Ghana Plans Stock Exchange Listings for State Enterprises in Bid to Boost Efficiency

The government is considering listing selected state-owned enterprises (SOEs), including state-owned banks, on the Ghana Stock Exchange (GSE) as part of a broader strategy to strengthen corporate governance, improve operational efficiency and attract private capital without relinquishing state control.

Finance Minister Dr Cassiel Ato Forson disclosed the proposal during an interview on Friday, a day after presenting the 2026 Mid-Year Budget Review, describing the initiative as a structural reform rather than a privatisation programme.

The move is expected to subject public enterprises to the disclosure requirements, governance standards and market discipline associated with publicly listed companies, while creating new investment opportunities for institutional and retail investors.

“It is not about selling or shutting down these enterprises,” Dr Forson said. “It is about listing some of them on the Stock Exchange to improve governance and ensure profitability.”

Among the institutions under consideration are state-owned banks. The Finance Minister said the government intends to deepen private sector participation in the Agricultural Development Bank (ADB), which is already listed on the Ghana Stock Exchange, by divesting an additional portion of its shareholding to the investing public.

He indicated that a similar model could be extended to other state-owned financial institutions, including the National Investment Bank (NIB), as part of efforts to strengthen their balance sheets, improve governance and enhance long-term commercial sustainability.

“We want to offload more of those shares to the private sector—to everybody. Everyone can buy some shares,” Dr Forson said, referring to ADB before adding that the same approach could apply to NIB and other state-owned banks.

The proposal forms part of a wider reform agenda aimed at improving the financial and operational performance of public enterprises, many of which have historically relied on government support or struggled with weak governance structures.

Analysts say listing additional SOEs could deepen Ghana’s capital market by increasing the number of quality listed companies, broadening investment opportunities and improving market liquidity. Public listings would also require the enterprises to comply with stricter financial reporting standards, independent board oversight and greater accountability to shareholders.

If implemented, the initiative would mark one of the most significant efforts in recent years to harness Ghana’s capital market as a tool for public sector reform, while maintaining government ownership of strategic national assets.