A recent PwC Ghana webinar, The Path to Public: Preparing Ghanaian Businesses for Growth Through the Capital Market, highlighted that investor demand for quality Ghanaian businesses is high, yet the pipeline of IPO‑ready firms remains thin. The event gathered regulators, institutional investors, market operators and corporate finance professionals to discuss how Ghanaian companies can position themselves for sustainable growth via public markets.
PwC’s broader initiative, “Unlocking Patient Capital: Preparing Ghanaian Businesses for Growth through the Capital Market,” aims to deepen awareness of the role capital markets can play in supporting business transformation, long‑term value creation and economic growth.
Recent market data underscore the surge in investor appetite. In 2025, the Ghana Stock Exchange posted one of Africa’s strongest performances, with a 137.4% return in US dollar terms and a market capitalisation of about GHS172 billion. High‑profile listings such as Zen Petroleum, which raised GHS640 million, and Kasapreko, whose IPO attracted GHS1.73 billion against a GHS700 million target, demonstrated significant investor interest. Meanwhile, the pension sector expanded, with total assets reaching GHS111.1 billion, creating a substantial pool of long‑term capital seeking opportunities beyond traditional government securities.
Kingsford Arthur, Financial Services Leader at PwC Ghana, noted that the conversation in Ghana has shifted from “businesses looking for capital” to “are there enough IPO‑ready businesses to absorb the growing pool of patient capital?” He added that a stronger pipeline of listed companies would bring benefits beyond capital raising, including stronger corporate governance, greater transparency, enhanced competitiveness, improved investor confidence and ultimately stronger economic growth.
The webinar also tackled misconceptions that deter businesses from considering public listings. Many owners still believe a listing inevitably means loss of ownership or control, yet most IPOs involve the sale of minority stakes. Founders and existing shareholders can retain significant ownership while accessing growth capital and institutionalising their businesses. Daniel Desmond Koomson, Senior Manager in Deals at PwC Ghana, said that the biggest barrier is perception rather than reality. He explained that the readiness journey compels businesses to strengthen governance, improve reporting, build management depth, formalise succession plans and establish structures to create value over generations.
Participants highlighted the broader economic role of capital markets in supporting innovation, job creation and private sector development. Patient capital is well‑suited to financing long‑term investments such as technology adoption, regional expansion, R&D and large‑scale production facilities—initiatives that may not fit traditional bank lending models. A deeper capital market also positions Ghanaian businesses to take advantage of opportunities arising from the African Continental Free Trade Area, by supporting the scale and governance standards required to compete across borders.
The webinar featured contributions from Joyce Esi Boakye of the Ghana Stock Exchange, Dr Jacob Aidoo of the Securities and Exchange Commission, Ken Alorzuke of SSNIT and Daniel Desmond Koomson of PwC Ghana, who shared perspectives on listing requirements, investor expectations, market opportunities and the IPO readiness journey. The session attracted business leaders, investors and advisers from across Ghana’s corporate sector.
Going forward, PwC Ghana and other stakeholders will continue to promote IPO readiness among local businesses, aiming to bridge the gap between investor appetite and the number of companies prepared to access public markets.
