Food, ICT Stocks Drive 73% of Ghana Exchange Trading in 2025

BREAKING NEWSAugust 19, 2025 at 11:27 AM UTC

TLDR

The food and beverage and ICT sectors accounted for nearly three-quarters of trading on the Ghana Stock Exchange (GSE) in the first seven months of 2025
Food and beverage led with GH¢1.29 billion in transactions, 48.5% of market value, and 251.2 million shares traded
ICT followed with GH¢666.6 million, 25% of value, led solely by MTN Ghana. The telecom operator posted GH¢3.6 billion profit by June

The food and beverage and ICT sectors accounted for nearly three-quarters of trading on the Ghana Stock Exchange (GSE) in the first seven months of 2025, according to the GSE’s July Fund Managers Report.

Food and beverage led with GH¢1.29 billion in transactions, 48.5% of market value, and 251.2 million shares traded. Activity was driven by breweries, dairy firms, and processors, with Benso Oil gaining 35.6% year-to-date on higher palm oil prices. Fan Milk, Guinness Ghana, and Unilever also advanced, while Cocoa Processing Company and Samba Foods saw flat performance.

ICT followed with GH¢666.6 million, 25% of value, led solely by MTN Ghana. The telecom operator posted GH¢3.6 billion profit by June, declared an interim dividend of GH¢0.08 per share, and remains a key driver of GSE liquidity.

ETFs, largely the NewGold ETF, ranked third with GH¢540.1 million in trades, or 20% of market value, despite minimal volumes. Financial stocks accounted for 5%, while other sectors including insurance, distribution, agriculture, and mining contributed marginally.

Overall, GSE value traded reached GH¢2.66 billion on 509 million shares. The composite index gained 43% year-to-date July, the best among tracked African exchanges.

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Key Takeaways

The dominance of food and beverage and ICT stocks underscores the GSE’s heavy reliance on a handful of large-cap equities to drive liquidity. Benso Oil’s performance shows the direct link between global commodity prices and domestic equity returns, while MTN Ghana’s dividends reinforce investor appetite for high-yield telecom stocks. Despite Ghana’s position as Africa’s second-largest gold producer, mining equities remain marginal on the GSE, and agriculture beyond palm oil remains underrepresented. ETFs, though active in value, lack retail traction due to low unit volumes. The exchange has nonetheless delivered strong overall performance, with market capitalisation rising 31% to GH¢146.1 billion by July and surpassing GH¢151 billion in mid-August. Analysts note that deepening sectoral diversification remains key if the GSE is to reduce dependence on a few stocks and sustain its position as one of Africa’s best-performing exchanges in 2025.

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