Ghana Stock Exchange Extends Rally, Year-to-Date Gains Near 60%

The Ghana Stock Exchange ended the week on a strong note, lifted by broad gains in banking, telecom and agro-industrial shares. 

Market capitalization rose by more than GH¢7 billion, while both the composite and financial indices reached new record highs, keeping up the strong performance seen so far this year.

Market Performance

The main market gauge, the GSE Composite Index, climbed steadily through the week, starting Monday at 7,316.08 points and closing Friday at 7,779.15. That represents a weekly gain of 463.07 points, or about 6.3 percent. The GSE Financial Stocks Index also advanced, moving from 3,566.05 points on Thursday to 3,653.69 points on Friday, highlighting the strong demand for banking shares.

The total value of listed companies grew from GH¢150.28 billion on Monday to GH¢157.37 billion by the end of the week. Year-to-date, the composite index is up 59.13 percent, while the financial index has gained 53.47 percent, placing Accra among the best-performing stock markets on the continent in 2025.

Trading Activity

Trading was most active on Wednesday, September 17, when 4.47 million shares worth GH¢18.13 million changed hands, with MTN Ghana accounting for the bulk of the trades. That single session alone made up almost half of the week’s total market volume, which crossed 8.8 million shares.

The week started on a quiet note, with just 355,634 shares valued at GH¢1.2 million traded on Monday. Activity then picked up in the middle of the week before easing slightly into Friday, when 746,677 shares worth GH¢2.18 million exchanged hands. Despite the swings in daily volume, investor interest remained focused on large, actively traded stocks, especially telecoms and banks.

Key Movers

MTN Ghana remained the heartbeat of market activity, with more than 4.4 million shares worth GH¢17.7 million traded on Wednesday alone. The stock gained steadily to end the week at GH¢4.09, up from GH¢3.76 on Monday, reinforcing its position as the most dominant equity on the exchange.

Banks were also strong performers. Ecobank Ghana closed the week at GH¢9.35, up from GH¢9.02, while GCB Bank rose to GH¢13.50 from GH¢13.31. Ecobank Transnational Incorporated was a standout, surging nearly 10 percent in a single session to GH¢0.89. Societe Generale and CAL Bank also posted gains earlier in the week, lifting the financial index.

Among consumer and insurance stocks, Fan Milk added GH¢0.13 to finish at GH¢4.80, while Enterprise Group moved up to GH¢3.10. Benso Oil Palm Plantation saw the sharpest price increase, rallying 10 percent on Thursday to GH¢37.78 on strong investor interest tied to solid earnings prospects and firmer commodity prices.

Other commodity-linked shares also gained ground. The gold-backed exchange traded fund closed at GH¢459.00, in line with stronger global gold prices, while TotalEnergies Marketing Ghana and Ghana Oil Company edged higher during midweek trading.

The only stock to lose ground was Unilever Ghana, which slipped GH¢0.40 to GH¢20.00 on Wednesday, a move that market watchers linked to profit-taking after earlier gains.

Outlook

Investors will continue to watch commodity-linked companies such as Benso Oil Palm Plantation and the gold-backed ETF, whose performance is closely tied to global market trends. MTN Ghana is expected to remain central to market liquidity, given its consistent trading volumes.

With year-to-date gains near 60 percent, the Ghana Stock Exchange has had one of its best years in recent memory. While some profit-taking is likely after this week’s strong rally, sentiment remains broadly positive, and traders expect demand for banking and telecom shares to continue driving momentum in the weeks ahead.

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