By Eunice Hilda A. Mensah
Accra, Dec. 21, GNA – First Atlantic Bank PLC has officially listed on the Ghana Stock Exchange (GSE) after successfully raising GH¢786 million through an Initial Public Offering (IPO), marking the first such transaction on the market since 2018.
The IPO, which was oversubscribed by six per cent, attracted strong participation from institutional and retail investors, signaling renewed confidence in Ghana’s financial sector.
Shares of the bank debuted at GH¢7.30 and traded up to GH¢7.70 on the first day, representing an appreciation of nearly 40 pesewas.
The listing coincided with the 35th anniversary of the GSE and the 10th anniversary of the Ghana Fixed Income Market.
Ms Abena Amoah, Managing Director of the GSE, described the listing as a “fantastic milestone” for the market, noting that the process was completed within three months.
“This demonstrates that raising equity capital in Ghana can be done efficiently when companies engage the right advisors and regulators,” she said.
She urged other corporates and State-Owned Enterprises (SOEs) to take advantage of the deepening capital market, stressing that pension funds alone held over GH¢100 billion in assets seeking credible investment opportunities.
“The myth that there is no money in Ghana has been broken. In the last two months, two companies have raised over GH¢1.6 billion,” Ms Amoah added.
At the Ghana Stock Exchange, she said they provided an opportunity to bring the investors together with good companies so they could make a deal and raise the capital, while ensuring that companies met their obligations, and shared information with the investors, so they could make good returns on the investment needed.
“In the last two months, two companies have tested the market by raising significant amounts of money. First Cal Bank got 900 million, and now first Atlantic bank with over 700 million. In the last two months, two companies have raised over 1.6 billion Ghana cities,” she noted.
She revealed that pension funds held over GH¢100 billion in assets, creating opportunities for well-governed companies to access competitive financing.
Mr Odun Odunfa, Managing Director of First Atlantic Bank, expressed optimism about the bank’s future on the market.
“We expect greater visibility, improved access to capital, and the opportunity to leverage this platform for growth,” he said.
He outlined three strategic pillars for the bank: digitisation, regional expansion into Liberia and Sierra Leone, and capacity building.
Dr Johnson Asiamah, the Governor of the Bank of Ghana, commended the bank for its bold step, describing the listing as “consequential” for financial stability.
“It has been almost nine years since the last bank listing. This move strengthens governance, broadens ownership, and deepens Ghana’s capital market,” he said.
Dr Asiamah noted that the achievement came against the backdrop of Ghana’s economic recovery, with inflation falling to 6.3 percent in November and foreign reserves rising to US$11.4 billion.
He urged more banks to follow suit, highlighting the role of listings in distributing risk, improving resilience, and anchoring long-term growth.
First Atlantic Bank joins eight other banks already listed on the GSE, including Ecobank Ghana, GCB Bank, and Standard Chartered Bank Ghana.
GNA
Edited by George-Ramsey Benamba