The Bank of Ghana (BoG) is pushing for more banks to list on the stock market, reasoning that deeper equity markets can absorb the country’s fast-growing pension assets while strengthening financial stability after years of economic stress.

Speaking at the listing of First Atlantic Bank Plc on the Ghana Stock Exchange (GSE), central bank Governor Dr Johnson Pandit Asiama said bank listings provide a practical outlet for domestic long-term savings that are currently concentrated in government securities, exposing pension funds to structural risks.

The pension industry is projected to exceed GH¢100billion in assets this year, driven by mandatory contributions and steady formal-sector growth.

Yet the investment options available to deploy those funds locally remain limited, leaving portfolios heavily skewed toward sovereign debt.

“As a result, pension portfolios are heavily concentrated in government securities,” Dr. Asiama said – adding that while this has played a stabilising role in the past, it constrains long-term returns and increases system-wide risk.

Listed banks, he noted, offer regulated, transparent and cash-generating assets that can diversify pension investments without increasing exposure to foreign markets.

First Atlantic Bank’s listing marks the first initial public offering on the Accra bourse since 2018 and comes nearly nine years after the last wave of bank listings involving Agricultural Development Bank (ADB) and Access Bank.

The IPO was oversubscribed, drawing participation from both institutional and retail investors; a signal the Governor said reflects renewed confidence in the banking sector.

FAB, established in the mid-1990s and licenced as a universal bank in 2014, controls about 3.5 percent of industry assets and more than 4 percent of deposits, making it a mid-tier player in Ghana’s competitive banking system.

By listing, the bank has strengthened its capital base and broadened ownership, while subjecting itself to tighter disclosure and market scrutiny, the Governor noted.

“When a bank lists on the stock market, it does not merely change its share register. It changes its relationship with the public, with investors and with the economy it serves. Ownership broadens; accountability deepens. Transparency becomes continuous rather than episodic. The institution steps more fully into the country’s public financial architecture.”

He framed the push for listings within Ghana’s recovery from the 2022 debt crisis – when inflation peaked at 54.1 percent, the cedi lost more than half its value and foreign reserves fell to historic lows.

The Domestic Debt Exchange Programme strained banks, pension funds and capital markets, exposing weaknesses in the financial system’s structure.

While macroeconomic conditions have since improved – inflation fell to 6.3 percent in November 2025, the cedi has appreciated more than 24 percent this year and reserves have risen to about US$11.4billion – Dr Asiama said recovery must now give way to reform.

A key concern for the central bank is ownership concentration. Foreign-owned lenders control about 60 percent of banking assets, which can amplify foreign exchange pressures during periods of stress as profits are repatriated abroad. Broader domestic ownership through listings can help retain liquidity, spread risk and reduce volatility, he said.

“Bank listings introduce a different dynamic. By broadening ownership to include pension funds, insurance companies, asset managers and ordinary Ghanaians, risk and reward are distributed more widely. Profits do not exit the system all at once; they circulate longer within the domestic economy,” Dr Asiama said.

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