Investor appetite is strong, but Ghana needs more IPO-ready companies – PwC

Ghanaian businesses may be overlooking a significant growth opportunity as capital markets offer a path to sustainable growth, according to speakers at a PwC Ghana webinar. While investor appetite remains strong, the country lacks a sufficient number of businesses prepared to access the capital market. This webinar, part of PwC Ghana's "Unlocking Patient Capital" initiative, aimed to deepen understanding of how capital markets can drive business transformation, long-term value creation, and economic growth.

The Ghana Stock Exchange's impressive performance in 2025, with a 137.4% return and a rising market capitalization, underscores growing investor interest. Notable recent listings include Zen Petroleum's GHS640 million offering and Kasapreko's IPO, which received 146% more subscriptions than anticipated. Kingsford Arthur, Financial Services Leader at PwC Ghana, emphasized that the shift in Ghana's financial landscape should now focus on the existence of enough IPO-ready businesses to absorb the growing pool of patient capital.

He argued that a stronger pipeline of listed companies could yield benefits beyond capital raising, such as stronger corporate governance, transparency, competitiveness, and overall economic growth. The webinar also debunked common misconceptions about public listings, emphasizing that many involve selling minority stakes, allowing founders and shareholders to retain significant control.

Daniel Desmond Koomson, Senior Manager in Deals at PwC Ghana, highlighted that the perception of loss of ownership is often the biggest barrier, but the IPO readiness journey actually compels businesses to strengthen governance, improve reporting, and establish succession plans. The discussion underscored the broader role of capital markets in supporting innovation, job creation, and private sector development, particularly in the context of Ghana's participation in the African Continental Free Trade Area (AfCFTA).