Note that you want a function $f : \Bbb R_+ \to \Bbb R_+$ such that there exists a function $g$ satisfying $$\frac{f(a)}{f(b)} = 1 + g\left(\frac{a}{b} - 1\right).$$
This is equivalent to asking for the existence of a function $h$ such that $$\frac{f(a)}{f(b)} = h\left(\frac{a}{b}\right) \tag{1}$$
for all $a, b \in \Bbb R_+$.
Note that as $a, b$ vary over $\Bbb R_+$, the ratio also varies precisely over $\Bbb R_+$. Thus, we take the domain of $h$ to be $\Bbb R_+$. $(1)$ also tells us that $h$ maps into $\Bbb R_+$. Thus, we have $h : \Bbb R_+ \to \Bbb R_+$.
Claim 1. If $f$ is of the form $f(x) = c_1 x^{c_2}$ for $c_1 > 0$ and $c_2 \in \Bbb R$, then $f$ satisfies the condition.
Proof. It is easy to see that $f$ does define a function from $\Bbb R_+$ to itself. Check that $h(x) = x^{c_2}$ does the job. $\qquad \Box$
Now, the next question to ask is if there are any more functions. We show that under reasonably nice conditions, there are not. First, we make observations.
Claim 2. $f(xy) = f(x)h(y)$ for $x, y \in \Bbb R_+$.
Proof. Follows from $(1)$ by putting $a = xy$ and $b = x$. $\qquad \Box$
Corollary 3. $f(y) = f(1) h(y)$ for all $y > 0$. $\qquad \Box$
Corollary 4. $h : \Bbb R_+ \to \Bbb R_+$ satisfies the functional equation $$h(xy) = h(x)h(y). \tag{2}$$
Proof. Follows from the last two results by cancelling $f(1)$. (It is nonzero.) $\qquad \Box$
Now, we do something which may not seem very motivated. Consider the function $\varphi : \Bbb R \to \Bbb R_+$ defined as $$\varphi = h \circ \exp. \tag{3}$$
(Note that the function composition is well-defined.)
The reason for doing this is that we get the following result.
Claim 5. For all $x, y \in \Bbb R$, we have $$\varphi(x + y) = \varphi(x) \varphi(y). \tag{4}$$
Proof. Use $(2)$ and the fact that $\exp(x + y) = \exp(x) \exp(y)$. $\qquad \Box$
The upshot of the last result is that we do know something about $\varphi$.
Theorem 6. Let $a := \varphi(1)$. Then, $\varphi(x) = a^x$ holds for all $x \in \Bbb R$, under any one of the following assumptions:
- $\varphi$ is monotonic.
- $\varphi$ is continuous.
- $\varphi$ is differentiable.
- $\varphi$ is continuous at $0$.
- $\varphi$ is differentiable at $0$.
Proof. See the proof here. $\qquad \Box$
Note that the conditions on $\varphi$ translate directly to $h$. Since $\exp$ is monotonic and differentiable (with a differentiable inverse), we see that $\varphi$ is monotonic iff $h$ is. Moreover, $\varphi$ is continuous (differentiable) at $0$ iff $h$ is continuous (differentiable) at $1$.
Moreover, in view of Corollary 3., we can replace $h$ by $f$ in the previous paragraph. So, under the modest assumption that $f$ is continuous at $1$, we see that $\varphi(x) = a^x$. In turn, this gives us that $$h(x) = \varphi(\ln(x)) = a^{\ln x} = x^{\ln a}.$$
Again, by Corollary 3., we get that $$f(x) = f(1) x^{\ln a},$$
which is the same form as in Claim 1. (We can recover $a$ as well. It is $\varphi(1) = h(e) = f(e)/f(1)$.)
Conclusion. If $f$ is continuous at $1$, then $f$ is of the form $$f(x) = c_1 x^{c_2}$$ for some $c_1 > 0$ and $c_2 \in \Bbb R$. Conversely, every such function does give a valid choice of $f$.