{
  "id": 8024889,
  "title": "Investor appetite is strong, but Ghana needs more IPO-ready companies – PwC",
  "url": "https://urgent.news/2026/09/17/investor-appetite-is-strong-but-ghana-needs-more-ipo-ready-companies",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T12:41:34.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/investor-appetite-is-strong-but-ghana-needs-more-ipo-ready-companies-pwc/"
  },
  "original_language": "en",
  "account": "Ghanaian businesses may not be leveraging a major growth opportunity, as long-term investment capital continues to seek out quality companies capable of accessing the capital market, according to speakers at a PwC Ghana webinar. The event focused on preparing Ghanaian businesses for growth through public markets, bringing together regulators, investors, market operators, and finance professionals. The webinar is part of PwC Ghana's campaign, \"Unlocking Patient Capital: Preparing Ghanaian Businesses for Growth through the Capital Market,\" which aims to raise awareness of the role capital markets can play in supporting business transformation, value creation, and economic growth. A recurring theme was that the real issue facing Ghana is not a lack of capital, but a shortage of businesses ready to tap into it. Recent market performance has shown strong investor appetite, with the Ghana Stock Exchange delivering one of Africa's best returns in 2025, with a 137.4% return in US Dollar terms and market capitalisation reaching approximately GHS172 billion. Companies like Zen Petroleum and Kasapreko have recently attracted significant investor interest through successful IPOs. However, the discussion revealed that while investor appetite remains strong, there is still a relatively limited number of IPO-ready businesses. Kingsford Arthur, Financial Services Leader at PwC Ghana, pointed out that businesses should also consider whether there are enough companies prepared to absorb the growing pool of patient capital. A more diverse pipeline of listed companies could bring benefits beyond just capital raising, such as stronger corporate governance, transparency, competitiveness, and investor confidence, ultimately contributing to economic growth. The webinar also addressed misconceptions that may discourage businesses from considering public listings. Many business owners still believe that listing will result in loss of ownership or control, even though most IPOs involve the sale of minority stakes. Founders and existing shareholders can maintain significant ownership while accessing growth capital and institutionalising their businesses. The main barrier to considering IPOs, according to Daniel Desmond Koomson, Senior Manager in Deals at PwC Ghana, is perception rather than reality. The readiness journey, which includes strengthening governance, improving reporting, building management depth, formalising succession plans, and establishing long-term value creation structures, is seen as more important than the capital-raising event itself. The discussion emphasized that the true question is not whether a business needs capital today, but whether it is preparing to access capital tomorrow. Companies that have successfully accessed public markets typically begin preparing years before they need funding. The broader economic role of capital markets in supporting innovation, job creation, and private sector development was also highlighted. Patient capital is well-suited for financing long-term investments such as technology adoption, regional expansion, research and development, and large-scale production facilities. A more robust capital market could also help Ghanaian businesses take advantage of opportunities arising from the African Continental Free Trade Area (AfCFTA) by meeting the scale and governance standards required to compete across borders.",
  "summary": "The Ghana Stock Exchange delivered one of Africa's strongest performances in 2025, recording a 137.4% return in US Dollar terms. Market capitalisation rose to approximately GHS172 billion, while recent listings attracted significant investor interest. Zen Petroleum raised GHS640 million through a fully subscribed offer, while Kasapreko's IPO attracted GHS1.73 billion in subscriptions against a…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Investor appetite is strong, but Ghana needs more IPO-ready companies – PwC",
        "url": "https://urgent.news/2026/09/17/investor-appetite-is-strong-but-ghana-needs-more-ipo-ready-companies-8029149",
        "published": "2026-09-17T12:41:34.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}