Ghana’s economy is hungry for fresh capital, stronger institutions, and private-sector leadership and the clearest signal yet that investor confidence is returning has come from the capital market. In a tough economic environment where many companies struggle to raise funds, CalBank has achieved what few expected: a GH₵1.16 billion rights issue that was oversubscribed, drawing backing from both institutional and everyday retail investors.
It is a moment the Ghana Stock Exchange (GSE) says the entire market must pay attention to.
GSE: A Defining Moment for Ghana’s Capital Market
Speaking at the bell-ringing ceremony in Accra, Managing Director of the GSE, Ms Abena Amoah, said the milestone deserved special recognition because it represents exactly the kind of private-sector confidence and mobilisation Ghana needs at this point in its economic journey.
She recalled that the last time CalBank rang the bell on this scale was in 2004 during its IPO. The 2025 rights issue, she said, carries even greater significance because of Ghana’s current economic crossroads where long-term transformation will depend heavily on private-sector investment, innovation, and disciplined capital raising.
Ms Amoah commended CalBank’s board, management, and shareholders for boldly strengthening their capital base through the market, describing it as a powerful demonstration of good governance and confidence in the bank’s future strategy. She also applauded fund managers, pension trustees, high-net-worth individuals and retail investors for showing strong faith in CalBank by taking up the offer.
She emphasised that the success of this transaction proves Ghana’s capital market remains attractive for well-run companies ready to open themselves to scrutiny and raise long-term capital. She encouraged other firms to innovate, plan properly, communicate transparently and use the Exchange to grow, scale and build generational businesses.
According to her, transactions executed with the right strategy and advisory support can be completed successfully, and the GSE is committed to guiding issuers through the process from start to finish.
CalBank: A New Chapter Backed by Investor Trust
Board Chairman of CalBank PLC, Mr Dan Sackey, described the achievement as a defining moment for the institution. He noted that raising more than GHS1.16 billion through the rights issue — representing a 29 percent oversubscription — sends a strong message about market confidence in CalBank’s long-term strategy.
More than 1,800 investors participated, with retail investors playing a critical role. Mr Sackey said their involvement was particularly meaningful because it shows that ordinary Ghanaians recognise strong value when they see it, even if they may not conduct deep institutional analysis.
Beyond the rights issue, a private placement window also attracted more than GHS540 million. Although the bank had to decline some additional offers to stay within its target, the response reaffirmed the market’s belief in CalBank’s governance, performance, and future plans.
Mr Sackey explained that the new capital will sharply improve CalBank’s capacity to strengthen its balance sheet, drive innovation, expand its SME and retail strategy, increase access to credit, and accelerate its digital transformation agenda. The bank now enters a new phase with a stronger foundation and renewed commitment to delivering sustainable value.
He expressed gratitude to shareholders, employees, regulators, and partners whose support made the transaction possible. Ringing the bell, he said, symbolises not only the opening of the day’s market but the beginning of a brighter and more competitive future for the bank.
