Ghana’s capital market is attracting increasing investor interest, but the country needs more businesses with the governance, financial systems and scale required to raise long-term funding through public markets, PwC Ghana has said.
The observation was made during a PwC Ghana webinar on “The Path to Public: Preparing Ghanaian Businesses for Growth Through the Capital Market”, which brought together regulators, institutional investors, market operators and corporate finance professionals.
The discussion focused on how Ghanaian businesses can prepare to access long-term capital to finance expansion, improve competitiveness and build stronger institutions.
Kingsford Arthur, Financial Services Leader at PwC Ghana, said the challenge facing the market was increasingly about the availability of suitable businesses rather than a lack of capital.
“The evidence suggests that investor appetite is strong, but the pipeline of market-ready businesses remains relatively thin,” he said.
His comments come amid stronger activity on the Ghana Stock Exchange and growth in institutional investment.
The Ghana Stock Exchange recorded a 137.4 percent return in US dollar terms in 2025, while market capitalisation increased to about GH¢172 billion.
Recent public offerings have also attracted substantial investor demand. Zen Petroleum raised GH¢640 million through a fully subscribed offer, while Kasapreko’s initial public offering attracted GH¢1.73 billion in subscriptions against a target of GH¢700 million.
Ghana’s pension sector has also expanded, providing a growing pool of long-term domestic capital. Total pension assets reached GH¢111.1 billion in 2025, increasing the potential funding available to businesses capable of meeting institutional investors’ requirements.
Mr Arthur said increasing the number of companies accessing the capital market could have wider benefits for Ghana’s private sector.
“When more companies access public markets, the impact extends beyond capital raising,” he said, pointing to stronger corporate governance, transparency, competitiveness and investor confidence.
He said public listings could also help businesses evolve from founder-led enterprises into institutions capable of competing across the region and attracting long-term investment.
The webinar also addressed concerns among business owners that listing on the stock exchange could result in a loss of control.
Participants said an initial public offering does not necessarily require founders or existing shareholders to give up majority ownership, as companies can sell minority stakes to raise capital while retaining significant ownership.
Daniel Desmond Koomson, Senior Manager in Deals at PwC Ghana, said some businesses were also underestimating the organisational transformation involved in preparing for an IPO.
“Many founders view an IPO primarily as a capital-raising event,” he said.
According to him, the preparation process can push businesses to strengthen corporate governance, improve financial reporting, develop management capacity, formalise succession arrangements and establish structures capable of supporting long-term growth.
“The companies that successfully access public markets are typically those that begin preparing years before they need funding,” he said.
A deeper capital market could provide Ghanaian businesses with an alternative to traditional bank financing, particularly for investments that require significant funding and longer repayment periods.
These include technology upgrades, regional expansion, research and development, new production facilities and other capital-intensive projects.
For businesses seeking to take advantage of the African Continental Free Trade Area, access to patient capital could also help finance the expansion in production capacity, governance systems and operational structures required to compete in regional markets.
A larger pool of listed companies could additionally provide pension funds and other institutional investors with more domestic investment opportunities while enabling successful businesses to raise capital without relying solely on bank loans or government-supported financing.
The webinar featured Joyce Esi Boakye of the Ghana Stock Exchange, Dr Jacob Aidoo of the Securities and Exchange Commission, Ken Alorzuke of SSNIT and Mr Koomson of PwC Ghana, who discussed listing requirements, investor expectations and the process businesses need to undertake before approaching the public market.
