First Atlantic Bank CEO Cites Economic Confidence for IPO and GSE Listing Decision

First Atlantic Bank’s decision to launch an Initial Public Offering (IPO) and list on the Ghana Stock Exchange (GSE) is largely fueled by growing confidence in Ghana’s economic outlook and regulatory environment, according to the bank’s Managing Director and Chief Executive Officer, Odun Odunfa.

Mr. Odunfa made these remarks during a celebratory lunch held at the Labadi Beach Hotel on Friday, December 20. He explained that the improving economic indicators and increased policy stability provided a conducive atmosphere for the bank to broaden its ownership.

“It says a lot about the confidence in the system right now, in our business,” he said, highlighting the positive reception to the IPO.

He specifically pointed to the recent stabilization of the Ghanaian cedi, the easing of inflation, and the proactive stance of economic regulators as key factors influencing the bank’s timing. “The Ghanaian economy today, you’ve seen how the cedi has trended. You’ve seen how inflation has trended. You’ve heard how our regulator has positioned itself, the various initiatives that they’ve taken. You’ve seen what the Ministry of Finance is doing, and you’ve seen what the government is doing. I think it’s a good time for Ghana,” Mr. Odunfa stated.

The bank’s confidence stems from a convergence of economic stability and regulatory clarity, achieved after years of internal restructuring and consolidation. “We must not minimise it. Things are being done well at the moment. We pray it continues, and that’s what we’re benefiting from. That’s what we’re leveraging,” he added.

Beyond the macroeconomic factors, Mr. Odunfa emphasized the importance of expanding the bank’s investor base and strengthening its corporate governance. “First of all, we have to broaden the investor base, and we have to deepen governance,” he said, noting that increased capital would support the bank’s long-term growth strategy.

First Atlantic Bank has set ambitious expansion plans, with substantial investments earmarked for digital transformation, regional growth, and the development of its workforce. “We’re ambitious. We are investing heavily in digitisation. We’re investing in our original expansion plans across Africa, West Africa, and Africa. We’re also investing a lot in the human capital, fellow Ghanaians, developing the capacity, skills, and so on of our people,” he noted.

Increased brand visibility and greater participation from local investors were also crucial considerations. “The brand gets more visibility. The brand gets more exposure with the coming on board of Ghanaian investors, both institutional and individual, we’ll have more belief, more support, more business,” Mr. Odunfa explained.

Addressing concerns about managing shareholder expectations in a potentially volatile economic climate, the CEO assured stakeholders that prudence would remain at the core of the bank’s operations. “The only thing we can promise investors is that we’re going to run a decent business, a proper business. We will aspire to meet market expectations, but we will not cut corners to do so. We will do our business properly,” he said.

Mr. Odunfa reflected on the bank’s past restructuring, including its 2018 merger with Energy Bank to meet the Bank of Ghana’s capital requirements, stating that the experience underscored the importance of discipline and a long-term vision. “Growth does not come easy. If you’re going to do a good thing, you have to go through a process. If you do things properly, you will do well. And people would recognise it in the long run,” he said.

Founded in 1994 and licensed as a universal bank in 2011, First Atlantic Bank has evolved into a full-service financial institution serving retail, corporate, and institutional clients. The IPO, completed on Friday, December 19, follows years of strengthening the bank’s balance sheet and improving its governance structures.

Mr. Odunfa reiterated the deliberate choice to list on the local exchange. “We’re Ghanaians, we’re in Ghana. Where else would we list? If Ghanaians don’t believe in the Ghanaian Stock Exchange, nobody else will,” he stated.

The CEO expressed optimism that continued economic stability will encourage more Ghanaian companies to tap into the capital market and increase domestic participation.

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