Shattering ceilings: Meet the first female Managing Director of the Ghana Stock Exchange

From the classrooms of St. Rose’s Senior High School through the halls of the University of Ghana to the Harvard Business School, one woman’s resilient journey has solidified her name in the male-dominated world of finance.

With hard work and an unbroken resolve, she broke through invisible walls and rose through the ranks in her chosen field.

In November 2022, Abena Amoah etched her name in history as the first female Managing Director of the Ghana Stock Exchange (GSE) since its establishment 32 years ago.

She joined an elite group of trailblazing women in African finance, becoming the third woman to lead a major stock exchange on the continent, following Alicia Greenwood of the Johannesburg Stock Exchange and Ugochi Obi of the Nigerian Exchange Group.

With extensive expertise in capital markets, investment banking, and financial advisory services, Abena has played a pivotal role in transforming Ghana’s financial landscape, driving innovation, and fostering economic growth.

A visionary at the helm

As Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah is spearheading a transformative agenda—one that blends innovation, market growth, and international recognition.

“We are committed to building a world-class capital market that meets the needs of investors, issuers, and the broader economy,” Ms Amoah says.

“Our focus is on expanding access, strengthening governance, and aligning with global best practices.”

Under her leadership, the GSE has achieved several major milestones. Trading volumes in both equity and debt markets have reached historic highs, and in 2023, the Exchange attained full membership in the World Federation of Exchanges (WFE)—a significant endorsement of its credibility and international standing.

In December 2023, the GSE earned ISO 27001:2013 and ISO 22301:2019 certifications from the International Standards Organisation (ISO), validating its robust information security and business continuity systems.

“These certifications are a strong signal to the global investment community that Ghana’s capital market is secure, resilient, and ready for business. We’ve built systems that protect investors and ensure continuity even in the face of disruption,” Ms Amoah noted.

Beyond compliance, the GSE is pursuing ambitious reforms in technology, product innovation, and regional partnerships to deepen market participation and attract more listings.

“Our job is to create a dynamic platform where businesses can raise capital and grow, while investors find opportunities that align with their goals,” she added.

The results are already showing. As of September 2023, the GSE was ranked the third-best-performing stock market in Africa, trailing only Nigeria and Egypt. This marked a dramatic recovery from its position in late 2022, when Ghana was the region’s worst performer due to external pressures, including foreign capital flight and sharp cedi depreciation.

“We’ve turned a corner. This performance reflects investor confidence and the resilience of our market infrastructure,” Amoah said.

The GSE continues to prioritise digital transformation, capacity building, and global alignment as part of its long-term strategy.

“We’re not just keeping pace with global trends—we’re setting new standards for Africa’s capital markets,” she affirmed.

From her early days as an investment analyst and stockbroker to leading some of Ghana’s top investment institutions, Abena Amoah has built a career defined by excellence, innovation, and impact.

“I’ve always believed in the power of capital markets to transform economies. That belief has guided every step of my journey,” she told The Ghana Report.

Before she was appointed Managing Director of the Ghana Stock Exchange (GSE), Abena held senior leadership roles at BlackIvy Group LLC, Renaissance Group, and Strategic African Securities Ltd, where she was instrumental in shaping investment strategies across the continent.

Her vast experience spans stock market listings, mergers and acquisitions, investment research, infrastructure development, and capital raising—a rare blend that has made her one of the most respected figures in Ghana’s financial ecosystem.

“My journey through investment banking, advisory, and capital markets has given me a front-row seat to the challenges and opportunities within our economy,” she explains. “It’s also taught me the value of trust, resilience, and long-term vision.”

Her deep understanding of the market and strategic thinking has made her the right fit to lead the GSE into a new era of growth and global integration.

Abena is a proud alumna of St. Rose’s Senior High School and the University of Ghana Business School, and has strengthened her leadership credentials with executive education at Stanford Graduate School of Business, Harvard Business School, and the University of Denver’s Daniels College of Business.

“These institutions helped broaden my global perspective and reinforced the importance of innovation and governance in financial systems,” she says.

With a career that spans decades and a resume that bridges local expertise and global insight, Abena Amoah stands as a transformative leader, not just at the GSE but across Africa’s financial sector.

One of Abena’s proudest moments came in October 2022 when she was selected as the next MD of the GSE after a rigorous selection process.

She recalls the journey from being a young stockbroker in 1998 to leading one of Ghana’s most critical financial institutions.

Another highlight was securing GSE’s full membership in the World Federation of Exchanges (WFE), a milestone that positioned the exchange on the global financial stage.

However, 2022 was not without challenges. Ghana’s economic crisis posed significant obstacles, affecting individuals, corporations, and government entities.

Foreign investors led the selling pressure, creating a predominantly buyers’ market. This trend resulted in lower share prices, offering buying opportunities.

Abena remains steadfast in her commitment to leveraging GSE as a platform for national economic recovery.

Abena credits her success to the influence of strong female role models, the guidance of supportive male mentors, and an unrelenting passion for learning and growth.

In October 2023, the Board Diversity Index, compiled by TheBoardroom Africa (TBrA) in collaboration with the Ghana Stock Exchange, highlighted Ghana’s significant progress toward gender parity in corporate leadership.

According to the report, the number of women in boardrooms of Ghana-listed companies rose by 12% from 67 in 2022 to 75 in 2023, a notable achievement in fostering diversity at the highest levels of business.

A statement from TheBoardroom Africa commended this progress, emphasising that while the growth is remarkable, sustained efforts are essential to achieving full gender equity in leadership roles.

Abena firmly believes that professional success is a continuous journey of reinvention, lifelong learning, and celebrating small wins along the way. She draws inspiration from the resilience of Ghanaian entrepreneurs, especially women and young business owners, who drive innovation and economic growth.

Additionally, she finds motivation in her dedicated GSE team, whose passion and commitment make even the toughest challenges surmountable.

Passions beyond finance

She has a keen eye for fashion and believes in presenting herself with confidence and style, ensuring she makes a lasting impression wherever she goes.

Abena’s impact extends beyond the boardroom. She is deeply committed to mentoring young professionals, many of whom have risen to become CEOs and business leaders.

A strong advocate for children’s healthcare, she has helped raise over $3 million for the Princess Marie Louise Children’s Hospital in Accra.

Additionally, her dedication to health and fitness has inspired over 40 women to achieve their wellness goals.

As a member of the Just beCause Fitness Club, she raises funds for various philanthropic causes.

Championing gender equity

A strong advocate for gender equity, Abena champions policies that protect, support, and empower women. She has boldly pushed for a progressive shift in workplace policies, including a three-month paternity leave for men—a move aimed at fostering a more inclusive and balanced professional environment.

Advice to aspiring women leaders

To women aspiring for leadership, Abena shares this empowering message:

“You are good enough. Do not overthink it. Step up, ask for a seat at the table, and put yourself forward. Success is built through incremental growth and small wins. Enjoy the journey!”

Abena Amoah’s contributions have earned her several prestigious accolades, including:

• 2024: Named among the 40 Most Inspirational Female Leaders in Ghana by Young Global Leaders Network.
• 2024: 50 Ghanaian female finance leaders 2024
• 2023: Recognised by the World Federation of Exchanges (WFE) as a top 20 future leader in global capital markets.
• 2022: Listed among Glitz Top 100 Inspirational Women.
• 2021: Africa business integrity leader award
• 2016: Top 100 Ghana’s Women Board Directors
• 2016: Featured in WomanRising’s 100 Most Outstanding Women Entrepreneurs in Ghana.
• 2006: Recipient of Newmont Gold Ghana’s Highest Award for Excellence.
• 2005: Served as a Governor for the Millennium Excellence Awards.

Her journey continues to inspire, proving that breaking barriers and building legacies go hand in hand.

Abena Amoah is more than a financial powerhouse; she is a leader, mentor, and change-maker shaping Ghana’s financial future. With unwavering dedication, she continues to break new ground, inspiring generations to come.