Managing Director and Chief Executive Officer of First Atlantic Bank, Odun Odunfa, has assured shareholders that the bank will prioritise sound governance, disciplined growth and ethical business practices to protect their investments following its Initial Public Offering (IPO) and listing on the Ghana Stock Exchange (GSE).
Speaking in an interview with Joy News at a celebratory lunch event held at the Labadi Beach Hotel on Friday, December 20, Mr Odunfa said the bank is fully aware of shareholder expectations but will not compromise long-term sustainability in pursuit of short-term gains.
“The only thing we can promise investors is that we’re going to run a decent business, a proper business,” he said.
According to him, while the bank publishes forecasts and aims to meet market expectations, its operations are shaped by broader economic conditions and regulatory requirements that demand prudence.
“Ours is a regulated business. We publish forecasts, and we try to deliver. Our business is affected by many things—the macros, the micros. It’s affected by all sorts of indices,” he noted.
Mr Odunfa stressed that investor confidence in the bank was earned through discipline and transparency, qualities he said would remain non-negotiable even after becoming a publicly listed company.
“We will aspire to meet market expectations, but we will not cut corners to do so. We will do our business properly. We’re going to build to last,” he said.
He explained that shareholders who participated in the IPO did so after extensive due diligence, which affirmed the bank’s business model and governance standards.
“After all, the investor class or the investor group did a deep due diligence on us, and they found us suitable. The reason they found us suitable is because we’ve done things in a certain way,” he stated.
Mr Odunfa said the successful subscription of the IPO reflects growing confidence not only in First Atlantic Bank but also in Ghana’s improving economic environment.
“It says a lot about the confidence in the system right now, in our business,” he said.
He pointed to key macroeconomic indicators, including relative currency stability, easing inflation and regulatory reforms, as factors supporting investor optimism.
“You’ve seen how the cedi has trended. You’ve seen how inflation has trended. You’ve heard how our regulator has positioned itself… I think it’s a good time for Ghana,” he added.
The CEO said the decision to list locally was deliberate, noting that Ghanaian participation in the capital market is essential to its growth.
“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 said.
Beyond shareholder value, MMrdunfa said the IPO would help broaden the bank’s investor base, deepen governance structures and support expansion plans, including investments in digitisation, regional growth and staff development.
“We have to broaden the investor base, and we have to deepen governance… We’re investing heavily in digitisation across Africa, West Africa, and Africa. We’re also investing a lot in the human capital,” he said.
Reflecting on the bank’s journey, including its restructuring and merger with Energy Bank to meet the Bank of Ghana’s minimum capital requirements, Mr Odunfa said the experience reinforced the importance of doing things right.
“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 grown through consolidation and steady expansion. Its IPO and subsequent listing on the Ghana Stock Exchange on Friday, December 19, marked a major milestone in its evolution into a publicly owned institution.
Mr Odunfa said the bank’s commitment to shareholders remains clear: disciplined management, ethical operations and long-term value creation.
“They should expect that they’ve invested in a good business that will continue to grow and we’ll continue to do things properly,” he said.