The Ghana Stock Exchange (GSE) has emerged as the best-performing securities market in West Africa after recording a remarkable growth of over 30 percent in the first quarter (Q1) of 2025.
This outstanding performance has positioned Ghana as a leader in the regional capital markets, driven by renewed investor confidence and heightened trading activity on the bourse.
According to the Managing Director of the Ghana Stock Exchange, Madam Abena Amoah, the market’s impressive trajectory is underpinned by renewed optimism among investors and increased participation in equities and fixed income securities. As of May 18, 2025, the GSE Composite Index had surged by over 30 percent, while the financial stock index saw an increase of about 33 percent.
“Our index was up over 30 percent, the best in West Africa. Our financial stock index was also up by about 33 percent and there is renewed investor confidence and robust market activity.”
Abena Amoah
This performance surpasses other securities markets in the West African sub-region, reflecting the strength and resilience of Ghana’s capital market amidst broader economic challenges.
Market Capitalization Sees Significant Boost
A key highlight of the GSE’s Q1 performance was the substantial increase in market capitalization. Madam Amoah revealed that the total market capitalization now stands at over GHS 143 billion, representing a growth of more than 70 percent compared to the same period last year.
“Our market capitalization is over 143 billion cedis, a growth of over 70 percent compared to same period last year although still paltry as compared to the country’s Gross Domestic Product.”
Abena Amoah
While acknowledging the growth, she emphasized the need for further efforts to deepen the market and bring it closer in scale to the broader economy.
Fixed Income Market Trade Volumes Rise
The GSE’s Fixed Income Market also recorded a strong performance, with trading volumes reaching GHS 87 billion—up from GHS 57 billion during the same period last year. This represents an increase of about 53 percent, signaling a rebound in investor interest in government and corporate debt instruments.
“On our Fixed Income Market, volume traded so far is about 87 billion cedis versus 57 billion cedis same time last year, up by about 53 percent,” Ms Amoah said, adding that the GSE is making progress but there is still more to be done.
Ms Amoah expressed optimism that the exchange’s positive performance is closely linked to improving macroeconomic indicators in Ghana. She believes that the current economic outlook will continue to positively impact trading activities on the GSE throughout the year.
She made these remarks during the “Facts Behind the Figures” series, an investor engagement event organized by the Ghana Stock Exchange. The session featured Kasapreko PLC, a leading beverage manufacturer that recently announced plans to list equity shares on the main market of the exchange.
Kasapreko Eyes Equity Listing by End of 2025
Kasapreko PLC, one of Ghana’s most prominent indigenous beverage companies, announced plans to list 25 percent of its equity shares on the GSE’s main market. The move comes after the company’s successful participation in the Fixed Income Market and is aimed at scaling up operations and expanding into new markets across Africa.
Speaking during the presentation, Kasapreko CEO Richard Adjei revealed that the board has given approval for the listing to take place by the end of 2025.
“Coming unto the bond market was very historic for us as a local beverage company, and we are glad for the support received so far. Thanks to the board and the investors, we have received approval to list equities on the main market,” he stated.
Richard Adjei
Kasapreko reported a 45 percent increase in revenue for 2024, reaching GHS 2.7 billion—driven by strong domestic sales and rising demand from exports.
Outlook Remains Positive
With the first quarter results setting a strong foundation, the GSE is poised to continue its impressive run for the rest of 2025. Madam Amoah is confident that Ghana’s stock market will not only lead West Africa but also compete favorably across the entire African continent.
“The signs are very promising, and if this momentum is sustained, we expect the Ghana Stock Exchange to outperform other markets across Africa by the end of the year.”
Abena Amoah
As Ghana strengthens its regulatory frameworks, improves market infrastructure, and encourages more listings, the GSE’s trajectory appears firmly on course for sustained growth and regional leadership in capital markets.
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