The Bank of Ghana published a keynote address by Governor Dr. Johnson P. Asiama at the Ghana Stock Exchange listing of First Atlantic Bank PLC, framing bank listings as a way to strengthen banks’ capital, governance and market discipline while supporting financial stability and capital market development. The Governor highlighted that First Atlantic Bank’s Initial Public Offering (IPO) was oversubscribed and described it as the first IPO on the exchange since 2018 and the first bank listing activity in almost nine years. As at late 2025, First Atlantic Bank accounted for about 3.5 percent of industry assets and over 4 percent of deposits, and the address emphasised the higher disclosure and accountability expectations that come with being publicly listed. The speech linked the focus on diversified funding and shared ownership to Ghana’s post-crisis stabilisation, citing inflation at 6.3 percent in November 2025, cedi appreciation of over 24 percent year-to-date, gross international reserves of about USD 11.4 billion (close to five months of import cover), and GDP growth of 6.3 percent in the first half of 2025 with non-oil growth near 8 percent. It also flagged ownership concentration, noting foreign-owned banks hold roughly 60 percent of banking system assets and arguing that profit repatriation can amplify foreign exchange market pressures during stress. The Governor pointed to growing domestic institutional savings, including a pension sector projected to exceed GHS 100 billion in assets, and argued that a limited supply of high-quality domestic equity instruments has contributed to pension concentration in government securities. Work through the Financial Stability Council was presented as the channel for regulators and market participants to encourage additional bank listings in an orderly, market-led way, with expectations of more banks accessing equity markets from 2026 and beyond.
Bank of Ghana 2025-12-19
Bank of Ghana sets out case for more bank listings as First Atlantic Bank joins the Ghana Stock Exchange
The Bank of Ghana's Governor, Dr. Johnson P. Asiama, emphasized the importance of bank listings for capital strengthening and market discipline during First Atlantic Bank PLC's IPO, the first since 2018. He highlighted Ghana's economic stabilization, noting inflation at 6.3%, cedi appreciation over 24%, and GDP growth of 6.3% in the first half of 2025. The Governor also discussed the need for more domestic equity instruments to diversify pension investments and reduce reliance on government securities, expecting increased bank listings from 2026.