BoG to breathe life into Ghana Stock Exchange

The Bank of Ghana (BoG) has announced new measures to put life back into the country’s capital market following concerns over the limited participation of banks on the Ghana Stock Exchange (GSE).

Presently, only eight out of the 23 universal banks are listed on the GSE, a situation that restricts the flow of long-term investment capital.  The central bank has therefore agreed with industry players to form a committee that will work to encourage more banks to list on the exchange.

At the 2025 IMF-World Bank Annual Meetings in Washington DC, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, said the initiative would not only deepen the equities market but also strengthen the availability of patient capital for economic growth.

Dr Asiama explained that renewed activity in the corporate bond market was an encouraging sign that efforts to revive the capital market were beginning to yield results.

"One other interest that we are promoting is to help put life back into the capital market. We are beginning to see some activity, especially in the corporate bond market. Last week, I had a meeting with CEOs of all the banks. Out of 23 banks, we have only a few that are listed on the stock exchange," he said.

Listed companies

The GSE currently lists about four dozen equities across sectors, such as banking, insurance, consumer goods, mining, telecoms and industrials, with banks such as Ecobank Ghana, GCB Bank, Access Bank and CAL Bank among the key players.

However, the market remains heavily concentrated, with MTN Ghana and a few financial institutions dominating trading activity and influencing overall index movements.

Over the past five years, the GSE Composite Index has surged from about 2,212 points in February 2020 to 8,490 points by mid-October 2025, driven largely by strong performances from these major firms.

This, therefore, highlights the need for more banks to list on the exchange to deepen market liquidity, diversify investor options, and strengthen the financial sector’s role in supporting Ghana’s capital market growth.

Governor talks

The Governor made the remarks during the “Governor Talks” series, held as part of the Annual Meetings.

It serves as a platform for central bank governors and finance ministers to share their regional and national perspectives on key global economic issues.

His presentation focused on the topic, “From crisis to confidence: Ghana’s journey to macroeconomic stabilisation”.

The session was moderated by the Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie.

Special committee

Dr Asiama stated that the central bank had agreed on a programme to establish a special committee to encourage more banks to list on the Ghana Stock Exchange.

He said the initiative would be a “win-win” for the financial sector and the economy, as it would help attract greater volumes of long-term or “patient” capital to support sustainable growth.

“At the same time, we will be putting fresh life back into the equities market on the Ghana Stock Exchange, strengthening investor confidence and market activity,” he said. 

Balance sheet

Touching on the central bank's performance, the Governor acknowledged that the Bank of Ghana’s balance sheet had been significantly affected by the domestic debt restructuring, but gave an assurance that steps were being taken to restore its strength.

He explained that the bank viewed the repair of its balance sheet as a “medium-term challenge” and was implementing measures to rebuild solvency both “technically and politically.”

“Our balance sheet may have taken a hit. But operationally, it does not affect our independence or our ability to deliver on our mandate of ensuring stability," he added.

BoG’s independent

The Governor explained that the central bank remained fully independent in its operations and decision-making, despite the recent fiscal and debt challenges.

He said legislative reforms had been introduced to strengthen the central bank’s autonomy, particularly by eliminating avenues for direct government financing.

“Even at the current level, we are not controlled by the government and are not constrained in any way,” he said.

Dr Asiama stressed that the bank’s policy actions were guided purely by economic stability considerations.

He said that amendments to the Bank of Ghana Act, which were before Parliament, would further safeguard the institution’s independence and define clear boundaries for emergency interventions.