Finance Stocks Lead Ghana Bourse as GSE-CI Extends Rally
Ghana’s equities market posted another week of gains, driven largely by financial stocks, even as trading activity slowed markedly. The benchmark Ghana Stock Exchange Composite Index (GSE-CI) closed the week ending July 11, 2025, at 6,424.90 points, adding 77.43 points to return 1.22% on the week and lifting its year-to-date (YTD) performance to 31.43%.
The Financial Stock Index (GSE-FSI) similarly advanced 0.69% to end at 3,428.97 points, reflecting a robust 44.03% YTD gain as investor sentiment remained bullish on banks and insurers.
Despite the index-level gains, market turnover contracted sharply. Total volume traded fell by 98.59% to 3.6 million shares, while value traded slumped by 98.79% to GH¢15.76 million. The dramatic drop is attributable to the exceptionally high base from the previous week, which featured large block trades.
Market capitalisation ticked up marginally to GH¢139.56 billion from GH¢138.55 billion, underscoring investor resilience amid reduced trading volumes.
Equity Performance: Gains led by GLD, TOTAL, ACCESS
Leading the pack of gainers was NewGold ETF (GLD), which rose 6.18% to GH¢360.98 despite remaining in negative territory YTD (-7.56%). TOTAL Petroleum advanced 3.00% to GH¢33.25, buoyed by robust half-year expectations and a 153.43% YTD return. Access Bank Ghana extended its rally with a 1.44% weekly gain to GH¢16.39, bringing its YTD return to 215.19%—the highest on the bourse.
Other notable performers included Republic Bank Ghana (+9.72%), GOIL (+2.50%), Ecobank Ghana (+0.46%) and MTN Ghana, which added 0.03% to close at GH¢3.01.
GCB Bank was the sole decliner during the week, falling 4.34% to GH¢9.47. Nevertheless, it remains up 48.67% YTD.
Trade volumes: MTN leads activity
MTN Ghana led trading activity, with 2.2 million shares changing hands, accounting for nearly GH¢6.6 million in turnover. GCB Bank followed with 396,751 shares, while SIC Insurance and CAL Bank saw modest volumes. Ecobank Transnational Incorporated (ETI) trailed the top five with 177,360 shares traded.
Ghana equities outperform regional peers
The GSE-CI remains the best-performing index among major African markets tracked, ahead of Kenya’s NSE ASI (28.81%) and Nigeria’s NGSE ASI (22.56%). The BRVM, Egypt’s EGX-30, and South Africa’s JSE ASI all posted more modest YTD gains.
