The country is the world’s second biggest cocoa producer and the continent’s number two gold miner after South Africa. It began producing oil in 2010 and investors, accordingly, have paid increasing attention.

But only 34 companies are listed on the primary market and that lack of participation deprives firms of access to capital that could generate growth, employment and tax revenue.

At the same time, few small- and medium-sized companies list because they are wary of the scrutiny it would entail, regulators and bourse authorities said in interviews.

“We have been successful to some extent, but we still have not become very visible in the development of the economy. To be able to do that we need to get more companies raising money using the capital market,” Ekow Afedzie, deputy managing director of the Ghana Stock Exchange, said.

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