After approximately seven years without a single new listing, the Ghana Stock Exchange has recorded three initial public offerings in just six months, raising approximately GHS 2 billion equivalent to about US$182 million and adding GHS 11 billion in market capitalisation in what President John Dramani Mahama has called the most active primary issuance period in nearly a decade.
President Mahama made the announcement while addressing investors at the London Stock Exchange, saying the return of IPO activity was one of the clearest signals that investor confidence in Ghana’s capital markets had been restored.
All three offerings were oversubscribed, covering three separate sectors: banking, energy, and consumer goods.
First Atlantic Bank PLC was listed on December 19, 2025, raising GHS 742 million. The offer was oversubscribed, with proceeds earmarked for regional expansion and capital strengthening. Zen Petroleum Holdings PLC followed, completing its listing in March and April 2026 and raising GHS 640 million, also oversubscribed.
Approximately 96 percent of those proceeds are being directed towards working capital to support the company’s expansion across the downstream petroleum value chain.
The third listing, Kasapreko PLC, is scheduled for June 15, 2026. The company, one of Ghana’s most recognisable consumer brands, is targeting GHS 700 million to finance the expansion of its production facilities, offering investors a direct entry point into Ghana’s expanding consumer economy.
“Three IPOs. Three oversubscriptions. Three sectors. This is not a coincidence. This is confidence,” President Mahama said.
The President said the IPO revival sat alongside a broader market performance story that had placed Ghana among the world’s top-performing equity markets. The GSE Composite Index delivered a return of 63.4 percent in 2026, second only to South Korea globally and second on the African continent, while in 2025 the exchange recorded a US dollar return of 154 percent and a local currency return of 79 percent.
Looking ahead, Mahama said government was committed to listing state-owned enterprises on the exchange to further deepen market liquidity and give investors access to some of Ghana’s most strategically important companies.
He also flagged the anticipated Dangote Refinery IPO as a potentially transformative event for African equity markets, saying the GSE was well-positioned to participate when it materialised.
Richard Aniagyei, ISD
