Government is set to list state-owned enterprises on the Ghana Stock Exchange as part of a strategy to deepen market liquidity, strengthen corporate governance, and give investors direct access to some of the country’s most strategically important companies.
President John Dramani Mahama made the announcement while addressing investors at the London Stock Exchange, framing the planned listings as the next chapter in a capital market story that had already turned heads globally.
The move comes on the back of a remarkable run for the Ghana Stock Exchange. The GSE Composite Index delivered a return of 63.4 percent in 2026, placing Ghana second only to South Korea among all exchanges globally.
In 2025, the exchange recorded a US dollar return of 154 percent and a local currency return of 79 percent, ranking second on the African continent. After approximately seven years without a new listing, three IPOs have come to market in just six months, all oversubscribed, raising a combined GHS 2 billion equivalent to about US$182 million.
President Mahama said bringing state-owned enterprises into the public market framework would build on this momentum, injecting fresh investment opportunities into a market that was already attracting significant attention from global investors.
Beyond state enterprises, the President said government was also working with partners in the financial sector to bring additional institutions into the public market framework, and was exploring infrastructure bonds and specialised instruments designed to attract investment from the Ghanaian diaspora.
He also flagged the anticipated Dangote Refinery IPO as a potentially transformative event for African equity markets, saying the Ghana Stock Exchange was well-positioned to participate when the listing materialised.
On the regulatory and tax front, Mahama said government was pursuing waivers on capital gains tax and withholding tax to improve after-tax returns for investors, saying the goal was to build a policy environment in which capital was welcomed, valued, and rewarded.
He pointed to the broader infrastructure of the exchange as evidence that the market was ready for expanded participation.
“The GSE operates a fully automated trading platform accessible to investors globally without any need for physical presence in Ghana. It holds internationally recognised certifications in information security and business continuity and is a member of both the International Capital Market Association and the World Federation of Exchanges, placing it among the world’s most credible and well-governed exchanges,” he added.
New financial instruments including derivatives, securities lending and borrowing, and asset-backed securities are also under development, further broadening what the market will be able to offer investors in the months ahead, President Mahama noted.
“Ghana has a story to tell, and it is a story that belongs on the floor of the London Stock Exchange,” the president said.
Richard Aniagyei, ISD
