Collins Sefa The Ghana Stock Exchange (GSE) delivered one of its strongest performances in recent history in 2025, posting exceptional returns and marking a decisive recovery after nearly a decade of subdued market activity.
Data from the Exchange show that the GSE Composite Index surged by 79.40 per cent over the year, making it the best annual performance since 2004, when the market recorded a 91.33 per cent gain. The rally was driven largely by a resurgence in financial stocks, as the GSE Financial Index climbed by an impressive 95.19 per cent, reflecting renewed investor confidence in the banking and insurance sectors.
The scale of the market’s rebound becomes even more striking when adjusted for currency movements. The Ghana cedi appreciated by approximately 40 per cent against the US dollar in 2025. As a result, foreign investors who converted dollars into cedis to invest in equities and later repatriated their funds would have realised returns of up to 150 per cent in dollar terms, assuming exposure to the broader market.
Market capitalisation figures further underscore the strength of the recovery. At GH¢172 billion as at December 31, 2025, the total value of listed securities translated into about US$16.4 billion at the official interbank rate. This exceeded the US$15.2 billion recorded in 2015, signalling that the bourse has fully clawed its way back after years of contraction.
At the individual stock level, several equities delivered extraordinary gains. Clydestone (Ghana) Limited emerged as the standout performer, recording a remarkable 1,433.3 per cent return to close the year at GH¢0.46 per share. SIC Insurance PLC followed with a 344.4 per cent gain, while Ecobank Ghana Limited rose by 284.6 per cent to GH¢25.00.
Other strong performers included GCB Bank Limited, which advanced 215.7 per cent, Access Bank Ghana with a 211.5 per cent increase, and Total Petroleum Ghana Limited, which returned 207.2 per cent. Société Générale Ghana Limited nearly tripled in value, posting a 199.3 per cent gain, while Cocoa Processing Company rose 150 per cent, despite its low absolute share price.
In the non-banking space, Benso Oil Palm Plantation Limited recorded a solid 121.0 per cent return, Fan Milk Limited gained 116.2 per cent, and Republic Bank Ghana rose 97.0 per cent. Ghana Oil Company Limited and CAL Bank Limited also posted strong gains of 94.7 per cent and 82.9 per cent, respectively, with CAL Bank standing out for its sharp 60 per cent rise in December alone.
Telecommunications giant MTN Ghana Limited closed the year with a 68.0 per cent gain, reflecting steady investor interest in defensive, dividend-paying stocks. Enterprise Group Limited also performed strongly, rising 75.8 per cent, while Standard Chartered Bank Ghana Limited posted a more modest but positive return of 27.0 per cent.
Not all stocks participated in the rally. Several listed companies recorded flat performances with zero returns, while Mega African Capital Limited was the only equity to end 2025 in negative territory, declining by 3.3 per cent.
Overall, 2025 stands out as a landmark year for the Ghana Stock Exchange, characterised by broad-based price appreciation, renewed investor confidence and a recovery in market value. The depth of gains—particularly within financial stocks—has reinforced the GSE’s position as one of the best-performing equity markets globally during the year.
