Firms To Watch: Capital markets

Cynthia Quarcoo and Kwabena Oppong-Kyekyeku co-head the team at CQ Legal & Consulting, which has particular strength in the debt capital markets but also has experience in equity capital markets work.
Koranteng & Koranteng Legal Advisors was established in July 2020; Afua Koranteng leads the team, which is particularly active in the energy sector.
At WTS Nobisfields, finance and capital markets expert Theophilus Tawiah is ‘an outstanding leader’, who ‘is great at explaining what the legal issues are and the remedies'.

Capital markets in Ghana

Bentsi-Enchill, Letsa & Ankomah

The ‘efficient’ team at Bentsi-Enchill, Letsa & Ankomah is ‘able to handle the most complex cases due to its knowledge and expertise’. Under the joint leadership of Seth Asante and Frank Nimako Akowuah, the group frequently handles the most sophisticated debt and equity capital markets transactions in the market. It advises on a broad range of international and domestic deals, including initial public offerings as well as private placements. It has acted as transaction advisers on a significant number of listed corporate equity securities transactions in addition to listed corporate debt securities deals in the local market. The lawyers also receive plaudits for their ‘strong commercial acumen’.

Practice head(s):

Seth Asante; Frank Nimako Akowuah


Other key lawyers:

Jonathan Amable


Testimonials

‘BELA has a well-developed practice to advise on capital market transactions in Ghana excellently. Their understanding of local and international regulations to guide local and foreign companies seeking to use our capital market is excellent’.

‘Frank Nimako Akowuah – Knowledge and expertise of local market regulation, ability to marry innovative solutions with existing regulations to solve new problems’.

‘I have had the pleasure of working with Frank Nimako Akowuah on a number of capital market transactions. He has command of the law, he is dedicated and has always been thorough in his communication’.

‘BELA is without a doubt the market leader. Their knowledge depth, capacity for innovation, attention to detail and commercial acumen are unrivalled. The firm also has significant bench strength which ensures that they can be depended upon to deliver in a timely manner. BELA is also well known for its gender diverse work-force’.

‘Interactions with BELA team members always leave a strong impression of professionalism and competence. Managing Partner Seth Asante is extremely well regarded and does a fantastic job of promoting the firm’.

‘Frank Nimako-Akowuah and Jonathan Amable are two other outstanding individuals I have interacted with from the firm’.

‘The practice has been the leading legal firm to work on key financial structures especially in the capital markets. They are leaders in their field in their knowledge and expertise of local capital markets and key requirements from regulators and investors – all of which are crucial in structuring products’.

‘Seth Asante and Frank Akowuah are extremely professional and I enjoy working with them. They are the first choice if there is a complex structure we are working on and how to make it work from a legal perspective. Special mention to their associates as well’.

Key clients

Ghana Amalgamated Trust


Izwe Savings & Loans Plc


Databank Brokerage Services Limited


Bayport Financial Services


MobileMoney Limited


Ghana Stock Exchange


Scancom Plc


Africa Export-Import Bank


Work highlights


  • Advised MobileMoney on a potential listing of shares on the Ghana Stock Exchange.
  • Advised Ghana Amalgamated Trust on an initial public offer of preference shares.
  • Advised Daakye Trust, a special purpose vehicle incorporated by the Ghana Education Trust Fund, on the establishment of a receivables-backed bond issuance programme.

ENSafrica

The impressive team at ENSafrica is co-led by Amina Abugdanpoka Kaguah and Paa Kwesi Morrison and handles a wide spectrum of capital markets work, with notable expertise in major cross-border deals. The team also regularly liaises with local regulators including the Ghana Stock Exchange, the Securities and Exchange Commission and the Bank of Ghana. As well as advising on diverse matters such as domestic bond programmes, the issuance of senior notes and on swap and buy/back transactions, the group also advises key clients on medium-term note issuances and many other types of derivative transactions. Rachel Dagadu is another name to note.

Practice head(s):

Amina Kaguah; Paa Kwesi Morrison


Other key lawyers:

Rachel Dagadu


Key clients

ICBC Standard Bank Plc


Goldman Sachs


Citigroup Global Markets Limited


Merrill Lynch International


Rand Merchant Bank


Standard Chartered Bank


The Standard Bank of South Africa Limited


Work highlights


  • Advised ICBC Bank on the enforceability of the 2000 and 2011 versions of the Global Master Repurchase Agreement.
  • Advised Goldman Sachs on the Ghanaian law requirements on derivatives and repo trading conducted under applicable standard master agreements.
  • Advised the dealer managers in connection with the update of Ghana’s Global Medium Term Note Programme and the issuance of a sovereign bond of over $3bn by the Government of Ghana.

JLD & MB Legal Consultancy

The agile team at JLD & MB Legal Consultancy often advises on debt and equity capital market deals. The group is well placed to assist clients in IPOs and rights issuances as well as the listing of foreign companies on the Ghana Stock Exchange. Among the key names to note are Lily Acquaye, Akosua Apea Osafo and Zoe Phillips Takyi-Appiah.

Practice head(s):

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


Key clients

Ghana Infrastructure Investment Fund


Asante Gold Corporation


Quad Energy Limited


Zeepay Ghana Limited


Yinson Productions West Africa Limited


KOKA Energy Limited


BP Oil International Limited


Swipebill Ghana Limited


Fast Pace Transfer Limited


Ghana Commercial Bank (GCB)


Fidelity Bank Limited


Access Bank Ghana


AKA Ausfuhrkredit-Gesellschaft mbH (AKA Bank Germany)


Atlantic Lithium Resources Limited


Work highlights


  • Advised Asante Gold Corporation on its secondary listing on the Ghana Stock Exchange.
  • Advised Asante Gold Corporation on its acquisition of Resolute’s Bibiani Gold mine in Ghana for $90m.
  • Advised Ghana Infrastructure Investment Fund in respect of a multimillion-dollar facility.