GH¢3.47bn Worth of Shares Traded on GSE as of November 2025
By Praisebell Rosemond Larbi
Trading activity on the Ghana Stock Exchange (GSE) remained resilient as of November 2025, with cumulative year-to-date transactions underscoring growing investor confidence despite a moderation in monthly volumes.
A total of 38.61 million shares, valued at GH¢192.47 million, were traded on the GSE in November 2025. This represented a 12.49% decline in trading volume and an 11.39% drop in value compared with October 2025, reflecting a calmer trading environment after strong gains recorded earlier in the year. Nonetheless, market participation remained broad-based, with investors continuing to engage actively across key listed equities.
On a year-on-year basis, market activity showed exceptional growth. Trading volume surged by 312.76%, while the value of shares traded rose sharply by 591.31%, highlighting the depth of renewed interest in equities and the significant re-rating of stock prices over the past year.
For the year-to-date period, the GSE recorded a total of 683.74 million shares traded, valued at GH¢3.47 billion. While this represented a 28.23% decline in volume compared with the same period last year, the 73.61% increase in value points to higher stock prices and a shift toward trading in more valuable counters. Market analysts say this trend reflects stronger fundamentals, improved earnings expectations and renewed confidence in Ghana’s macroeconomic recovery.
Market Indices Extend Gains
The equities market sustained its bullish momentum in November, reinforcing one of the strongest performances in recent years. The GSE Composite Index (GSE-CI) rose by 2.68% to close the month at 8,610.15 points, extending its impressive year-to-date gain to 76.13%. This performance positions the GSE among the best-performing equity markets globally in 2025.
The GSE Financial Stock Index (GSE-FSI) also recorded strong gains, advancing by 6.26% to close at 4,456.43 points. Financial stocks have been the standout performers on the exchange this year, with the index delivering an exceptional 87.18% year-to-date return, supported by improved profitability, balance sheet strengthening and renewed investor appetite for banking and financial services stocks.
Top Price Gainers and Losers
Market performance in November was characterised by significant price movements across several counters. The top price gainers for the month included Clydestone (Ghana) PLC, which surged by 64.3%, followed by Ecobank Ghana PLC with 49.0%, Société Générale Ghana PLC at 32.0%, and Cocoa Processing Company PLC, which gained 25.0%. Other notable gainers were Benso Palm Plantation PLC (17.2%), GCB Bank PLC (12.6%), Trust Bank Gambia PLC (9.1%), and Ghana Oil Company PLC (8.4%).
On the downside, CalBank PLC led the decliners with an 18.4% drop, followed closely by Ecobank Transnational Incorporated (-18.2%). Access Bank Ghana PLC (-0.7%) and TotalEnergies Marketing Ghana PLC (-0.2%) also recorded marginal losses during the month.
Fixed Income Market Activity
Activity on the Ghana Fixed Income Market (GFIM) moderated in November, with total traded volume declining to 19.61 billion, representing a 32.69% decrease from the 29.13 billion recorded in October. Despite the month-on-month slowdown, year-on-year performance remained positive, with traded volume rising by 7.01%, signalling sustained investor participation.
For the year to date, total traded volume on the GFIM reached 214.56 billion, a robust 39.77% increase over the 153.52 billion recorded during the same period in 2024. Treasury Bills accounted for 51.38% of total trades, while Government Notes and Bonds contributed 48.24%, and Corporate Bonds made up 0.38%.
Overall, the data point to a market that remains fundamentally strong, supported by rising asset values, improving investor sentiment and growing confidence in Ghana’s financial markets as 2025 draws to a close.
