Investors make gains on local bourse
Abena Amoah — MD, Ghana Stock Exchange

Investors make gains on local bourse

Investors on the equities market have made some gains, with total market capitalization on the local bourse reaching an all-time high of GH¢80.32 billion by the end of April 2024.


Data released by the Ghana Stock Exchange said the upswing in market capitalization was driven by gains in share prices across various companies, reflecting optimistic market sentiment and growing investor confidence.

After a difficult 2022 which saw volumes and value of trades on the local bourse dip significantly, resulting in the composite index ending 2022 with a loss of 12.38 per cent, the market bounced back in 2023.

The Ghana Stock Exchange ended 2023 with the Composite Index returning 28.08 per cent and it appears the impressive run of the market continues into 2024.

The GSE Composite Index gained 6.68% during the month of April, bringing the year-to-date gains to 17.79%. 

The Financial Stock Index on the other hand gained 2.14%, bringing its year-to-date gain to 7.51%. 

Top price gainers for the month were GCB (23.03%); MTNGH (10.76%), CMLT (10%), ACCESS (7.87%), GLD (5.72%), SIC (4.17%), UNIL (1.27%), BOPP (0.33%) and TOTAL (0.11%)

The Fixed Income market concluded the period with traded volumes of 11.34 billion, a 98.47% increase compared to the 5.71 billion traded in the corresponding period last year. 


Speaking in an interview, Financial Consultant and Executive Coach at Crescendo Consults, Doris Ahiati, said “what we are currently looking at is a scenario where prices have gone up.”

“We also know what the trend for inflation has been in recent times, so that is already a signal that prices are generally elevated and the stock market without exception will also experience a rally in a time like this. 

“When prices have rallied, the difference between what the previous price was and the current price is what we call capital gains so those who have invested in shares on the Ghana Stock Exchange will have made some gains,” she stated.

She said these gains are, however, paper gains, adding that “they will only book those returns when they decide to sell the shares.”

Ms Ahiati also pointed out that there is an index relationship between market performance and fixed income, adding that “usually when fixed income is doing very well, you don’t see the stock market doing too well and Vice versa 

“Especially in real terms when you net out inflation. If inflation is 25 percent now and interest on fixed income bills is 30 percent, when you net out, your real return is only five percent,” she said.

Caution to investors 

She, however cautioned investors who may seek to take advantage of the booming market at a period when share prices are high.

“If you decide to do that now, chances are that you are buying at a price that has already peaked so there is not too much value in there,” she advised.

She said it was always advisable to buy shares when prices are down.


On the Ghana Fixed Income Market (GFIM), the month of April concluded with a total traded volume of 11.34 billion, marking a decrease of 10.07% compared to the total volume traded in the preceding month, while showcasing a significant 98.47% increase compared to the corresponding period last year.

Year to date volume traded of 51.88 billion was 70.27% more than the 30.47 billion traded in the same period last year.

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