The government is exploring plans to list selected State-Owned Enterprises (SOEs) on the Ghana Stock Exchange (GSE) as part of a broader strategy to strengthen corporate governance, improve operational efficiency and enhance profitability without giving up state ownership.
Finance Minister Dr Cassiel Ato Forson disclosed the proposal during an interview on the Citi Breakfast Show, a day after presenting the 2026 Mid-Year Budget Review to Parliament.
According to the Minister, the initiative is not a privatisation programme but a governance reform designed to attract greater private sector participation while allowing the state to retain ownership of strategic institutions.
"We are assessing a number of SOEs. It's not about selling, it's not about shutting down; it's about listing some of them on the Stock Exchange to improve governance and ensure profitability." - Dr Forson
State-Owned Banks Under Review
Among the institutions being considered are state-owned banks, with the government looking at ways to strengthen their financial position through the capital market.
Dr Forson revealed that the Agricultural Development Bank (ADB), which is already listed on the Ghana Stock Exchange, could see increased private sector participation through the sale of additional government-held shares.
He suggested that a similar approach may be extended to other state-owned financial institutions, including the National Investment Bank (NIB).
"ADB is already there, but we want to deepen it and offload more of those shares to the private sector, to you, to everybody. Everyone can buy some shares. NIB, all of them, we want to." - Dr Forson
Governance and Transparency
The Finance Minister argued that listing more state-owned enterprises on the stock market would introduce stronger corporate governance standards while improving transparency and accountability.
Government believes opening these institutions to public investment would encourage better financial management, enhance commercial discipline and position them for long-term sustainability.
The proposal forms part of wider reforms aimed at improving the performance of public institutions without closing struggling enterprises or transferring full ownership to private investors.
If implemented, the move could broaden investment opportunities on the Ghana Stock Exchange while giving individual and institutional investors the chance to own stakes in some of the country's largest state-backed businesses.
It would also mark a significant shift in how government seeks to reform underperforming public enterprises through market-based solutions rather than outright privatisation.
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