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The Ghana Stock Exchange(GSE) recorded a major milestone with the return of Initial Public Offerings (IPOs) after a seven-year drought, after the successful listing of First Atlantic Bank (FAB) PLC on the Accra bourse.
This marks the first IPO on the local bourse since 2018, effectively ending a prolonged period of inactivity in the equities market and signalling renewed confidence among investors.
The bank’s public offer, which opened on December 1 and closed on December 4, was oversubscribed, attracting strong participation from both institutional and retail investors.
The bank had planned raising GH¢742 million but the IPO was oversubscribed by six per cent, hitting GH¢786 million.
It offered shares to the public at GH¢7.30 per share, and by midday of its first day of trading on December 19, the bank’s shares appreciated to GH¢7.70, reflecting positive investor sentiment.
Speaking at the official listing ceremony in Accra on December 19, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, said the IPO was not only significant for FAB but also for the wider financial system and capital market development.
The event brought together regulators, market operators, investors, and key stakeholders to formally confirm the bank as a publicly traded company.
He explained that choosing to go public required higher disclosure standards, continuous market scrutiny and stronger governance, describing the move as a clear sign of institutional maturity.
“By listing, First Atlantic Bank is strengthening its capital base, broadening ownership and contributing to the deepening of Ghana’s capital market,” he said, and added that listed banks enhanced transparency, accountability and financial system resilience.
“It is worth noting that First Atlantic Bank joins a group of banks already listed on the Ghana Stock Exchange, including Ecobank Ghana, GCB Bank, Standard Chartered Bank Ghana, Republic Bank Ghana, Access Bank Ghana, Agricultural Development Bank, CalBank, and Société Générale Ghana, institutions that together account for a significant share of the banking system.
“It is notable that it has been almost nine years since the last bank listings involving ADB and Access Bank,” Dr Asiama.
The Governor further explained that the listing comes at a time when Ghana’s economy is recovering from recent macroeconomic challenges, marked by easing inflation, a stabilising cedi, and a rebound in economic growth.
He stressed that initial public offerings (IPOs), particularly by banks, help to diversify funding sources, reduce overreliance on debt, and provide high-quality investment instruments for long-term domestic savings, including pension funds.
Looking ahead, he said, as Ghana’s economy grew and financial intermediation became more sophisticated, it was expected that more banks would access the equity market, hence stronger links between banking and capital-market development, and broader domestic ownership across key financial institutions.
“By 2026 and beyond, a more diversified ownership structure, supported by deeper capital markets and long-term domestic investors, will enhance resilience, reduce concentration risks, and support a financial system better aligned with national development objectives,” the Governor added.
The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, said the successful initial public offering (IPO) of First Atlantic Bank PLC marked a significant milestone and represented the first major market listing in some time, signalling renewed investor confidence.
She noted that the offer was completed within just three months, demonstrating that equity capital can be raised swiftly when companies receive the right advisory support.
“Investors showed a lot of confidence by subscribing to the shares and ensuring the process went very quickly,” she stated.
Ms Amoah explained that the market currently had ample liquidity, particularly from pension funds and individual investors, seeking well-run companies.
She added that the listing debunked the myth that going public was overly complex or time-consuming and urged more corporates and Small and medium-sized enterprises (SMEs) to tap the market for growth capital.
The Managing Director of First Atlantic Bank PLC, Odun Odunfa, described the bank’s successful listing on GSE as a “wonderful feeling”, following what he admitted was a tough and demanding regulatory process.
Speaking to the media on the sidelines of the bank’s market debut, he said the journey involved extensive engagement with key regulators, including BoG, the Securities and Exchange Commission (SEC), the National Pensions Regulatory Authority (NPRA) and the GSE.
“It’s been a tough turn, quite challenging, getting all the shareholders on site and processing all the approvals from the various regulators. The regulator always gives you a tough time, that’s their job, but this team was very cooperative, very supportive and very clear about what they wanted,” he stated.
He added that once the bank met the regulatory requirements, the process became smoother.
On expectations after the listing, Mr Odunfa said the bank would leverage the GSE platform to drive growth, anchored on three strategic pillars: digitisation, regional expansion and capacity building.
