Ghana Stock Exchange tops Africa’s market
…in 2024
Trading activity on the Ghana Stock Exchange (GSE) surged in 2024, reflecting robust investor confidence, improved liquidity, and strong sectoral performance.
According to the 2024 Financial Stability Review, a total of 992 million shares changed hands during the year, with an annual trade value of GHS2.15 billion.
This represents a sharp 71 percent jump in volumes from the 579.67 million shares traded in 2023, and a significant rise in value from GHS818.2 million in the previous year.
The report noted that the Information and Communication Technology (ICT) sector remained a key driver of market activity, contributing substantially to both volumes and values.
The financial sector and exchange-traded funds also played critical roles, boosting overall market turnover.
Beyond trading activity, the GSE posted remarkable growth in market capitalisation, closing 2024 at GHS111 billion, marking a 50 percent year-on-year increase from GHS74 billion in 2023.
This performance was buoyed by a sustained rally in share prices, alongside the listing of Atlantic Lithium and CAL Bank preference shares, which broadened market depth and enhanced investor participation.
At year-end, the Exchange’s main board had 34 listed companies, while the Ghana Alternative Market (GAX) had five counters, providing diverse opportunities for both institutional and retail investors.
The GSE’s strong fundamentals and price rally positioned it as Africa’s best-performing stock market in 2024.
The Ghana Stock Exchange Composite Index (GSE-CI) began the year on a positive note, gaining 326 points in the first quarter to post a return of 12.0 percent.
This upward momentum persisted throughout the year, culminating in a stellar annual return of 56.2 percent, more than double the 25.2 percent return recorded in 2023.
According to the report, this was the highest annual return for the GSE-CI since 2013, underscoring the resilience and attractiveness of the market in a challenging global investment climate.
The Ghana Stock Exchange Financial Stocks Index (GSE-FSI) also delivered a solid performance, advancing by 479.22 points to close 2024 at 2,380.8 points.
This translated into an annual return of 25.2 percent, driven largely by strong earnings growth and improved balance sheets in the banking and insurance sectors.
Market analysts have attributed the GSE’s performance to a combination of factors, including improved macroeconomic stability, strategic sectoral growth, enhanced corporate governance practices, and the influx of new listings that diversified investment options.
