The first half of 2025 has seen one of the most impressive runs of economic improvement in recent memory. Inflation has fallen by over a 1000 basis points from 23.8% in 2024 to 13.7% in June 2025. The Ghana cedi has appreciated by over 40% against the US dollar. Treasury bill rates have collapsed from about 28% at the start of the year to under 15%; this has driven up demand for the restructured bonds and provided an opportunity for the government to hint at an issue of new domestic bonds in Q4 2025. The collapse of inflation presents an opportunity for the Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) to announce a significant reduction in the policy rate from its current 28% level.

The stock market has not been left out of this storied first half of the year, with the Ghana Stock Exchange Composite Index (GSE-CI) indicating that stocks have gained a total of 27.82% from January to June. The strongest performers have been in the financial sector with the GSE-Financial Stocks Index (GSE-FSI) showing a remarkable 41.8% gain for H1 2025. When adding the performance of the Ghana cedi to this strong return in stocks, one can see that stocks on the GSE must be among the most profitable stocks anywhere in the world for the start of 2025.

SIC Insurance PLC led all stocks in the first half with a mind-numbing 322% return, followed by Ecobank Transnational Inc with a 174% return. The impressive performance of financial stocks will ease fears that Ghana’s financial market will go through a prolonged period of crisis following the Domestic Debt Exchange Program (DDEP). The persistent strength of the GSE following a 56% return in 2024 will also attract investors to equities and continue to dilute the dominance of debt in Ghana’s capital markets. See how all stocks performed below.