GSE targets more SOEs for Stock Market Listing to boost value
The Ghana Stock Exchange has renewed its push to list more State-Owned Enterprises, as part of a long-term plan to unlock value from state assets and strengthen corporate governance.
GSE Managing Director Abena Amoah disclosed the initiative during an investment forum in London. She said the exchange is working with government and regulators to bring more SOEs to the market. President John Dramani Mahama has also backed the plan, reaffirming support during a recent UK visit.
“Listing SOEs will help us unlock value, improve transparency, and give Ghanaians the chance to own a stake in national assets,” Madam Amoah stated. She noted that when SOEs list, they are required to meet strict disclosure and governance standards. This reduces mismanagement and builds public trust.
The GSE is prioritizing large SOEs with strong commercial potential. Top of the list are the Electricity Company of Ghana, Ghana National Petroleum Corporation, and Explorco. These companies control critical sectors of the economy but have historically operated outside public market scrutiny. Listing them could raise significant capital for expansion while improving accountability.
Madam Amoah said 2026 is already showing positive momentum. The market recorded renewed trading activity, a successful commercial bank listing, and growing interest in initial public offerings. The GSE is now partnering with the Bank of Ghana and SEC to simplify listing requirements and educate investors about new opportunities.
Listing SOEs is not new to Ghana. Companies like GOIL, GCB Bank, and SIC Insurance are already on the exchange and have performed well. The GSE believes adding more SOEs will diversify the market and reduce over-reliance on a few listed companies. It will also create a benchmark for efficiency, as listed firms must publish audited accounts and hold annual general meetings.
Economists argue that SOE listings can reduce the fiscal burden on government. Instead of funding losses through taxes, citizens can invest directly and share in profits. However, they caution that political interference and poor financial records have delayed past listing attempts.
The GSE says it will provide technical support to SOEs preparing for listing. This includes financial restructuring, corporate governance training, and valuation services. The exchange is confident that with political will and investor education, more SOEs will join the market before the end of 2026.
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