Ghana Stock Exchange Poised for Further Gains in 2025
TLDR
- The Ghana Stock Exchange (GSE) is projected to deliver another strong performance in 2025
- This follows a 26.13% return in dollar terms in 2024, with the Accra Bourse ranking as the best-performing market in Africa in cedi terms
- Key sectors like banking, telecommunications, and fast-moving consumer goods (FMCG) are expected to drive growth
The Ghana Stock Exchange (GSE) is projected to deliver another strong performance in 2025, with Data Bank research forecasting a 45% gain in the GSE Composite Index, closing the year at 6,850 points. This follows a 26.13% return in dollar terms in 2024, with the Accra Bourse ranking as the best-performing market in Africa in cedi terms.
Key sectors like banking, telecommunications, and fast-moving consumer goods (FMCG) are expected to drive growth. MTN Ghana remains a top pick due to strong earnings and dividend yields averaging 12% since its 2018 listing. FMCG leaders such as Unilever Ghana, Fan Milk, and Guinness Ghana Breweries are poised for recovery, supported by favorable operating conditions and stronger earnings.
TotalEnergies Ghana is also set for an 18% earnings growth amid market challenges, driven by product innovation and demand tied to election-related activities. However, OPEC+ production cuts could pressure oil marketing firms in the short term.
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Key Takeaways
The Ghana Stock Exchange's outlook for 2025 reflects confidence in broad-based sector growth, underpinned by improved corporate earnings and market conditions. MTN Ghana’s consistent dividend yields and robust financial results make it a standout choice for both growth and income-focused investors. FMCG recovery, led by Guinness Ghana’s pricing strategies and Fan Milk’s improved earnings outlook, signals stronger consumer demand. TotalEnergies Ghana’s innovative strategies in response to oil market dynamics underline resilience in challenging conditions. Election-related activity is expected to further boost fuel demand, though global oil supply constraints may temper optimism.
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