• Edward Nana Yaw Koranteng (right) and Abena Amoah ring the bell to announce the clinching of the deal
• Edward Nana Yaw Koranteng (right) and Abena Amoah ring the bell to announce the clinching of the deal

GSE, MIIF seek listing of more local firms

The Ghana Stock Exchange (GSE) and the Minerals Income Investment Fund (MIIF) have signed a Memorandum of Understanding (MoU) that seeks to, among other things, increase the number of mining companies listed on the local bourse.


In spite of being the second largest producer of gold in Africa and sixth largest producer in the world, the country’s capital market has only two mining companies listed.

Under the MoU, the MIIF is expected to recommend all mining companies in which it has equity investments for listing on the GSE.

The Chief Executive Officer (CEO) of the MIIF, Edward Nana Yaw Koranteng, signed on behalf of the MIIF, while the Managing Director of the GSE, Abena Amoah, signed for her outfit.

At the signing, Mr Koranteng said the MoU was the first effort by the MIIF to actualise the expansion of its reach into the capital market.

As a fund established to manage the equity interests of Ghana in all mining companies and to receive all dividends paid to the state from this carried interest, he said the MIIF would continuously develop strategies to sustainably maximise the value of mineral income from the mineral wealth of the country for the benefit of all Ghanaians.

Invaluable conduit

Mr Koranteng said this mandate made the stock exchange an invaluable conduit for the needed expansion of shared prosperity from the mineral sector.

“We all know that stock exchanges worldwide are the creators of wealth and the main access to long-term capital.

“For the mining sector in Ghana, without long-term capital, our dream to leverage the minerals for shared prosperity will continue to be a stuttering dream garnished with illegal mining activities,” he stated.

He said stock exchange had enabled efficient capital mobilisation and wealth creation in developed countries.

“There is infinite potential for growth, and the MIIF, together with the GSE, can play a significant role in forging a partnership that would accelerate growth and listings which would garner significant value addition to the mining sector in Ghana,” he said.

Practical framework

Ms Amoah said the GSE and the MIIF were establishing a practical framework to embed the minerals and mining asset class as a viable investment opportunity for retail and institutional investors in Ghana and in the sub-region.

She said the aim was to see businesses operating in the mining sector raise capital on any of the GSE’s three markets: the main market for equities; the alternative or growth market for small and medium enterprises (SMEs) and junior firms; and the Ghana fixed income market for long or short-term corporate debt securities.

Ms Amoah said this collaboration was an important milestone for both organisations as they sought to increase the listing of mining companies on the capital market, support the growth of the Ghanaian economy and to create wealth for the citizens.

“As many of you are aware, the mining sector is a vital part of Ghana's economy and we are committed to helping it grow even stronger.

“We believe that one of the best ways to do this is by promoting local investment in the sector,” she stated.

Significant milestone

The Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, who witnessed the signing, said this was a significant milestone in fostering the relationship between the two institutions.

He said the GSE had been a cornerstone of the capital market in Ghana by providing an avenue for raising long-term and patient capital, and also providing an avenue for liquidity considered key to developing any capital market.

He noted that the MIIF also played a critical role in managing the revenue generated from Ghana’s mineral resources and ensuring that those funds were invested judiciously and in a sustainable manner.

He said the two institutions collaborating would, therefore, help in further deepening the capital market in Ghana.


Rev. Ogbarmey Tetteh said he was also particularly excited about the MoU because it was in sync with the Capital Market Master Plan which was launched in 2021.

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