The Ghana Stock Exchange (GSE) delivered one of its strongest performances in recent history in 2025, generating exceptional returns for investors and signalling a decisive rebound after nearly a decade of subdued market activity.
According to data from the exchange, the GSE Composite Index surged by 79.40 per cent over the year, marking its highest calendar-year return since 2004, when the market recorded a 91.33 per cent gain.
The rally was led by financial stocks, with the GSE Financial Index climbing an impressive 95.19 per cent, reflecting renewed confidence in the banking and insurance sectors.
The scale of the market’s resurgence became even more pronounced when currency movements were factored in.
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 subsequently repatriated their funds would have realised returns of roughly 150 per cent in dollar terms, assuming exposure to the broader market.
Market capitalisation data further underscore the strength of the recovery. As of December 31, 2025, the total value of listed securities stood at GH¢172 billion, equivalent to about US$16.4 billion at the official interbank rate.
This surpassed the US$15.2 billion recorded in 2015, effectively signalling that the bourse had clawed back the value lost over nearly a decade of decline.
At the individual stock level, several equities posted extraordinary gains. Clydestone (Ghana) Limited emerged as the standout performer, delivering a remarkable return of 1,433.3 per cent 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 advanced by 284.6 per cent to GH¢25.00.
Other strong performers included GCB Bank Limited, which rose by 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.
Societe Generale Ghana Limited nearly tripled in value with a 199.3 per cent gain, while Cocoa Processing Company climbed 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 rose by 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 ended the year with a 68.0 per cent gain, reflecting sustained investor interest in defensive, dividend-paying stocks. Enterprise Group Limited also performed strongly, rising by 75.8 per cent, while Standard Chartered Bank Ghana Limited recorded a more modest but positive return of 27.0 per cent.
Not all stocks participated in the rally. Several listed companies posted flat performances with zero returns over the year, while Mega African Capital Limited was the only equity to close 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 significant rebound in market value.
The depth and breadth of gains—particularly within the financial sector—reinforced the GSE’s position as one of the world’s best-performing equity markets during the period.
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