GSE Outperforms West African Peers with Over 30% Q1 Growth
The Ghana Stock Exchange (GSE) has emerged as the best-performing securities market in the West African sub-region, recording over 30% growth in its main index during the first quarter (Q1) of 2025.
Managing Director of the GSE, Abena Amoah, attributed the strong performance to renewed investor confidence and increased trading activity on the equities market. She expressed optimism that the bourse will maintain its upward trajectory and potentially outpace other markets across the African continent by year-end.
Speaking at the close of a “Facts Behind the Figures” session hosted for beverage manufacturer Kasapreko Plc, Madam Amoah noted that the ongoing recovery in the macroeconomic environment is expected to positively influence activities on the exchange.
“As of May 18th, the GSE equities market has recorded a very impressive performance. Our index was up over 30 percent — the best in West Africa. Our financial stock index was also up by about 33 percent, signalling robust investor interest and market activity,” she stated.
Market Capitalisation and Liquidity Improvement
Highlighting improvements in market fundamentals, Madam Amoah disclosed that the Exchange’s market capitalisation stood at over GHS143 billion as of mid-May 2025. This represents a year-on-year growth of more than 70%, although she admitted that it remains low relative to Ghana’s Gross Domestic Product (GDP).
“Our market capitalization is over GHS 143 billion, a growth of over 70 percent compared to the same period last year, although still paltry when compared to the country’s GDP,” she noted.
She further revealed that trading on the Fixed Income Market has picked up significantly, with volumes reaching approximately GHS 87 billion so far in 2025. This marks a 53% increase from the GHS 57 billion recorded in the corresponding period last year.
“On our Fixed Income Market, volume traded so far is about GHS 87 billion versus GHS 57 billion same time last year, up by about 53 percent, so there is some progress being made, but there is still more to do,” Madam Amoah added.
The GSE’s current momentum, driven by increased investor participation and a rebound in key economic indicators, points to a potentially record-setting year for Ghana’s capital market.
