While Ghana benefits from a roster of financial actors, the country’s capital markets are modest compared to continental exchanges in Cairo, Johannesburg, Lagos and Casablanca. The Ghana Stock Exchange (GSE) has just 36 equities and one exchange-traded fund listed on its equities exchange alongside a bond market dominated by government securities. In recent years the requirements for listing have been reduced, while the GSE has also been educating Ghanaians about the benefits of raising capital through equity. There is a long list of state-owned enterprises that could list on the bourse, and their doing so might encourage more private firms to follow suit. Ghana’s capital markets remain extremely attractive to investors seeking a toehold in the West African sub-region, in light of its robust growth, diversified commodity exports and political stability.
This chapter contains an interview with Kofi Yamoah, Managing Director, Ghana Stock Exchange, and a viewpoint from David Awuah-Darko, Managing Director, IC Securities.