Electrochem Ghana Limited’s plans to go public on the Ghana Stock Exchange (GSE) have hit a temporary setback due to the absence of a Securities and Exchange Commission (SEC) board.

The company, which operates West Africa’s largest salt production facility, is awaiting the reconstitution of the board before proceeding with its Initial Public Offering (IPO).

During a tour of Electrochem’s production site in Ada by the Minerals Income and Investment Fund (MIIF), the Group Chief Executive, Kwaku Amprofi, explained that the company was fully prepared for the listing but had to pause the process due to the dissolution of the SEC board.

“Our original plan to go public was scheduled for August 2024, but by June 2024, the SEC board ended its term and there was no board. So we could not go ahead with the listing process.

"So we've decided to wait for the new board to be appointed and once that is done, we will continue through the process. The prospectus is ready, so we are good to go from our side,” Amprofi stated.

Electrochem’s 41,000-acre Ada Songhor salt mine has the potential to meet salt demand across Africa, provided it secures the necessary capital. One of the key conditions for MIIF’s investment in the company is its listing on the GSE, which is expected to raise an additional $25 million through cumulative preference shares that will convert into equity at the end of the IPO.

Following the tour, MIIF’s Acting Chief Executive, Justina Nelson, expressed confidence in Electrochem’s potential and reiterated the government’s commitment to facilitating its listing and securing the required funding.

“This is a viable project for the country, and this tour is timely because MIIF has a stake in Electrochem. So having assumed office, it is just proper that I take this tour. We want to intensify our royalty collections in not only Electrochem but all the mineral resource companies we have a stake in.

"We had a lot of behind-the-scenes discussions to ensure that they [Electrochem] list on the Ghana Stock Exchange to be able to generate dividends for the government and people of Ghana,” she disclosed.

As of the end of 2024, MIIF’s total investment in Electrochem stood at GH¢363 million. However, the company requires approximately $445 million to finalize engineering works, acquire vessels, and construct a salt refinery to add value to its product before export.