- Banks urged to list on Ghana Stock Exchange to strengthen financial sector
- Move is aimed at stronger capital, transparency, broader ownership
ACCRA, GHANA – Ghana’s central bank wants commercial banks to list on the Ghana Stock Exchange (GSE) to bolster capital strength, improve transparency and deepen financial markets.
Governor Dr Johnson Pandit Asiama said the move is integral to the Bank of Ghana’s wider agenda to modernise supervision and foster long-term financial stability.
He revealed that the central bank has held meetings with the GSE, and “a couple of banks” have expressed readiness to embark on the listing process.
“This will enhance capital strength, this will enhance transparency, and this will promote long-term growth prospects,” Dr Asiama told bank chief executives in Accra during a post-MPC engagement. He added that public listings would fortify corporate governance and widen ownership in the financial sector.
Ghana’s equity market is booming. The GSE’s market capitalisation more than doubled from April 2024 to September 2025, topping GHS160 billion and closing the third quarter at a record GHS162 billion – a 102 per cent increase in 17 months. Meanwhile the GSE Composite Index has delivered a 67 per cent return year-to-date, placing Accra among Africa’s best-performing stock markets in 2025.
Technology and financial stocks have driven much of that surge. Clydestone Ghana’s share price jumped 466.7 per cent year-to-date to GH¢0.17, while banking stocks such as GCB Bank, Ecobank Ghana, CAL Bank and Access Bank Ghana registered triple-digit gains. GCB Bank rose 40.9 per cent in September alone, finishing the year-to-date up 121.4 per cent. Access Bank Ghana leads the sector with a 214.2 per cent increase since January.
“The strong performance of the local bourse underscores the growing confidence in Ghana’s financial sector reforms,” Dr Asiama observed, adding that bank listings could further deepen market activity and transparency.
Macroeconomic tailwinds strengthen case
The call for bank listings is supported by a firm macroeconomic backdrop. Inflation dipped to 9.4 per cent in September—the first single-digit reading in four years and the ninth consecutive monthly decline. Dr Asiama credited the trend to “consistent monetary policy, prudent liquidity management, and fiscal consolidation.”
Economic momentum is robust. In the second quarter, GDP expanded by 6.3 per cent, while non-oil GDP grew 7.8 per cent, powered by services and agriculture. The composite index of economic activity climbed 6.1 per cent in July, signalling sustained demand and output growth.
On external fronts, Ghana registered a $6.2 billion trade surplus in the first eight months, while foreign reserves reached $10.7 billion – equivalent to 4.5 months of import cover. The cedi has appreciated 21 per cent year-to-date, marking it as one of the world’s top-performing currencies. “This performance underscores the credibility of our policy framework and the renewed confidence of the markets,” Dr Asiama added.
In its latest meeting, the Monetary Policy Committee cut the policy rate by 350 basis points to 21.5 per cent – its third reduction this year – reflecting confidence inflation will fall within the 8 per cent ± 2 per cent target band by year-end. Treasury bill rates eased to 10.3 per cent in August from 13.4 per cent in July, while average lending rates declined to 24.2 per cent from 26.6 per cent.
Dr Asiama also lauded Ghana’s banking sector resilience. He cited a capital adequacy ratio of 17.7 per cent and non-performing loans down to 20.8 per cent. He urged banks to comply with new prudential directives on large exposures, credit concentration and outsourcing risks.
“Our collective responsibility now is to sustain this discipline,” he said. “We must ensure that stability translates into jobs, affordable credit, and real growth for households and businesses.”
With commercial banks potentially joining the listed ranks, Ghana may well lay the foundation for more robust, transparent financial markets—supporting not just sectoral growth, but broader inclusive development.
