The Ghana Stock Exchange (GSE) has renewed its push to bring state-owned enterprises to the market, with its Managing Director, Abena Amoah, signalling growing momentum behind a long-standing plan to use public listings to unlock value from state assets and strengthen corporate governance.
“We are also actively advancing the listing of State-Owned Enterprises (SOEs) — a programme strongly supported by President John Dramani Mahama, who reaffirmed his support during a recent visit to the London Stock Exchange. This initiative will unlock value, strengthen governance, and deepen our market further,” she stated.
The development comes amid renewed momentum on the country’s stock market, recording strong growth in trading activity and market performance in the first half of 2026, alongside a revival in initial public offerings.
Speaking at the listing ceremony of Kasapreko PLC on the main market of the GSE, Ms Amoah said the Exchange was committed to expanding listings with Ghana's private sector, advancing frameworks for commercial bank listings in collaboration with the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), and intensifying investor education.
She said efforts were underway to advance frameworks for commercial bank listings in partnership with regulators, as part of a broader drive to attract new issuers and deepen market participation.
Some SOEs are in good shape and can list without hindrance on the Ghana bourse.
They include the Electricity Company of Ghana, the BOSTenergies, GNPC Explorco, Ghana Airports Company Ltd, Tema Oil Refinery, GoldBod Jewelry, Ghana Re, GNPA Ltd, TDC Ghana Ltd, and the Architectural Engineering Services Limited (AESL).
Exceptional performance
Ms Amoah said the listing of Kasapreko on the GSE came during a period of exceptional performance of the market, stating that as of June 12, 2026, the GSE Composite Index was up by 64.67 per cent, building on three consecutive years of strong growth.
“Even more striking, the number of trades executed on the equities market from January to May 2026 exceeded 457,000, compared to approximately 63,000 during the same period last year — an increase of over 625 per cent. These figures reflect growing investor confidence, improving liquidity, and broadening participation across all segments,” the MD of the GSE stated.
She added that the bond market was also rebounding strongly, supporting both government and corporate financing.
She further said innovative products such as commercial paper, green and sustainable bonds, and over-the-counter (OTC) instruments were expanding investment opportunities.
“Beyond performance, we continue to strengthen our market infrastructure — enhancing technology, partnering financial technologies (FinTechs), and developing digital investment tools to meet evolving investor needs,” she added.
Addressing financial challenges
The Chief Executive Officer (CEO) of the Association of Ghana Industries (AGI), Seth Twum-Akwaboah, commended Kasapreko PLC’s listing on the GSE as a model for how Ghanaian businesses could use capital markets to address financing challenges and drive sustainable growth.
He explained that manufacturing was central to Ghana’s economic development, supporting jobs, local suppliers, tax revenue, and family welfare, noting that every product from a manufacturing facility represents livelihoods sustained and value added to the economy.
“Manufacturing requires long-term funding, which is why getting on the stock exchange is so key,” he stated, describing capital markets as a vital alternative for businesses seeking resources to expand and modernise.
Mr Twum-Akwaboah highlighted the low number of SMEs listed on the stock exchange and called for greater stakeholder collaboration to encourage more indigenous businesses to embrace the capital market.
He emphasised that Kasapreko’s journey proved Ghanaian-owned enterprises could evolve into world-class, competitive organisations.
“The capital market is not a distant instrument from us. It is a pathway available to Ghanaian businesses that are ready to grow, scale and lead,” he said.
He further urged other entrepreneurs to adopt the discipline, transparency and governance standards needed to attract investors, noting that Kasapreko’s listing would inspire broader industrial transformation across the country.
Context
Industry players have long advocated increased stock market participation by commercial banks, arguing that public listings could strengthen corporate governance, improve transparency and broaden access to long-term capital.
A stronger presence of banks on the stock exchange would also provide investors with more opportunities to participate in the financial sector while enhancing overall market depth.
Market analysts believe that a clear regulatory pathway for bank listings could encourage more financial institutions to consider public offerings, particularly as competition for capital intensifies and investors seek diversified investment opportunities.
If successfully implemented, the framework could mark a significant step in strengthening the relationship between Ghana’s banking sector and its capital market, while supporting broader efforts to mobilise domestic investment for economic development.