BoG tasks banks to list on GSE

The Bank of Ghana (BoG) has directed commercial banks to begin steps toward listing on the Ghana Stock Exchange (GSE), part of a broader effort to boost transparency, strengthen capital positions and deepen the country’s financial markets.

Governor Johnson Pandit Asiama said the move is aligned with the central bank’s strategy to modernise banking supervision and improve corporate governance.

“We expect banks to take active steps toward public listing. A few banks have already given positive signals about their readiness to start this process,” he said during a post-Monetary Policy Committee engagement with bank executives in Accra.

According to Dr. Asiama, the initiative follows earlier consultations with GSE as the regulator seeks deeper collaboration with market operators to encourage local ownership in the banking sector.

He noted that public listings will enhance transparency, attract long-term capital and support sustainable growth.

The directive comes amid improving economic indicators and a strong rebound in the financial sector. Headline inflation fell to 9.4 percent in September, the first single-digit reading in four years, while Gross Domestic Product (GDP) expanded 6.3 percent in the second quarter – driven by non-oil sectors such as services and agriculture.

The central bank has cut its policy rate three times this year to 21.5 percent as inflation continues to ease, with Treasury bills and lending rates also trending lower.

“We are seeing the impact of our consistent monetary policy and prudent liquidity management,” Asiama said, adding that the financial sector remains resilient, with the industry’s capital adequacy ratio at 17.7 percent and nonperforming loans easing to 20.8 percent.

The central bank’s timing for its push coincides with a historic rally on the GSE. Market capitalisation has more than doubled from GH¢80.32billion in April 2024 to GH¢162billion by end-September 2025 – the fastest expansion in the exchange’s history. Financial stocks have led the surge, posting average gains of 60 percent this year.

Access Bank Ghana has recorded a 214 percent year-to-date return, followed by Ecobank Transnational’s 193 percent and GCB Bank’s 121 percent. This rally, analysts say, signals a resurgence of investor confidence that could make it easier for banks to tap equity markets for fresh capital.

Dr. Asiama said the central bank’s priority is to ensure recent stability translates into affordable credit and job creation.

“This is a shared responsibility. We must strengthen the financial system and make stability work for households and businesses,” he said.

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