Africa: Ghana’s local bourse places 5th in cedi terms and 10th in dollar terms in 2023
The local bourse placed 10th in dollar terms among 15 stock markets in Africa in 2023.
It recorded a return of -5.66% for investors.
But for the about 15% depreciation of the cedi to the dollar, the Ghana Stock Exchange will have been classified among the top-performing stock markets in Africa in 2023.
In local currency terms, the GSE however placed 5th with a 28.0.8% return for investors.
The performance of the market is coming on the back of the International Monetary Fund programme which brought some renewed investor confidence.
According to data, the non-banking stocks led the gains in the equity market.
The Financial Stock Index however registered a return of -7.36 percent. This was a result of the second part of the Domestic Debt Exchange Programme which had impacted the earnings of some banks.
The best-performing stocks were BOPP (187.58%), TotalEnergies (125.00%), Unilever (109.2%), Guinness Ghana Breweries Limited (68.85%) and MTN Ghana (59.09%).
The worst-performing stocks were however CalBank (-26.15%), Enterprise Group (-25.31), SIC (-22.58%), Ecobank Ghana (-17.17%) and Access Bank (-15.21%).
On the Continent, Egypt’s EGX (35.39%) was the best-performing stock market on the African continent in 2023.
It was followed by Morocco MASI (17.71%) and Ivory Coast BVRM (10.89%) in 2nd and 3rd respectively.
The worst-performing stock market was Kenya NSE with a year-to-date return of -43.06%.
