Panic Selling Hits GSE as Market Cap Drops GH¢44bn in Two Days
By Praisebell Rosemond Larbi
The Ghana Stock Exchange (GSE) extended its sharp downturn on Thursday, recording a second consecutive day of heavy losses as panic selling gripped investors and wiped billions off market value.
The benchmark GSE Composite Index (GSE-CI) plunged by 884.49 points to close at 13,556.32, while the GSE Financial Stocks Index (GSE-FSI) dropped 443.59 points to 8,641.86. The sustained decline reflects a rapid reversal of the strong rally recorded earlier in 2026, as investors rushed to offload positions.
Market capitalisation fell sharply to GH¢255.21 billion from GH¢269.90 billion the previous day, bringing total losses over the two-day sell-off to approximately GH¢44 billion. Analysts describe the development as one of the most severe short-term corrections in recent years.
Trading activity surged significantly, with total volume reaching 55.95 million shares and turnover hitting a record GH¢300.5 million, the highest single-day value recorded on the bourse. The spike in activity underscores the intensity of the sell-off, largely driven by institutional investors exiting key positions.
The biggest casualty of the session was Scancom PLC (MTNGH), which came under intense selling pressure. The stock declined by GH¢0.52 to close at GH¢5.39, with an extraordinary 55.29 million shares traded, accounting for nearly 99 percent of total market volume. The telecom giant alone contributed about GH¢298 million to total market turnover.
Market watchers attribute the heavy sell-off in MTNGH to post-dividend adjustments, with investors exiting positions after qualifying for payouts. The stock has now lost more than 15 percent of its value over the past two trading sessions, significantly influencing overall market performance due to its heavy weighting on the index.
The banking and insurance sectors also recorded substantial losses. Standard Chartered Bank Ghana PLC led the laggards, dropping GH¢7.78 to close at GH¢71.47. GCB Bank PLC declined by GH¢4.12 to GH¢37.08, while Republic Bank Ghana PLC shed GH¢0.52 to GH¢4.82.
Other notable decliners included SIC Insurance Company PLC, which fell GH¢0.34 to GH¢3.49, and TotalEnergies Marketing Ghana PLC, which dropped GH¢0.78 to GH¢36.13. Ecobank Transnational Inc and Fan Milk PLC also recorded declines, alongside Ghana Oil Company Limited and Cal Bank PLC.
Amid the widespread losses, Cocoa Processing Company PLC provided a rare bright spot, gaining GH¢0.01 to close at GH¢0.10. Benso Palm Plantation PLC remained unchanged at GH¢100.00, maintaining its triple-digit valuation.
Despite the sharp correction, the market remains significantly up year-to-date, with the GSE Composite Index still recording a gain of 54.57 percent, while the Financial Stocks Index is up 85.96 percent.
Analysts note that the sell-off reflects a combination of profit-taking, post-dividend adjustments, and investor caution following an extended rally. While the correction has been severe, market fundamentals remain relatively strong, suggesting the downturn may be a temporary recalibration rather than a sustained bearish trend.
