By Joshua Worlasi AMLANU & Ebenezer Chike Adjei NJOKU
The Ghana Stock Exchange (GSE) has more than doubled its market capitalisation between April 2024 and September 2025, surpassing the GH¢160billion mark for the first time and closing the third quarter on a record high.
The milestone, up from GH¢80.32billion in April last year, represents one of the fastest expansions in the Exchange’s history and highlights a broad resurgence of investor confidence in the domestic equity market.
The latest data show that GSE’s total market value reached GH¢162billion by September 30, representing a 102 percent increase over the 17-month period. The surge caps a sustained recovery from mid-2023, when market capitalisation stood at GH¢70.24billion.
Since turn of the year, the GSE Composite Index has returned 67.09 percent; placing the Accra bourse among Africa’s best-performing stock markets in 2025.
September proved particularly strong, with several counters posting double-digit returns amid robust trading activity and improved sentiment. Technology and banking stocks led the month’s performance, while telecommunication shares sustained their dominance in market capitalisation.
Clydestone’s share price closed September at GH¢0.17, having started the year at GH¢0.03 – representing a year-to-date return of 466.7 percent. This marks the second time this year the ICT company has topped the exchange’s monthly performance tables, having previously recorded a 100 percent gain in March.
The broader market continues to deliver exceptional returns. By the end of September, equities had generated an average return of 67 percent for the year – with financial stocks posting 60 percent gains.
Banking stocks maintained their dominance of the performance tables – GCB Bank recording a 40.9 percent gain in September, with shares closing at GH¢14.10 and delivering a year-to-date return of 121.4 percent.
Ecobank Ghana rose 33 percent for the month to GH¢12, posting an 84.6 percent year-to-date gain. CAL Bank advanced 25.5 percent in September to GH¢0.64, bringing its year-to-date return to 82.9 percent. Republic Bank gained 8.2 percent to close at GH¢1.19 with an 80.3 percent year-to-date performance.
Access Bank Ghana, despite a marginal 0.1 percent monthly decline, closed at GH¢16.34 with a year-to-date return of 214.2 percent. Ecobank Transnational Incorporation rose 18.2 percent in September to GH¢0.91, achieving a 193.5 percent year-to-date return.
In the insurance sector, SIC Insurance closed at GH¢1.05 with a year-to-date performance of 288.9 percent – making it the second-best performing stock on the exchange. The stock remained flat in September.
The energy sector also performed admirably, with Total Petroleum advancing 15.9 percent in September to GH¢37 and contributing to a 182 percent year-to-date return. Ghana Oil Company (GOIL) gained 3 percent for the month, closing at GH¢2.38 with a 56.6 percent year-to-date performance.
MTN closed at GH¢4.35, recording a 12.4 percent gain in September and a 74 percent year-to-date return. Enterprise Group advanced 10.3 percent to GH¢3.20, delivering 61.6 percent for the year.
In the consumer sector, Fan Milk rose 21.3 percent to GH¢5.35 with a 44.6 percent year-to-date gain. Benso Oil Palm Plantation advanced 10.1 percent to GH¢37.81, posting 49.7 percent year-to-date. Cocoa Processing Company closed at GH¢0.03 with a 50 percent year-to-date return but no movement in September.
Societe Generale Ghana gained 4 percent to GH¢2.08, achieving a 38.7 percent year-to-date return. Standard Chartered Bank Ghana closed at GH¢28.02 with a 21.8 percent year-to-date performance. NewGold Issuer Limited rose 20.2 percent in September to GH¢476.9, delivering 22.1 percent for the year.
However, market performance remained uneven as eighteen listed companies – including Agricultural Development Bank (GH¢5.06), Atlantic Lithium (GH¢6.12), and Tullow Oil (GH¢11.92) – recorded zero returns for both September and the year-to-date period. Unilever declined 2 percent in September to GH¢19.99, posting just 2.5 percent for the year. Guinness Ghana Breweries fell 9.6 percent to GH¢5.47, recording a 0.5 percent year-to-date loss.
Market analysts described the rally as broad-based, with investors showing renewed appetite for equities across sectors.
Kofi Kyei Busia, Head of Pensions and Institutional Funds Management at Merban Capital, attributed much of the recent momentum to heightened demand from institutional investors reallocating from fixed income securities into equities following a period of attractive bond yields earlier in the year.
“The fixed income market had been strong for much of the year, but as yields stabilised many investors moved their funds into the stock market, creating significant demand pressure and driving prices up,” he explained.
He however cautioned that valuations now appear stretched. “Most of these stocks, which were undervalued at beginning of the year, look highly overvalued now because of the high demand and limited liquidity,” he said, adding that the market will eventually “find a ceiling”.
Mr. Busia also highlighted the role of pension funds and regulatory constraints in sustaining domestic participation. “Because we are not allowed to invest offshore, pension funds have to find opportunities within the local economy – and the most transparent and structured option is the stock market,” he said.
He described GSE as a trusted platform due to the regular publication of results and corporate transparency, but emphasised that market depth and confidence must improve for growth to remain sustainable.
He further noted that while the stock market benefits from transparency and structure, liquidity constraints and limited new listings pose risks to sustaining momentum.
The performance coincides with an improving macroeconomic backdrop. Inflation, which hovered above 40 percent in early 2023, has eased into single digits while the cedi has remained broadly stable against the dollar in recent months.
Lower inflation and moderating interest rates have narrowed the appeal of Treasury bills, prompting a reallocation of capital into equities. According to market data, trading volumes in September were significantly higher than the year’s average – with notable demand for blue-chip shares that offer both liquidity and dividend potential.
The banking sector’s rebound has also supported sentiment. After a difficult 2022 marked by balance-sheet adjustments under the Domestic Debt Exchange Programme, many listed banks have reported stronger capital adequacy ratios and improved profitability.
Their share prices have accordingly re-rated, contributing materially to the September rally. Meanwhile, MTN Ghana maintained its leadership in market capitalisation… benefitting due to continued revenue growth from mobile data and digital financial services.
Still, Mr. Busia and other analysts warn that such steep gains warrant only cautious optimism.
“The market’s rise is encouraging, but not necessarily sustainable unless trading depth improves and more companies list to absorb the excess liquidity,” he said.
