• The Bank of Ghana created a steering committee and a technical committee to design a bank listing framework.
• Ghana’s pension fund assets exceed 100 billion cedis, providing a growing source of long-term capital.
• Authorities aim to link domestic savings to bank financing while safeguarding financial stability.

Ghana seeks to open more bank capital to the stock market. Bank of Ghana Governor Johnson Pandit Asiama announced on Tuesday, February 10, 2026, that authorities created two bodies—a steering committee and a technical committee—to lead the initiative.

The committees include representatives from banking supervision, capital markets, financial stability, academia and industry professionals. The committees will design a practical, credible framework tailored to Ghana’s realities in order to promote bank initial public offerings.

Mobilizing Domestic Savings to Finance Banks

Authorities believe Ghana’s banking system is entering a phase in which domestic institutional investors will play a growing role. Pension fund assets now exceed 100 billion Ghanaian cedis, which provides a significant source of long-term financing for the economy.

Some banks already listed on the Ghana Stock Exchange (GSE) count pension funds among their shareholders. Pension funds hold between 15% and 35% of the capital in certain listed banks. These figures show that local investors can participate in bank capital when authorities provide a clear regulatory framework.

Authorities intend to use bank listings to connect national savings with bank financing and to subject banks to market discipline. Authorities do not seek immediate listings but instead aim to create favorable conditions for banks that meet the required criteria.

Tailored Framework for Diverse Banking Profiles

Ghana’s banking sector includes diverse profiles. Some banks already list on the exchange, others belong to foreign groups, and some maintain public shareholding. Authorities stress that a single uniform framework cannot apply to all these situations.

The future framework will adopt a gradual approach and will integrate the prudential requirements of the Bank of Ghana, the market rules of the Securities and Exchange Commission (SEC), and governance and financial disclosure obligations.

Through this initiative, Ghana aims to position the stock market as a complement to bank financing while preserving financial system stability. Authorities expect the committees to deliver their findings soon.

Chamberline Moko