The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has indicated that there has been an improvement in macroeconomic stability, a resurgence of confidence, and a rapid growth in domestic long-term capital.
For example, he noted that pension fund assets have now surpassed GH¢100 billion, positioning them as one of the largest pools of investable capital within the economy. Concurrently, he remarked that the significance of markets within the financial system is becoming increasingly evident.
He further mentioned that several listed banks currently have pension funds that hold between 15 and 35 percent of their equity, illustrating that domestic institutional investors are both willing and capable of supporting bank ownership when appropriate frameworks are established.
Thus, the process of listing banks is not merely about transactions for their own sake. It is fundamentally about ensuring transparency, enforcing market discipline, and intentionally linking long-term domestic savings to the banking system in a manner that fosters sustainable growth, as he articulated during the inauguration of the Steering and Technical Committees for the Bank Listing Project in Accra on Wednesday, February 11.
Dr. Asiama emphasized that this Project acknowledges a crucial reality: the banking sector in Ghana is not uniform.
While several banks are already publicly listed, many continue to be wholly or predominantly owned by foreign parent companies, and others are linked to the state, he explained.
“A credible listing framework must therefore be adaptable and sequenced, taking into account various ownership structures while upholding high standards of prudential regulation and governance. The task ahead lies at the crossroads of banking supervision, capital markets, financial stability, and the transmission of monetary policy. As banks become more attuned to the market, equity prices, valuations, and investor sentiment increasingly affect confidence and behavior. These dynamics are crucial for financial stability and for the effective transmission of monetary policy throughout the economy.
“The composition of these Committees has been intentionally designed for a reason. I am delighted that we have assembled leaders from Financial Markets, Financial Stability, Banking Supervision, academia, and significant stakeholders. This variety of viewpoints is crucial for ensuring that market development and financial stability progress in tandem,” he stated.
He informed the committee that their objective in the upcoming months is to create a framework that is practical, credible, and reflective of Ghana’s realities, one that facilitates orderly bank listings, enhances governance, mobilizes long-term capital, and maintains confidence in the financial system.
“I urge you to tackle this assignment with diligence, transparency, and a profound sense of public duty.
“The Secretariat will provide you with comprehensive support, and Management will stay closely involved as the work advances. Thank you once more for your commitment. I wish the Steering Committee and the Technical Committee productive discussions, and I eagerly anticipate the results of your efforts,” he remarked.
