GSE Market Cap Surges to GH¢172bn in 2025
By Praisebell Rosemond Larbi
The Ghana Stock Exchange (GSE) recorded a historic performance in 2025, with total market capitalisation rising sharply by 54.50 per cent to reach GH¢172 billion at the close of December 2025. This represents a significant increase from the GH¢111.35 billion recorded at the end of 2024, underscoring renewed investor confidence and a strong rebound in Ghana’s capital market.
According to the GSE’s Summary of Market Report for 2025, the equity market delivered exceptional returns across all key indicators, making 2025 one of the strongest years in the Exchange’s history. The benchmark GSE Composite Index closed the year at 8,770.25 points, delivering a remarkable annual return of 79.40 per cent. This performance represents the highest annual return recorded on the Exchange since 2004, reflecting broad-based gains across listed equities.
The financial sector was the standout performer during the year. The GSE Financial Stocks Index ended 2025 at 4,647.17 points, posting an impressive return of 95.19 per cent. This is the highest return recorded by the index since its introduction in 2011, highlighting the strong recovery and profitability of listed banks and financial institutions following recent macroeconomic and sector-specific challenges.
Market activity also improved substantially over the year. Total trade value on the GSE increased by 73.75 per cent to GH¢3.74 billion, compared with the previous year. The surge in trading activity points to heightened participation by both domestic and foreign investors, driven by improved macroeconomic stability, easing inflationary pressures, and renewed optimism about corporate earnings and economic recovery.
The strong rally was reflected in the performance of individual stocks. Clydestone (GH) PLC emerged as the top gainer for the year, recording an extraordinary price appreciation of 1,433.33 per cent. SIC Insurance Company PLC followed with a gain of 344.44 per cent, while Ecobank Ghana PLC rose by 284.62 per cent. Other notable gainers included GCB Bank PLC, which advanced by 215.70 per cent; Access Bank Ghana PLC with 211.54 per cent; and TotalEnergies Marketing Ghana PLC, which gained 207.16 per cent.
Societe Generale Ghana PLC recorded a strong gain of 199.33 per cent, while Cocoa Processing Company PLC rose by 150.00 per cent. Ecobank Transnational Incorporated appreciated by 148.39 per cent, and Benso Oil Palm Plantation PLC completed the top ten gainers with an increase of 120.98 per cent. In contrast, Mega African Capital PLC was the only stock to close the year in negative territory, declining marginally by 3.35 per cent.
Beyond equities, activity on the Ghana Fixed Income Market (GFIM) also reached new heights. Year-to-date total traded volume climbed to a record 245.8 billion, representing a robust 41.29 per cent increase over the 174 billion recorded in the same period in 2024. Notably, this performance exceeded the pre-Domestic Debt Exchange Program traded volume of 230 billion recorded in 2022, signalling a strong revival in fixed income market activity.
A breakdown of fixed income trading shows that Treasury Bills accounted for 25.14 per cent of total volume traded, while Government Notes and Bonds dominated the market with a combined share of 69.12 per cent. Corporate Bonds contributed the remaining 5.73 per cent of total traded volume.
