….Bank to become 12th listed lender on the GSE
First Atlantic Bank, a 30-year-old indigenous financial institution, is set to list today on the Ghana Stock Exchange (GSE), becoming the first bank to go public in three years and the 12th banking stock on the bourse.
The listing marks the first banking Initial Public Offering (IPO) since Access Bank Ghana was admitted to the exchange in December 2022. Trading in First Atlantic Bank’s shares is expected to commence on the same day as the listing.
The lender completed its IPO with an oversubscription, signalling strong investor confidence ahead of its market debut. The offer, which opened on December 1 and closed on December 4, attracted strong participation from both institutional and retail investors, reinforcing the bank’s growing profile within Ghana’s financial sector and capital market.
Founded in 1995, First Atlantic’s entry adds another investment option for equity investors and aligns with the Bank of Ghana’s broader push to deepen the domestic equities market.
Board sees listing as strategic growth move
Amarquaye Armah, chairman of First Atlantic Bank’s board, described the IPO as a strategic milestone aligned with the bank’s long-term expansion plans.
“The commencement of our journey toward becoming a publicly listed institution is a bold and strategic step for the bank,” Armah said in a statement. “It reinforces our commitment to strong governance, sustainable value creation, and the pursuit of growth opportunities that will benefit our customers, shareholders, and communities.”
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BoG push to deepen capital markets
The listing comes just a few weeks after the Bank of Ghana (BoG) renewed calls for more lenders to list on the GSE to deepen liquidity and attract long-term investment.
Johnson Asiaman , BoG governor, announced earlier in October that the central bank would actively encourage more banks to go public, describing the initiative as a way to strengthen market depth, broaden participation, and mobilise long-term capital.
The renewed push coincides with improving sentiment in Ghana’s equities market following years of macroeconomic stress. The GSE Composite Index (GSE-CI) has risen more than 318 percent over the past decade, reflecting gradual recovery and renewed trading activity.
Yet participation remains limited. Out of Ghana’s 25 universal banks, only 11 are currently listed, restricting access to long-term equity capital. With just 36 listed companies overall, the GSE remains one of Africa’s smallest stock exchanges, valued at about GHS166.9 billion ($14.4 billion) as of December 18.
Financial performance supports listing
First Atlantic’s recent financial performance underpins its decision to go public.
Using an exchange rate of GH¢12.2/$1 as of December 1, the bank’s third-quarter results show profit before tax rose to $30.44 million, up from $17.03 million in the same period last year. Total assets grew by 28 percent to $1.28 billion, placing the bank among Ghana’s larger financial institutions.
Customer deposits stood at $1.13 billion at the end of the quarter, while the bank’s capital adequacy ratio remained comfortably above regulatory requirements at 15 percent.
A market with deep roots but shallow participation
Banks played a central role in the early development of the GSE, which was established in 1990 to help companies raise equity and debt capital, promote transparency, and support national development through private investment.
During the 1990s and early 2000s, government-led privatisation and recapitalisation programmes pushed several state-owned and commercial banks to list. Over the past decade, however, many newer and mid-tier lenders have opted to raise funds privately rather than through public markets.
“The GSE has long struggled with low liquidity and limited trading volumes,” said Ebenezer Ndoor, a Ghanaian-based economic policy analyst. “Bringing more banks on board means more shares to trade, more investor participation, and ultimately a more vibrant market.”
Ndoor added that public listing imposes stricter disclosure, independent audits, and accountability to shareholders — measures that could lift governance standards across Ghana’s banking industry, benefiting depositors, investors, and regulators.
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Why many banks still stay away
Despite the benefits, several banks remain hesitant to list due to multiple factors:
Regulatory and disclosure burdens: Public companies face extensive reporting requirements that some mid-tier lenders view as costly.
Alternative funding sources: Access to private or foreign capital often reduces the urgency to tap public markets.
Low liquidity: Thin trading volumes on the GSE can make entry and exit difficult for investors.
Control concerns: Founders and private shareholders may prefer to retain ownership control.