Ghanaian businesses may be overlooking one of the most significant growth opportunities available to them, as a growing pool of long-term investment capital continues to seek quality businesses capable of accessing the capital market, speakers noted at a webinar hosted by PwC Ghana.
The webinar, The Path to Public: Preparing Ghanaian Businesses for Growth Through the Capital Market, brought together regulators, institutional investors, market operators and corporate finance professionals to discuss how Ghanaian businesses can better position themselves for sustainable growth through public markets. The webinar forms part of PwC Ghana’s broader thought leadership initiative, “Unlocking Patient Capital: Preparing Ghanaian Businesses for Growth through the Capital Market,” a campaign designed to deepen awareness of the role capital markets can play in supporting business transformation, long-term value creation and economic growth.
A key theme emerging from the discussion was that Ghana’s challenge is increasingly not a shortage of capital, but a shortage of businesses prepared to access it.
Market Momentum Builds
Recent market developments suggest growing investor appetite for credible investment opportunities.
The Ghana Stock Exchange delivered one of Africa’s strongest performances in 2025, recording a 137.40 per cent return in US dollar terms — the second-best on the continent, behind only Malawi’s 251.34 per cent. In cedi terms, the exchange recorded a 79.14 per cent return for investors, its highest annual return since 2004. Market capitalisation climbed 54.5 per cent to approximately GH¢172 billion by December 2025, up from GH¢111.36 billion at the end of 2024. Trading activity surged accordingly, with equity transactions totalling about GH¢3.74 billion in 2025 — nearly 74 per cent higher than the previous year.
The GSE ended a seven-year IPO drought with three listings in six months. Zen Petroleum raised GH¢640 million through a fully subscribed offer oversubscribed by 94 per cent, listing 640 million ordinary shares at GH¢5.00 per share on April 22, 2026. Kasapreko’s IPO attracted GH¢1.73 billion in subscriptions against a target of GH¢700 million, representing an oversubscription of 146 per cent and setting a record for a locally-owned manufacturing company on the exchange. The three listings raised a combined GH¢2 billion (about US$182 million) and added nearly GH¢11 billion to the GSE’s market capitalisation.
At the same time, Ghana’s pension industry has continued to expand, with total pension assets reaching GH¢111.1 billion in 2025, up 28.9 per cent from GH¢86.09 billion in 2024, creating a substantial pool of long-term capital increasingly seeking investment opportunities outside traditional government securities.
Perception, Not Reality, Is the Barrier
Kingsford Arthur, Financial Services Leader at PwC Ghana, said the discussion highlighted an important shift in the country’s financial landscape.
“The conversation in Ghana has traditionally been framed around businesses searching for capital. Increasingly, however, we should also be asking whether enough IPO-ready businesses exist to absorb the growing pool of patient capital available in the market. The evidence suggests that investor appetite is strong, but the pipeline of market-ready businesses remains relatively thin,” Arthur said.
He noted that a stronger pipeline of listed companies could have benefits extending far beyond individual businesses.
“When more companies access public markets, the impact extends beyond capital raising. We see stronger corporate governance, greater transparency, enhanced competitiveness, improved investor confidence and ultimately stronger economic growth. Public markets help transform founder-led businesses into enduring institutions capable of competing regionally and attracting long-term investment.”
The webinar also challenged several long-standing misconceptions that continue to discourage businesses from considering public listings. Participants noted that many business owners still believe listing inevitably results in loss of ownership or control, despite evidence that most IPOs involve the sale of minority stakes. Recent listings demonstrated that founders and existing shareholders can continue to retain significant ownership while accessing growth capital and institutionalising their businesses. Under the GSE’s 2026 Equities Market Rules, the Main Market requires companies to have at least GH¢5 million in post-flotation stated capital, with at least 20 per cent of shares held by the public and a minimum of 100 public shareholders.
The Real Value Is in the Preparation
According to Daniel Desmond Koomson, Senior Manager in Deals at PwC Ghana, one of the biggest barriers preventing businesses from considering IPOs is perception rather than reality.
“Many founders view an IPO primarily as a capital-raising event. What emerged from our discussion is that the more important benefit is often the transformation that takes place before the listing. The readiness journey compels businesses to strengthen governance, improve reporting, build management depth, formalise succession plans and establish the structures required to create value over generations,” Koomson said.
He added: “The question is not whether a business needs capital today. The question is whether it is doing the work today to ensure it can access capital tomorrow. The companies that successfully access public markets are typically those that begin preparing years before they need funding.”
Patient Capital and AfCFTA Opportunities
The discussion further highlighted the broader economic role of capital markets in supporting innovation, job creation and private sector development.
Speakers noted that patient capital is particularly suited to financing long-term investments, including technology adoption, regional expansion, research and development, large-scale production facilities and other initiatives that may not align neatly with traditional bank lending models. A deeper capital market also positions Ghanaian businesses to take advantage of opportunities arising from the African Continental Free Trade Area by supporting the scale and governance standards required to compete across borders.
Ghana is positioning itself as a magnet for patient capital and a launchpad for SMEs looking to scale under AfCFTA, with reforms including the newly enacted Ghana Investment Promotion Authority Act, which lowers minimum capital requirements for foreign investors and designates the GIPA as the national focal point for the AfCFTA Investment Protocol.
The webinar featured contributions from representatives Joyce Esi Boakye of the Ghana Stock Exchange, Dr Jacob Aidoo of the Securities and Exchange Commission, Ken Alorzuke of SSNIT and Daniel Desmond Koomson of PwC Ghana, who shared perspectives on listing requirements, investor expectations, market opportunities and the IPO readiness journey. The session attracted business leaders, investors and advisers from across Ghana’s corporate sector.
