the nation’s cash-rich pension funds, which manage 109 billion cedis ($9.6 billion) of assets, to buy shares. “We expect the commercial bank listing project which is currently ongoing to bear fruit,” Amoah said
Bloomberg
