Pension fund assets in Ghana have now exceeded GH¢100 billion, underscoring their growing role as one of the largest pools of investible capital in the economy.
This milestone comes as the Bank of Ghana (BoG) officially inaugurated the Steering and Technical Committees for the Bank Listing Project, aimed at strengthening transparency, governance, and market discipline in the country’s banking sector.
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, said the project is not merely a technical or procedural exercise, but a strategic response to structural changes taking place in the financial system.
“Macroeconomic stability has improved, confidence is returning, and domestic long-term capital is growing rapidly,” he noted.
The Governor highlighted the role of domestic institutional investors in supporting bank ownership, pointing out that several listed banks already have pension funds holding between 15 and 35 percent of their equity.
“This demonstrates that domestic investors are willing and able to anchor bank ownership when the right frameworks are in place,” Dr. Asiama said.
According to the Governor, the project seeks to deliberately connect long-term domestic savings to the banking system in a way that supports sustainable growth.
He added that Ghana’s banking sector is diverse, with some banks already listed, many wholly or predominantly foreign-owned, and others state-linked.
“A credible listing framework must therefore be flexible and sequenced, recognising different ownership structures while maintaining high prudential and governance standards,” he said.
Dr. Asiama emphasised that as banks become more market-facing, equity prices, valuations, and investor sentiment will increasingly influence confidence and behaviour, impacting financial stability and the transmission of monetary policy.
The newly inaugurated Committees bring together experts from financial markets, financial stability, banking supervision, academia, and key stakeholders.
The Governor urged members to deliver a framework that is practical, credible, and grounded in Ghana’s realities, supporting orderly bank listings, strengthening governance, mobilising long-term capital, and preserving confidence in the financial system.
“I encourage you to approach this assignment with rigour, openness, and a strong sense of public responsibility. The Secretariat will support you fully, and Management will remain closely engaged as the work progresses,” Dr. Asiama said.
The Bank Listing Project is expected to play a critical role in deepening Ghana’s capital markets, enhancing transparency, and integrating domestic long-term savings into the banking sector, thereby contributing to the country’s overall economic stability and growth.
