Regulators push bank listings to anchor domestic capital

By Joshua Worlasi AMLANU & Ebenezer Chike Adjei NJOKU

The financial sector is accelerating efforts to deepen bank listings on the capital market, as regulators move to redirect domestic savings into local assets and reduce reliance on offshore exposure.

The renewed momentum comes under the Bank Listing Project, which brings together officials from financial markets, financial stability, banking supervision, academia and other stakeholders. The initiative is being coordinated by the Bank of Ghana as part of broader efforts to strengthen governance and mobilise long-term capital.

At the Steering and Technical Committees’ inauguration, BoG Governor Dr. Johnson Pandit Asiama said the project reflects structural changes already underway in the financial system rather than a narrow regulatory reform. He cited improving macroeconomic stability, returning investor confidence and rapid growth in domestic investible capital as key drivers.

“The Bank Listing Project is not a technical or procedural exercise. It is a strategic response to structural changes already underway in our financial system,” Dr. Asiama said.

The banking sector’s total assets rose to GH¢446.9billion, representing a 21.5 percent increase from GH¢367.8 billion at the end of 2024. The expansion was attributed to balance sheet repair, improved liquidity conditions and a gradual recovery in credit activity as macroeconomic pressures eased.

The push aligns with recent regulatory changes aimed at keeping more capital onshore. The Securities and Exchange Commission Ghana has directed local fund managers to reduce offshore investments, capping foreign securities at 20 percent of assets under management. Funds that previously had full offshore exposure are now restricted.

These measures are designed to support the cedi and reinforce macroeconomic stability. Analysts say they are also likely to channel more funds into domestic instruments such as Treasury bills, bonds and equities.

At the same time, pension fund assets have expanded rapidly and now exceed GH¢100billion. The central bank sees this as one of the largest pools of long-term capital in the economy. Officials argue that deeper bank listings could allow pension funds and other institutional investors to take anchor positions in banks, broadening ownership and strengthening market discipline.

The Ghana Stock Exchange has also adjusted its rules to encourage more listings. Under revised Equities Market Listing Rules effective February 2026, the Exchange may approve applications that do not fully meet prescribed thresholds if it considers the listing to be in the investing public’s interest.

According to the rules, GSE may grant a listing to an applicant that falls short of certain requirements if, in its opinion, approving the listing serves the investing public. Applicants must, however, clearly disclose any deviations from the rules and engage the Exchange early through their sponsors.

The Exchange says the discretion is meant to prevent rigid criteria from blocking viable or strategic listings, particularly where a company’s structure or growth profile does not fit neatly within standard requirements.

The growing dominance of financial stocks on the exchange is not new. Since 2011, the Ghana Stock Exchange has published two benchmark indices – the GSE Composite Index (GSE-CI) and GSE Financial Stocks Index (GSE-FI) – in recognition of the financial sector’s weight within the market.

Ghana already has a broad base of listed banks that provide a benchmark for the new framework. These include Ecobank Ghana, GCB Bank, Agricultural Development Bank, Access Bank Ghana, CalBank, First Atlantic Bank, Republic Bank Ghana, Standard Chartered Bank Ghana, SocieteGenerale Ghana and Trust Bank Limited.

Based on early 2026 trading data, Ecobank Ghana leads with a market capitalisation of about GH¢8.5billion, trading near GH¢28.87 per share. Agricultural Development Bank follows at roughly GH¢8.4billion with shares around GH¢5.06 while GCB Bank stands at about  GH¢5.3billion with shares at GH¢21.66.

Standard Chartered Bank Ghana is valued at about GH¢3.9billion while Societe Generale Ghana stands at roughly GH¢3.2billion. First Atlantic Bank and Access Bank Ghana are each just under GH¢3billion in market value. CalBank’s capitalisation is about GH¢2.8billion. Republic Bank Ghana and Trust Bank Limited are smaller, at approximately GH¢1.1billion and GH¢480million respectively.

The listing timelines vary. GCB Bank and Republic Bank Ghana have been on the exchange since the mid-1990s. CalBank listed in 2004. More recent entrants include Ecobank and Access Bank in 2016 and 2017 respectively.

In December 2025, First Atlantic Bank became the first company in more than seven years to undertake an initial public offering on the Ghana Stock Exchange – ending an 87-month drought for primary equity listings on the main board and signalling a tentative revival in the capital market.

Dr. Asiama said pension funds already hold between 15 percent and 35 percent stakes in several listed banks, showing that domestic institutional investors are willing to take significant positions when governance standards are clear.

“Listing banks is about transparency, market discipline and deliberately connecting long-term domestic savings to the banking system in a way that supports sustainable growth,” he said.

He added that as banks become more market-facing, share prices, valuations and investor sentiment will increasingly influence confidence and behaviour in the financial system. That, he said, has implications for financial stability and monetary policy transmission.

“The work before you sits at the intersection of banking supervision, capital markets, financial stability and monetary policy transmission,” the Governor said.

The committees have been tasked with delivering a practical and credible framework suited to Ghana’s realities, aimed at supporting orderly listings while preserving stability. The central bank’s management will remain closely involved as the project advances, with outcomes expected to shape the structure of bank ownership and role of the capital market in coming years.

By mid-session on Wednesday, February 11, total market capitalisation stood at  GH¢182.7billion. The Composite Index was up 6.6 percent year to date while the Financial Stocks Index had gained 8.18 percent.

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