The Bank of Ghana (BoG) has begun steps to list more banks as pension fund assets exceed GH¢100 billion, signalling a shift toward deeper market discipline.
BoG Governor, Dr Johnson Pandit Asiama, said the move was driven by structural changes in the financial system and growing pools of long-term domestic capital that must be better linked to banking sector growth.
“The Bank Listing Project is not a technical or procedural exercise. It is a strategic response to structural changes already underway in our financial system,” Dr Asiama said at the inauguration of the Steering and Technical Committees of the Bank Listing Project.
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He disclosed that pension fund assets had grown rapidly in recent years, creating opportunities to strengthen bank ownership and governance through the capital market
“Pension fund assets, for example, now exceed GH¢100 billion, making them one of the largest pools of investible capital in the economy,” the Governor noted.
Dr Asiama said existing data already showed strong domestic appetite for bank equity, particularly among institutional investors.
“Several of our listed banks already have pension funds holding between 15 and 35 percent of their equity, demonstrating that domestic institutional investors are willing and able to anchor bank ownership when the right frameworks are in place,” he said.
He stressed that the planned listings were not aimed at transactions for their own sake but at improving transparency and accountability within the banking sector. “Listing banks, therefore, is not about transactions for their own sake.
It is about transparency, market discipline, and deliberately connecting long-term domestic savings to the banking system in a way that supports sustainable growth,” Dr Asiama added.
The Governor acknowledged the varied ownership structures within Ghana’s banking sector, noting that a single approach would not be appropriate.
“Ghana’s banking sector is not homogeneous,” he said, explaining that some banks are already listed, while others are foreign-owned or state-linked.
According to him, the listing framework would be flexible and carefully sequenced, while maintaining strong prudential and governance standards.
He also pointed to wider implications for financial stability and monetary policy as banks become more market-facing.
“As banks become more market-facing, equity prices, valuations, and investor sentiment increasingly influence confidence and behaviour,” Dr Asiama said.
He tasked the newly inaugurated committees to develop a practical and credible framework that reflects Ghana’s realities and supports orderly bank listings while preserving confidence in the financial system.