Ghana's government is considering listing selected State-Owned Enterprises (SOEs) and state-owned banks on the Ghana Stock Exchange (GSE). Finance Minister Dr. Cassiel Ato Forson announced this plan, which aims to improve their governance, efficiency, and profitability. This initiative forms part of broader reforms designed to strengthen public institutions.
The move seeks to increase private sector participation through the capital market. It will do so without resorting to outright privatisation or shutting down underperforming entities. Dr. Forson made this disclosure a day after presenting the 2026 Mid-Year Budget Review to Parliament. He stressed that the objective is to enhance operations and financial health.
This strategy fits into Ghana's ongoing efforts to reform its public sector and boost economic performance. The government has historically grappled with the efficiency and profitability of many state-owned entities. Listing them on the GSE could introduce market discipline and attract much-needed capital. This approach aligns with global trends where governments use capital markets to improve state asset management.
Dr. Forson clarified that this is not an attempt to sell state assets. He stated, "We are assessing a number of SOEs. It’s not about selling, it’s not about shutting down; it’s about listing some of them on the Stock Exchange to improve governance and ensure profitability." This statement underscores the government's intention to retain ownership while leveraging private sector investment and expertise.
The government plans to deepen private sector participation in the Agricultural Development Bank (ADB), which is already listed. This involves selling additional shares to investors. Dr. Forson indicated that the same approach could apply to other state-owned banks, including the National Investment Bank (NIB). This would strengthen their financial position and improve operations. For instance, the government aims to offload more shares to the private sector, allowing individuals to buy shares.
Listing more state-owned enterprises on the stock exchange is expected to yield several benefits. It will improve corporate governance by introducing stricter reporting and accountability standards. It will also enhance transparency, as listed companies must disclose more information to the public and investors. Ultimately, this should help these institutions become more efficient and commercially sustainable. This reform could attract significant investment, boosting the GSE's liquidity and depth.
The potential listing of these entities represents a significant policy shift. It signals a commitment to market-oriented solutions for public sector challenges. Investors will closely watch the selection process and the terms of any share offerings. The success of this initiative could set a precedent for future reforms in Ghana's state-owned sector. It could also influence investor confidence in the broader Ghanaian economy.