The Ghana Stock Exchange (GSE) has experienced a remarkable performance in 2024, with the value of shares traded reaching GH¢1.996 billion (approximately GH¢2 billion) by the end of November.
This marks a significant 165.44% increase compared to GH¢752 million during the same period in 2023. The surge in trading activity corresponds with a 71.29% rise in traded volumes, which amounted to 952.72 million shares, pushing the market capitalisation to GH¢108.4 billion, up from GH¢74.2 billion in 2023.
Analysts attribute this growth to a slowdown in the debt market and the resurgence of financial sector stocks, alongside attractive valuations, which have driven increased liquidity on the market. The upward trend has been supported by a recovery in corporate earnings, particularly within the banking and telecommunications sectors.
November saw a continued positive trajectory for the GSE, with the GSE Composite Index (GSE-CI) closing at 4,694.37 points, marking a 49.97% increase, up from 29.71% during the same period in 2023. Similarly, the GSE Financial Stock Index recorded an impressive 23.64% gain, adding 113.71 points. Despite a sharp decline in trading volumes and value compared to last year—9.35 million shares traded, valued at GH¢27.84 million, reflecting a 92.9% drop in volume and an 83.85% fall in value—year-to-date figures remain strong.
Top-performing stocks in November included Ecobank Transnational Incorporated Plc, which saw a 45% price increase, and Cal Bank Plc, which rose by 31%. Other gainers included Camelot Ghana Plc (17%), Access Bank Ghana Plc (10%), MTN Ghana (10%), and Ecobank Ghana Plc (7%). Companies such as Unilever Ghana Plc, GCB Bank Plc, Ghana Oil Company Plc, and TotalEnergies Marketing Ghana Plc also posted moderate gains.
On the downside, Enterprise Group Plc experienced a 1% loss, and the only listed exchange-traded fund (ETF), NewGold, suffered a notable 12% decline.
Looking ahead, market analysts remain optimistic about the GSE’s performance as the year draws to a close. Many predict that the current rally will continue into 2025, driven by improved market conditions and sustained corporate earnings recovery. The GSE Composite Index (GSE-CI) is projected to reach 6,850 points by the end of 2025, reflecting a potential annual increase of between 40% and 50%. This growth is expected to be broad-based, with notable contributions from the banking, telecommunications, and fast-moving consumer goods (FMCG) sectors.
As the equities market remains a critical platform for investment, stakeholders are closely monitoring its continued strength as a key driver of economic growth in Ghana.
