Ghana to List National Investment Bank on Exchange After Turnaround

AFRICAN STOCKS AND FINANCEJuly 28, 2025 at 10:53 AM UTC

TLDR

Ghana’s Finance Minister said to eventually list the National Investment Bank (NIB) on the Ghana Stock Exchange
The government has injected GH¢450 million in cash, issued GH¢1.5 billion in bonds, and transferred GH¢500 million worth of government-held Nestlé Ghana shares to NIB
The eventual listing will allow the public to own shares in NIB and help integrate the bank more fully into Ghana’s capital markets

Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has announced that the government plans to eventually list the National Investment Bank (NIB) on the Ghana Stock Exchange, following a significant restructuring and financial recovery process.

Speaking during the 2025 Mid-Year Budget Review, the minister said the government has injected GH¢450 million in cash, issued GH¢1.5 billion in bonds, and transferred GH¢500 million worth of government-held Nestlé Ghana shares to NIB.

As a result, the bank’s Capital Adequacy Ratio has improved from -53.13% in December 2024 to +23% by May 2025. The government says this intervention has preserved GH¢6.4 billion in depositor funds and safeguarded over 900 jobs.

A new strategic plan is also in place to prepare the bank for long-term sustainability. It includes enhancing governance, improving risk management, increasing transparency, and modernising operations.

The eventual listing will allow the public to own shares in NIB and help integrate the bank more fully into Ghana’s capital markets.

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Key Takeaways

The planned listing of NIB marks a shift toward market-driven discipline in Ghana’s state-owned financial sector. After years of financial distress, the government’s recapitalisation package and governance reforms have brought the bank back into compliance with regulatory standards. Listing on the Ghana Stock Exchange would create opportunities for public ownership, boost transparency, and provide NIB with additional capital access. It also aligns with broader fiscal policy objectives to reduce the state’s direct role in banking while strengthening indigenous financial institutions. The transformation plan focuses on independent governance, better risk and control systems, and a sustainable operating model. If successful, NIB could become a case study in how public-sector banks in Africa can recover through structured reform and eventually tap public markets for long-term growth.

Finance

Ghana

GSE

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Banking