Stock market records mixed performance in 2023
Abena Amoah, MD, GSE

Stock market records mixed performance in 2023

The Ghana Stock Exchange market recorded a mixed performance in 2023, with composite index ending the year with a gain of 28.08 per cent, while the financial index ended the year with a year to date loss of 7.36 per cent.


The 28.08 gains made by the composite index represents a remarkable turn-around after making a loss of 12.38 per cent in 2022.

The Financial Stock Index, however extended its 2022 losses of 4.61% to 7.36% in 2023.

Volumes, value, and number of trades also saw a dip, compared to the figures recorded in 2022.

The cumulative volume traded amounted to 579,675,315, valued at GHS818.1 million, indicating a decline of 56.59 per cent and 50.11 per cent respectively, compared to the same period in 2022.

Despite a marginal 0.08 % decrease in the number of transactions, there was an increase in market capitalisation, rising by 14.55% from GH¢64.5 billion at the end of December 2022 to GH¢73.89 billion by the close of December 2023

The top gainers for the year were BOPP (187.58%), TOTAL (127.00%), UNIL (109.02%), GGBL (65.85%), and MTN (59.09%).


The Ghana Fixed Income Market (GFIM) on the other hand closed the year with a cumulative volume traded of 98.44 billion which is a 57.26% decrease from the 230.32 billion volume traded same period in 2022.

At the close of the year, the bond market recorded a cumulative volume traded of 98.44 billion, reflecting a decrease of 57.26% in comparison to the total volume traded of 230.32 billion observed in the preceding year.

Additionally, the total number of trades for the year declined by 24.36 per cent from 528,188 trades in 2022 to 399,522 trades in 2023.

Long-term Government securities accounted for 32.47 per cent of market activity, while short-term government instruments constituted 58.64 per cent, with corporate trades comprising 8.89 per cent within the year under review.

Highlights for 2023

GSE joined other Stock Exchanges around the world for the “Ring the Bell for Gender Equality” to mark International Women’s Day. The day was marked with a panel discussion on the theme “DigitALL: Innovation and Technology for Gender Equality”.

Bayport Savings and Loans Plc listed the first series and tranche of Notes issued under its newly established GHS500 million medium term notes and bond programme.

Constant Capital Limited was admitted as a Licensed Dealing Member of the Ghana Stock Exchange in May 2023.

In May 2023, the GSE and Global Reporting Initiative (GRI) organized a capacity-building training workshop for listed companies on the GSE ESG Disclosures Guidance Manual, ESG integration, and reporting using the GRI Sustainability Reporting Standards (GRI Standards).

The GSE collaborated with the African Securities Exchanges Association (ASEA) to organize a stakeholder engagement workshop to take Stock brokers, Fund Managers, Central Securities Depository, SEC, and other market players through the African Exchanges Linkage Project (AELP), which seeks to link all participating exchanges on a single platform for cross-border trading.

The GSE in collaboration with the Young Investor Network, Central Securities Depository, and other Partners launched the 'Youth Investment Education' campaign at the University of Ghana Business School. The programme impacted over 15,000 students across the country.

GSE and its partners, Bentsi-Enchil, Letsa & Ankomah, and Stanbic Bank Ghana hosted a Breakfast Meeting in July to discuss the benefits of a Commercial Paper Market for issuers and investors.

The GSE held its 33rd Annual General Meeting in September.

Pesewa One Plc announced its voluntary De-listing from the Ghana Alternative Market of the GSE.


The Ghana Stock Exchange in collaboration with the World Federation of Exchanges (WFE), the International Organisation of Securities Commission (IOSCO), and other partners, hosted the 'Ring the Bell for Financial Literacy' program as part of World Investor Week in October.

The GSE marked its 33rd Anniversary by 'Ringing the Bell' with guests on the Trading floor of the Exchange in November, under the theme: 'Resilience and Adaptability: Thriving in Challenging Times.’

The GSE joined other Exchanges around the world in December at the inaugural WFE ‘Ring the Bell for Climate’ event, alongside COP28. CalBank PLC, Benso Oil Palm Plantation PLC, and Guinness Ghana Breweries PLC were among the listed companies that shared their experience in addressing climate change.

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