The Ghana Stock Exchange (GSE) has renewed its drive to list state-owned enterprises (SOEs) on the capital market, as part of a broader strategy to unlock value from public assets, deepen market participation, and strengthen corporate governance across key sectors of the economy.
The renewed push was highlighted by the Managing Director of the GSE, Abena Amoah, who indicated that momentum is building behind long-standing efforts to bring more state enterprises onto the stock exchange.
She emphasised that the initiative has strong political backing, particularly from the presidency, and forms part of wider reforms aimed at expanding Ghana’s capital market and improving efficiency in state-owned institutions.
“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.
According to her, the renewed focus on SOE listings comes at a time when Ghana’s stock market is experiencing notable growth in trading activity, investor participation, and overall performance in the first half of 2026.
She made the remarks during the listing ceremony of Kasapreko PLC on the main market of the GSE, describing the development as part of a wider resurgence in initial public offerings and investor confidence.
Ms Amoah explained that the Exchange is working on multiple fronts to expand listings, particularly through closer engagement with the private sector and regulatory institutions such as the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
She noted that collaboration with regulators is particularly focused on developing frameworks that would enable commercial banks to list on the Ghana Stock Exchange, an initiative she described as critical to deepening the financial market and broadening investment opportunities.
She added that the GSE is also intensifying investor education and awareness campaigns to encourage wider participation in the capital market.
“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 reiterated.
Ms Amoah further disclosed that several state-owned enterprises are currently well-positioned to be listed on the stock exchange, citing their financial strength and operational readiness as key indicators of suitability.
Among the entities she mentioned were the Electricity Company of Ghana, BOSTenergies, GNPC Explorco, Ghana Airports Company Ltd, Tema Oil Refinery, GoldBod Jewellery, Ghana Re, GNPA Ltd, TDC Ghana Ltd, and the Architectural Engineering Services Limited (AESL).
She noted that bringing such institutions to the capital market would not only improve governance structures but also increase transparency and enhance accountability in public sector operations.
Exceptional market performance
Speaking at the same event, Ms Amoah highlighted the strong performance of the Ghana Stock Exchange in 2026, describing it as one of the most significant growth periods in recent years.
She revealed that as of June 12, 2026, the GSE Composite Index had risen by 64.67 per cent, continuing a three-year trend of consistent growth in the market.
“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 has also shown strong signs of recovery, playing a key role in supporting both government and corporate financing needs.
According to her, new financial instruments such as commercial paper, green and sustainable bonds, and over-the-counter (OTC) products are expanding investment options and helping to diversify the market.
“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.
Call for stronger industrial financing
The Chief Executive Officer of the Association of Ghana Industries (AGI), Seth Twum-Akwaboah, welcomed Kasapreko PLC’s listing, describing it as a positive example of how Ghanaian companies can leverage the capital market to overcome financing challenges and support long-term growth.
He stressed that manufacturing remains central to Ghana’s economic transformation, as it generates employment, supports local supply chains, and contributes significantly to tax revenue and household welfare.
“Manufacturing requires long-term funding, which is why getting on the stock exchange is so key,” he stated, adding that capital markets provide a critical alternative financing avenue for firms seeking expansion and modernisation.
Mr Twum-Akwaboah also pointed out the relatively low number of small and medium-sized enterprises (SMEs) listed on the stock exchange, calling for stronger collaboration among stakeholders to encourage more indigenous businesses to go public.
He said Kasapreko’s successful listing demonstrates that Ghanaian-owned companies can evolve into globally competitive enterprises when they adopt the right governance structures and long-term planning.
“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 encouraged entrepreneurs to embrace transparency, discipline, and strong corporate governance in order to attract investors and sustain long-term business growth.
He added that Kasapreko’s listing is expected to inspire wider industrial transformation and encourage more firms to consider the capital market as a viable source of funding.
Market outlook and sector implications
Industry analysts have long argued for greater participation of commercial banks on the Ghana Stock Exchange, noting that public listings could significantly improve governance, transparency, and access to long-term capital.
They believe that a stronger presence of banks on the exchange would deepen market liquidity and provide investors with more diversified opportunities within the financial sector.
Experts also suggest that a clear and well-structured regulatory framework for bank listings could accelerate interest among financial institutions, especially as competition for capital intensifies across the economy.
Such reforms, they argue, would strengthen the link between Ghana’s banking sector and its capital market, while supporting broader national efforts to mobilise domestic investment for economic development.
If successfully implemented, the ongoing initiatives could mark a major turning point for Ghana’s financial ecosystem, positioning the stock exchange as a central platform for both public and private sector financing.
