Ghana Stock Exchange Outperforms West Africa with Over 30% Q1 Gain

AFRICAN STOCKS AND FINANCEMay 26, 2025 at 8:39 AM UTC

TLDR

The Ghana Stock Exchange (GSE) posted over 30% growth in its main index for Q1 2025, making it the top-performing stock market in West Africa
The financial stock index rose by 33%, reflecting renewed investor confidence and higher trading activity
As of May 18, GSE’s market capitalization had reached GHS 143 billion, up 70% year-on-year

The Ghana Stock Exchange (GSE) posted over 30% growth in its main index for Q1 2025, making it the top-performing stock market in West Africa. The financial stock index also rose by 33%, reflecting renewed investor confidence and higher trading activity.

Managing Director Abena Amoah credited the surge to improving economic conditions and increased participation on the exchange. As of May 18, GSE’s market capitalization had reached GHS 143 billion, up 70% year-on-year. Meanwhile, fixed income trading volumes rose by 53% to GHS 87 billion compared to the same period last year.

During a “Facts Behind the Figures” event, beverage manufacturer Kasapreko PLC announced it will list 25% of its equity shares on the main board by the end of 2025. The company reported a 45% revenue increase in 2024 to GHS 2.7 billion, driven by domestic and export growth.

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Key Takeaways

The GSE’s performance reflects broader investor optimism in Ghana’s recovery, setting it apart from regional peers. Equity and bond market activity is rising, and new listings like Kasapreko’s signal corporate confidence in public markets. While market cap remains modest relative to GDP, the exchange’s growth trajectory, supported by reforms and robust earnings from listed firms, positions it to attract further domestic and international capital.

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