Ghana’s First Atlantic Bank has formally kicked off the process to become a publicly listed company, following a sharp 89% rise in net profit to $21 million (Gh¢252.5 million) for the third quarter of 2025.
The move comes weeks after the Bank of Ghana (BoG) urged more lenders to list on the Ghana Stock Exchange (GSE) to deepen liquidity and attract long-term investment. The push forms part of a broader policy effort to strengthen transparency across the banking system and mobilise more domestic capital following several years of sector-wide balance-sheet strain.
Amarquaye Armah, Chairman of the First Atlantic Bank Board, described the initial public offering as a timely step aligned with the bank’s broader expansion vision.
“The commencement of our journey toward becoming a publicly listed institution is a bold and strategic step for the bank,” Armah said in a press statement. “It reinforces our commitment to strong governance, sustainable value creation, and the pursuit of growth opportunities that will benefit our customers, shareholders, and communities.”
The bank said the listing will expand public participation while retaining its identity as a “refreshingly different” institution. It also pledged to provide regular updates through official channels as the process progresses.
Financial performance supports move
The Q3 results underscore a period of improved performance. Profit before tax rose to $30.44 million, up from $17.03 million in the same period last year, while assets grew 28% to $1.28 billion, reinforcing the position as one of Ghana’s largest financial institutions.
Customer deposits closed the quarter at $1.13 billion, with the bank’s capital adequacy ratio remaining well above regulatory limits at 15%.
Analysts say that the bank’s transition to the GSE will require enhanced disclosure and adherence to stricter reporting and governance standards, but a successful listing could strengthen its balance sheet and broaden access to long-term capital.
Broader IPO push in Ghana’s banking space
The planned listing aligns with the BoG’s broader strategy to deepen Ghana’s small equity market. Governor Johnson Asiaman announced in October that the central bank would encourage more banks to list, describing the initiative as a way to strengthen the market, broaden participation, and attract long-term capital.
Ghana currently has 25 universal banks, but only 11 are listed on the GSE, which tracks 36 companies and had a market value of about $166 billion as of November 2025. Low trading volumes and limited investor participation have historically discouraged mid-tier lenders from listing.
If completed, First Atlantic Bank will become the 12th bank on the GSE, adding one more option for investors and reinforcing the BoG’s ongoing effort to develop Ghana’s equities market.
NB: Local currency figures were converted using Gh¢12.2/$1 – the BoG’s indicative rates as of December 1, 2025.
