The Ghana Stock Exchange (GSE) has recorded a bullish performance in 2024, emerging as the best stock exchange in Africa with a 56.17 percentage gain during the period, an exploit that industry experts are optimistic would continue in 2025.
Ghana’s stock index led Africa with a remarkable 56.17 percent return, the highest since 2013. This was bolstered by a $3 billion IMF bailout and an average GDP growth of 6.3 percent over the year.
Going into 2025, investors anticipate further gains under President John Mahama’s administration, which has prioritised economic stability and fiscal consolidation.
With this backdrop, analysts forecast a 45 percent gain in 2025, underpinned by an improving economy and strengthening cedi currency.
The exchange’s composite index rose from 3,130.23 to 4,888.53, marking its strongest performance in 11 years – since 2013’s 78.8 percent return.
Also, the GSE-CI recorded a stellar 56.17 percent year-to-date (YTD) return, marking the highest in eleven years and more than doubling its five-year average of 20.31 percent.
The outstanding growth is also linked to consistently demonstrating a commitment to driving economic growth and supporting sustainable development in Ghana and beyond.
The 71% Increase in Traded Shares
In 2024, The GSE witnessed a surge in trading activity with 992 million shares traded, representing a 71 percent year-on-year increase. Turnover also rose sharply to GH¢2.15billion, up by 163 percent compared to the previous year. This growth in market activity underscores the increasing appeal of equities among investors seeking higher returns.
The top-five gainers of 2024 included Unilever which posted an impressive 140.44 percent YTD gain and Ecobank Transnational Inc. rose by 106.67 percent. MTN Ghana also featured prominently with a 78.57 percent increase in its share price, closing the year at GH¢2.50.
GSE’s Forward Looking Strategy
With the GSE’s forward-looking strategy reflective of an ambitious vision of creating a robust, inclusive capital market that drives both corporate and economic transformation in Ghana, experts tip the market to sustain the bullish performance in 2025 unabated.
By aligning with regional and continental initiatives, the GSE’s intended target to channel domestic savings into productive local projects, positioning itself as a significant player within Africa’s evolving financial landscape, would not only impact growth in the local economy but continue as the most responsive market.
CFi.co in a statement said through strategic innovation and resilience, GSE has made notable advancements, including the introduction of over-the-counter (OTC) trading services, designed to provide a simplified entry point for companies seeking capital.
It highlighted GSE’s expansion of product offerings which also feature a commercial paper market, enabling companies to access short-term financing, and a dedicated sustainable market segment launched in line with international environmental, social, and governance (ESG) standards.
The GSE is projected to deliver another strong performance in 2025, with Data Bank research forecasting a 45 percent gain in the GSE composite index, closing the year at 6,850 points.
This follows a 26.13 percent return in dollar terms in 2024, with the Accra Bourse ranking as the best-performing market in Africa in cedi terms.
Key sectors like banking, telecommunications, and fast-moving consumer goods (FMCG) are expected to drive growth.
