Economic Analyst commends strong performance of Ghana Stock Exchange
By Rebecca Okine
Economic Analyst at Zed, Emmanuel Boateng, has lauded the Ghana Stock Exchange (GSE) for its strong performance in the first week of May, describing it as a reflection of increased investor confidence and improved market liquidity.
Speaking on the Business Breakfast on Zed 101.9 FM, Mr. Boateng noted that the GSE posted impressive gains despite challenges faced by a few listed companies.
“The market opened the week on a strong note, and we saw a total turnover of about GH¢14.8 million,” he said. “That’s a clear sign that investor activity is picking up and that liquidity is returning to the market.”
A report on the GSE as of May 6, 2025, showed that Access Bank led the gains in the banking sector with a 0.88% increase, followed by New Gold in the investment sector at 0.68%, and MTN Ghana in technology at 0.63%. Meanwhile, Stanchart, Asante Gold, and Atlantic recorded the lowest performances during the period under review.
Commenting on MTN Ghana’s dominance in trading, Mr. Boateng explained that the company’s consistent performance continues to attract investor interest. “MTN has maintained steady share price appreciation, which boosts investor confidence and positions it as a major player on the exchange,” he said.
Beyond stock market activity, Mr. Boateng linked the performance of the Ghanaian cedi and the GSE to broader macroeconomic developments.
“We’ve seen improved foreign exchange reserves—up to $9.3 billion as of February 2025. That provides a strong buffer against external shocks,” he explained. “With the ongoing IMF programme and additional inflows from the World Bank, our economic fundamentals are relatively stronger, and that’s reflecting positively on the local currency and financial markets.”
He also pointed to the weakening of the U.S. dollar in global markets, which he says has further boosted the cedi’s performance. “The U.S. dollar hasn’t been performing well recently, especially after global trade tensions and policy shifts. That’s also working in Ghana’s favour,” he added. Mr. Boateng concluded by stressing the need to sustain investor confidence through sound fiscal management and market reforms, noting that such efforts will further solidify Ghana’s position as a competitive financial hub in the sub-region.
