Capital markets in Ghana

Bentsi-Enchill, Letsa & Ankomah

Bentsi-Enchill, Letsa & Ankomah is skilled in all aspects of domestic and international debt and equity capital market deals such as IPOs and private placements. Seth Asante garners praise for his work in this area and Frank Nimako Akowuah is another prominent member of the team. The group is also highly rated for its advice on a broad range of regulatory issues. It routinely advises on rights issues, additional listings as well as other areas such as medium-term note programmes and commercial paper issuance programmes. It acts for major market participants (such as leading financial institutions, corporates, governments and multinationals) as well as first-time issuers and other new players in capital markets.

Other key lawyers:

Seth Asante; Frank Nimako Akowuah


‘Seth Asante is hugely knowledgeable, top notch just excellent.


ENSafrica has a wealth of experience of all aspects of capital markets work including bond issuances, senior notes issuances, derivative transactions and domestic bond programmes. It frequently assists clients when there is a mandatory takeover offer of a listed company. Other strengths lie in obtaining various regulatory approvals and advising on the disclosure requirements that are needed to effect these transactions. The team is recognised for its experience in cross-border deals. The team regularly liaises with various regulators, including the Ghana Stock Exchange, the Securities and Exchange Commission and the Bank of Ghana. Paa Kwesi Morrison and Amina Abugdanpoka Kaguah are both vastly experienced in this area. Elikem Nutifafa Kuenyehia has left the firm.

Other key lawyers:

Paa Kwesi Morrison; Amina Abugdanpoka Kaguah

Work highlights

  • Advising various banks on an update to a global medium-term note programme for the issuance of $3bn Reg S/144A bonds and a tender offer by the Government of Ghana for existing bonds.
  • Advised International Finance Corporation on the required regulatory approvals and disclosure that were required by the Ghana Stock Exchange (GSE) and the Bank of Ghana for the sale of shares that were held by IFC and its affiliate companies resulting in a significant change in the shareholding of Ecobank Transnational Incorporated ( a listed company on the GSE).

JLD & MB Legal Consultancy

JLD & MB Legal Consultancy advises on a variety of debt and equity capital market matters. Lily Acquaye and Akosua Apea Osafo are leading members of the group. Zoe Phillips Takyi-Appiah is another important member of the team that frequently advises on IPOs and on rights issues as well as the listings of multinational companies on the Ghana Stock Exchange.

Practice head(s):

Merene Botsio Benyah; Lily Acquaye; Zoe Phillips Takyi-Appiah; Akosua Apea Osafo

Key clients

BP Oil International Limited

Momentum Metropolitan Holdings Limited

Kinross Africa S.L.

Mitsui & Co Ltd.

Yinson Production West Africa Limited

ExxonMobil Corporation

Fidelity Bank Ghana Limited

Zeepay Ghana Limited

Iron Ridge Resources

Cardinal Resources Limited

mPharma Ghana Limited

Tullow Ghana

Access Bank (Ghana) Plc

Republic Bank (Ghana) Limited

Work highlights

  • Advised the Government of Ghana on the 2019 and 2020 Eurobond issuance.
  • Advised Fidelity Bank Ghana Limited on the structuring and negotiation of its liability management programme valued at GHS5bn for the Government of Ghana.