SOEs Take Bold Step Toward Stock Exchange Listing

The Government of Ghana has announced plans to list several State-Owned Enterprises (SOEs) on the domestic stock exchange, a bold initiative aimed at revitalizing the capital markets and promoting sustainable, investment-driven economic growth. This move is part of a wider national strategy to shift the country’s economic focus from short-term consumption to long-term productive investment.

The SOE listing initiative is being executed as a collaborative effort between the Bank of Ghana, Ministry of Finance, State Interests and Governance Authority (SIGA), and the Ghana Stock Exchange (GSE). Together, these institutions are implementing a comprehensive Capital Market Development Strategy designed to attract domestic investment, increase market participation, and elevate governance standards within the public sector.

Speaking at the 9th CEOs Summit and Expo held in Accra, the Governor of the Bank of Ghana, Dr. Johnson Asiama, emphasized the strategic importance of this initiative. He noted that the approach mirrors models used by more developed economies and reflects Ghana’s commitment to building a more resilient and forward-looking economy.

“Our goal is to transition from a pattern of short-term financing towards one that is investment-led and driven by domestic capital. Through improved transparency and corporate governance, these listings will unlock significant value and enhance investor confidence,” Dr. Asiama stated.

The summit, which convened over 100 top executives, policymakers, and entrepreneurs, was themed: “Leading Ghana’s Economic Reset: Transforming Business and Governance for a Sustainable Futuristic Economy – A Private-Public Sector CEO Dialogue and High Impact Learning.” It served as a national platform for dialogue on redefining the country’s economic trajectory.

Beyond the listing of SOEs, Dr. Asiama also announced the re-opening of Ghana’s domestic bond market. The central bank, in collaboration with stakeholders, will introduce new benchmark securities designed to fund infrastructure development and provide robust long-term investment options for institutional and retail investors alike.

Private Sector Leadership in Economic Transformation

Dr. Asiama used the opportunity to challenge the private sector to rise to the occasion and play a central role in resetting the national economy. While the central bank continues to focus on maintaining macroeconomic stability, he urged business leaders to transform operations at the enterprise level by adopting modern, innovation-driven business models.

He outlined a “Four-Point CEO Manifesto” to guide private sector action in this reset phase. It includes:

Focusing on innovation-driven productivity rather than merely cutting costs;
Developing a skilled, future-ready workforce and promoting inclusive workplace environments;
Strengthening Ghana’s industrial base by scaling value-added exports and leveraging regional trade opportunities;
Upholding high standards of corporate governance through ethical leadership and effective boards.

“The private sector must move beyond the sidelines. You are the innovators, job creators, and enablers of sustainable growth. Without your leadership, even the best macroeconomic stability will not deliver inclusive, long-term prosperity,” he remarked.

Digital Identity and Trust in a Modern Economy

One of the standout voices at the summit was Moses Kwesi Baiden Jnr, CEO of the Margins Group, who stressed the transformative power of digital identity systems in enhancing trust and efficiency within both government and private sector operations. He argued that digital identity is no longer just a technological asset but a foundational pillar for national development.

“A secure and trusted digital identity ecosystem is essential for data-driven planning, transparent governance, and effective service delivery,” Baiden said.

Celebrating Leadership and Innovation

The summit also honoured outstanding business leaders who have demonstrated visionary leadership, innovation, and impactful contributions to Ghana’s economic progress. Among the recipients were:

Abena Amoah, Managing Director of the Ghana Stock Exchange – CEO of the Year: Money Market
Akosua Ansah-Antwi, MD of Enterprise Insurance – CEO of the Year: General Insurance
Daniel McKorley, Executive Chairman, McDan Group – CEO of the Year: Salt Industry
Justina Nelson, CEO of the Minerals Income Investment Fund – CEO of the Year: Minerals Investment Fund