Dr. Johnson Asiama (M) with members of the committee
The Bank of Ghana (BoG) has inaugurated the Steering and Technical Committees to oversee the implementation of its Bank Listing Project aimed at developing a flexible framework to guide orderly listing of banks as well as preserve confidence in the financial system.
Speaking at the inaugural meeting held at the Bank Square in Accra, Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, said the role of the committee is to shape and provide practical framework to support bank listings on the Ghana Stock Exchange (GSE).
He said, “The work before you sits at the intersection of banking supervision, capital markets development, financial stability, and monetary policy transmission. As banks become more market-facing, equity prices, valuations, and investor sentiment increasingly influence confidence and institutional behaviour.”
He explained that the project acknowledges the diverse structure of Ghana’s banking sector adding that while some banks are already listed, many are wholly or predominantly owned by foreign parent groups, and others are state-linked.
According to him, the reality requires a flexible and carefully sequenced listing framework that recognises different ownership models while maintaining high prudential and governance standards.
He said members of the committees, drawn from financial markets, academia, banking supervision, and other key stakeholder institutions are also expected to deliver a framework grounded in Ghana’s economic realities that strengthens corporate governance, and mobilises long-term domestic capital among others.
Dr. Asiama stated that the Bank Listing Project is not merely a technical or procedural exercise but a strategic response to structural changes already underway in the financial system while urging members to approach their assignment with ‘rigour, openness, and a strong sense of public responsibility’.
“Listing banks is not an end in itself, it is about promoting transparency, strengthening market discipline, and deliberately connecting long-term domestic savings to the banking system in a way that supports sustainable economic growth,” he noted.
He also mentioned that macroeconomic stability has improved and investor confidence is gradually returning, creating favourable conditions to deepen capital market participation citing the example of the Pension fund assets which now exceeds GH¢100 billion, making it one of the largest pools of investible capital in the economy.
“Several listed banks already have pension funds holding between 15 and 35 percent of their equity, demonstrating that domestic institutional investors are willing and able to anchor bank ownership when appropriate frameworks are in place.
“These dynamics matter for financial stability and for how monetary policy transmits through the economy. The choices we make now will shape the resilience and credibility of Ghana’s financial system in the years ahead,” Dr. Asiama added.
By Ebenezer K. Amponsah