PwC: Ghana lacks IPO-ready companies — MyJoyOnline
Investor demand for reliable companies is growing in Ghana, but there are still not enough businesses ready to enter the capital market through an initial public offering. This was discussed during a PwC Ghana webinar on preparing local businesses to raise capital on the public market, MyJoyOnline reports.
Representatives of regulators, institutional investors, market operators and corporate finance specialists took part in the discussion. They discussed how Ghanaian companies can use capital markets for sustainable development and long-term growth.
Stock market indicators
The Ghana Stock Exchange posted one of the best performances in Africa in 2025, with a dollar-denominated return of 137.4%. Market capitalization reached approximately 172 billion Ghanaian cedis.
New offerings also generated considerable investor interest. Zen Petroleum raised 640 million Ghanaian cedis through a fully subscribed offering. Kasapreko’s IPO received subscriptions worth 1.73 billion Ghanaian cedis, against a target of 700 million cedis; according to PwC Ghana, this represented excess demand of 146%.
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At the same time, the total assets of Ghana’s pension industry reached 111.1 billion Ghanaian cedis in 2025. These funds constitute a substantial volume of long-term capital that is increasingly seeking investment opportunities beyond traditional government securities.
Preparing for listing
PwC Ghana Financial Services Leader Kingsford Arthur said that the discussion in the country should shift from companies’ search for capital to whether there are enough businesses on the market ready to raise it. In his view, companies entering the public market helps improve corporate governance, transparency, competitiveness and investor confidence.
Daniel Desmond Kumson, a senior manager in PwC Ghana’s Deals division, said that founders’ perception of an IPO, rather than the actual listing conditions, is often a barrier. Webinar participants emphasized that a public offering does not necessarily mean a loss of control, as most IPOs involve the sale of minority stakes. Preparing for listing entails strengthening corporate governance, reporting, the management team and succession planning.
