Ghana: First Atlantic Bank Debuts On Ghana Exchange After Oversubscribed IPO

7 January 2026
Daba Finance (Abidjan)

First Atlantic Bank PLC began trading on the Ghana Stock Exchange on December 19, 2025, marking a rare new listing on the exchange's main market following a largely oversubscribed initial public offering.

The IPO comprised approximately 101.7 million shares, priced at 7 cedi thirty pesewas each. The offer combined newly issued shares with secondary shares sold by existing shareholders.

The listing ends a prolonged lull in primary market activity on the GSE. The most recent IPOs were those of Atlantic Lithium in May 2024 and Asante Gold Corporation in June 2022. Both were listed by introduction as secondary listings, rather than capital raising offerings.

First Atlantic Bank said proceeds from the IPO will be used to support regional expansion across West Africa, strengthen working capital, and reinforce its capital base. Part of the offer also provided liquidity to long-standing shareholders.

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Trading started on the first day of listing. Volumes were modest, but the share price rose to seven cedi seventy pesewas from the offer price, reflecting early investor demand.

First Atlantic Bank operates as a universal bank in Ghana, offering corporate, retail, and digital banking services.

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Key Takeaways

The listing signals a potential reopening of Ghana's equity capital markets after several quiet years. Investor appetite for bank stocks has remained relatively resilient, supported by high interest rates, strong net interest margins, and tighter regulation that has reduced systemic risk since Ghana's banking sector clean-up. An oversubscribed IPO suggests domestic institutional investors and high-net-worth individuals are willing to allocate capital to profitable financial institutions, even amid broader macro pressure. Banks remain among the most familiar and liquid assets on the GSE, making them natural candidates to revive primary market activity. The use of proceeds highlights a regional growth strategy, as Ghanaian banks increasingly look beyond their home market to diversify revenue and manage local economic cycles. West Africa remains fragmented, offering opportunities for banks with sufficient capital and regulatory strength. If trading performance remains stable, the deal could encourage other privately held Ghanaian companies to consider public listings. A renewed IPO pipeline would improve market depth, liquidity, and price discovery, supporting the long term development of Ghana's capital markets.

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