Firms To Watch: Capital markets

Koranteng & Koranteng Legal Advisors was established in July 2020. Afua Koranteng leads the team, which receives plaudits for being ‘hands on, responsive and extremely knowledgeable’ and is notably active in the energy sector.

Capital markets in Ghana

Bentsi-Enchill, Letsa & Ankomah

Bentsi-Enchill, Letsa & Ankomah frequently works for leading market participants (including major financial institutions, governments and multinational corporations) in addition to first-time issuers and other key players in the capital market space. It is skilled at advising on all aspects of domestic and international debt and equity capital markets issues including IPOs and private placements. Seth Asante  and Frank Nimako Akowuah  co-lead the department, which is highly sought after for its advice on a whole host of regulatory matters and for its work on rights issuances and additional listings. It is also recommended for its expertise in medium-term note programmes and commercial paper issuance programmes.


‘Knowledgeable people in the various disciplines they specialise in especially Financial Services and Capital Market transactions’.

‘Seth Asante (Managing Partner). Knowledgeable in Corporate Law, as well as, Finance Markets and Capital Market regulations’.

Frank N. Akowuah (Partner) – Very responsive to the needs of clients’.

‘Their execution abilities are the best in Ghana for the capital markets. The team’s structuring expertise is a great asset and they offer excellent advice on efficient structures in the capital markets. They also have in-depth knowledge of the capital markets in general having advised on the largest transactions in the market. Partners are always available and junior support on transactions is very good. They have been a great asset in structuring a very complicated refinancing project- and their inputs were valuable in arriving at an optimal structure’.

‘Seth Asante and Frank Akowuah -have in-depth knowledge of the Ghanaian capital markets.  Stand out for their structuring acumen in advising efficient and best structures for financing. Strong communication skills. Strong commercial skills. Strong execution capabilities and turnaround time on documents’.

Key clients

Ghana Amalgamated Trust

Izwe Savings & Loans Plc

GCB Securities Limited

Bayport Financial Services

Tallmast Company Limited

Ghana Stock Exchange

Scancom Plc


ENSafrica fields an excellent team, which advises on the full array of capital market issues and regularly liaises with various regulators such as the Ghana Stock Exchange, the Securities and Exchange Commission and the Bank of Ghana. The team frequently advises on all the legal and regulatory issues relating to the issuance of bonds and senior notes as well as advising on derivative transactions and major cross-border deals. The heads of department are Amina Abugdanpoka Kaguah  and Paa Kwesi Morrison  both of whom are well-regarded for their work on a range of complex and high-value matters, including swap and buy-back transactions, and for their advice on the enforceability of netting provisions.

Other key lawyers:

Patricia Jane Mumuni


‘Knowledgeable staff in Financial Services and Mining. Patricia Jane Mumuni (Partner). Knowledgeable in Financial Services and Mining and very responsive’.

‘The team is versatile and has a wide breadth of knowledge. Some firms are less approachable but the ENS team is available when required. They are responsive with a deep understanding of the legal issues. They also have good knowledge of the regulatory environment’.

Key clients

Citigroup Global Markets Limited; Merril Lynch International; Rand Merchant Bank, A Division of FirstRand Bank Limited (London Branch); Standard Chartered Bank; The Standard Bank of South Africa Limited

The Standard Bank of South Africa Limited Barclays Plc

Perenti Global Limited

Standard Chartered Bank

Stanbic Bank Ghana Limited


Merill Lynch International (Bank of America) Databank Ghana

Goldman Sachs International

ICBC Standard Bank

Work highlights

  • Advising ICBC Standard Bank in relation to the enforceability of netting provisions in the 2000 and 2011 GMRAs.
  • Advised Standard Chartered Bank and The Standard Bank of South Africa Limited (the Dealer Managers) in connection with the update of Ghana’s Global Medium Term Note Programme.
  • Advised Standard Chartered Bank and The Standard Bank of South Africa Limited (the Dealer Managers) in connection with the issuance of up to $2bn green and social bonds by the Republic of Ghana.

JLD & MB Legal Consultancy

JLD & MB Legal Consultancy frequently advises on various debt and equity capital market transactions. Lily Acquaye and Akosua Apea Osafo are key members of the team, as is Zoe Phillips Takyi-Appiah. The group often advises on IPOs and rights issuances in addition to the listing of foreign companies on the Ghana Stock Exchange.

Key clients

Ghana Infrastructure Investment Fund

AKA Ausfuhrkredit-Gesellschaft mbH (AKA Bank Germany)

Swipebill Ghana Limited

KOKA Energy Company Limited

Quad Energy Limited

Fidelity Bank Ghana Limited

Zeepay Ghana Limited

IronRidge Resources Limited

Yinson Production West Africa Limited

Kinross Africa S.L.

BP Oil International Limited

Cardinal Resources Limited

Asante Gold Corporation

Mitsui & Co. Ltd

ExxonMobil Corporation

MPharma Ghana Limited

Tullow Ghana Limited

Republic Bank (Ghana) Limited

Heritage Oil

Fast Pace Transfer Ltd