Ghana’s capital markets recorded a significant milestone this week with First Atlantic Bank PLC completing the country’s first initial public offering in more than seven years, breaking an 87-month spell that had raised questions about the viability of the Accra bourse as a fundraising venue.
The transaction, which saw shares priced at GH¢7.3 (US$0.64) and attracted demand exceeding the available allocation, marks the first main-board IPO on the Ghana Stock Exchange since telecommunications operator MTN Ghana went public in September 2018. For context, this represents the longest gap in new equity listings since the GSE commenced operations in 1990.
Both retail and institutional investors participated in the offering, with early trading sessions recording approximately 2,200 shares changing hands. The stock opened 40 pesewas above its reference price, suggesting measured appetite from market participants.
The listing ceremony brought together senior officials from the Bank of Ghana, the Securities and Exchange Commission, the exchange itself, fund managers and transaction advisers, underscoring the significance regulators attach to reviving primary market activity.
Ghana’s equity market has experienced remarkable gains in 2025, providing a favorable backdrop for the bank’s debut. The GSE Financial Stock Index has surged 93.89 percent year-to-date, while the broader Composite Index has recorded gains of 78.9 percent over the same period, reflecting improved investor sentiment following the country’s economic difficulties.
Abena Amoah, managing director of the GSE, framed the listing as restoring the exchange to its fundamental purpose. “It marks a new chapter of growth for both the banking sector and the capital markets,” she said during the listing ceremony, which coincided with the exchange’s 35th anniversary. She noted that the successful capital raise demonstrated the local bourse remained viable despite recent macroeconomic turbulence.
First Atlantic Bank, licensed as a universal bank in 2014, has established itself as a mid-tier player in Ghana’s financial services sector. Bank of Ghana data shows the institution commands close to four percent of industry assets and deposits, with approximately 30 branches across the country.
For the Bank of Ghana, the listing represents more than a corporate milestone. Governor Dr. Johnson Asiama emphasized that public listing subjects banks to heightened scrutiny from both banking and securities regulators. “Ownership broadens, accountability deepens and transparency becomes continuous rather than episodic,” he said, adding that the move helps rebuild confidence in Ghana’s financial system following a prolonged period of economic stress.
The Securities and Exchange Commission’s Dr. Jacob Aidoo, speaking for Acting Director General James Avedzi Klutse, highlighted how the transaction fulfills the capital market’s dual mandate of enabling corporate growth while providing exit routes for early-stage investors. He stressed that First Atlantic’s management must now maintain rigorous disclosure standards and corporate governance practices to preserve investor confidence.
The bank’s leadership has outlined ambitious regional expansion plans. Managing Director Odun Odunfa said First Atlantic would pursue growth opportunities across West Africa, starting with Liberia where a banking license has been secured, followed by Sierra Leone and select francophone markets. “We are deepening our investments in digitalisation and, critically, in our people, because we believe technology and talent will be the key drivers of sustainable growth as we scale across Africa,” Odunfa said.
Papa Madiaw Ndiaye, chief executive of AFIG Funds and a First Atlantic non-executive director, described the listing as demonstrating what African financial institutions can achieve with long-term vision. “This is a powerful symbol of what is possible when African financial institutions are built with long-term vision and the courage to aim higher,” he said.
Market observers suggest the successful IPO could prompt other companies to reconsider equity financing, though structural challenges remain. The Accra bourse has struggled to attract significant listing activity over the past decade, with many companies choosing alternative routes or remaining private due to concerns about valuations and secondary market liquidity.
