Securities on the Ghana Stock Exchange (GSE) experienced a stellar 2025 with a 79.40% increase in the GSE Composite Index (an aggregate measure of share price changes) during the year. This represents the highest calendar year return since the 91.33% return realised in 2004. Driving the returns was financial stocks which returned 95.19% as measured by the GSE Financial Index which only takes financial stocks into consideration.
But the nominal returns belie just how good a year this has been for equity investors, the Ghana cedi appreciated by about 40% against the US dollar in 2025, which roughly means that had anyone converted their USD to invest in the GSE (assuming they matched the index return) they would be sitting on about 150% in returns when denominated back to USD.
In fact, the best way to visualise the spectacular performance of the bourse in 2025 is to look at the market capitalization (the total value of all the listed securities on the exchange) and convert it to US dollars. At GH¢172 billion as at December 31, 2025, the market capitalization at the end of the year was the equivalent of US$16.4 billion at the official interbank rate. That takes the market capitalization over the $15.2 billion that was recorded in 2015. Essentially, after a decade of being underwater, the market is officially back.
Take a look at how each security performed on the exchange below.
| Equity | Share Price (GH¢) | 2025 Returns | Month of December |
| Clydestone (Ghana) Limited | 0.46 | 1433.3% | 0.0% |
| SIC Insurance PLC | 1.20 | 344.4% | 0.0% |
| Ecobank Ghana Ltd | 25.00 | 284.6% | 8.7% |
| GCB Bank Limited | 20.11 | 215.7% | 5.3% |
| Access Bank Ghana | 16.20 | 211.5% | 0.7% |
| Total Petroleum Ghana Ltd | 40.30 | 207.2% | -0.3% |
| Societe Generale Ghana Limited | 4.49 | 199.3% | -0.2% |
| Cocoa Processing Company | 0.05 | 150.0% | 0.0% |
| Ecobank Transnational Incorporation | 0.77 | 148.4% | -4.9% |
| Benso Oil Palm Plantation Ltd | 55.82 | 121.0% | 22.1% |
| Fan Milk Limited | 8.00 | 116.2% | 0.0% |
| Republic Bank | 1.30 | 97.0% | 4.0% |
| Ghana Oil Company Limited | 2.96 | 94.7% | 4.6% |
| CAL Bank Limited | 0.64 | 82.9% | 60.0% |
| Enterprise Group Limited | 3.48 | 75.8% | 0.9% |
| MTN Ghana Ltd | 4.20 | 68.0% | -0.2% |
| Trust Bank Limited (THE GAMBIA) | 1.20 | 44.6% | 0.0% |
| Standard Chartered Bank Ghana Ltd. | 29.22 | 27.0% | 0.3% |
| NewGold Issuer Limited | 480.00 | 22.9% | 6.7% |
| Guinness Ghana Breweries Ltd. | 6.60 | 20.0% | 0.0% |
| AngloGold Ashanti Limited | 0.42 | 2.4% | 0.0% |
| Unilever Ghana Limited | 19.79 | 1.5% | 0.0% |
| Agricultural Development Bank | 5.06 | 0.0% | 0.0% |
| AngloGold Ashanti Limited | 37.00 | 0.0% | 0.0% |
| Atlantic Lithium Ltd | 6.12 | 0.0% | 0.0% |
| Aluworks LTD | 0.10 | 0.0% | 0.0% |
| Asante Gold Corp | 8.89 | 0.0% | 0.0% |
| Camelot Ghana Ltd | 0.14 | 0.0% | 0.0% |
| DASPHARMA | 0.38 | 0.0% | 0.0% |
| Digicut | 0.09 | 0.0% | 0.0% |
| First Atlantic Bank | 7.71 | 0.0% | 0.0% |
| HORDS LTD | 0.10 | 0.0% | 0.0% |
| Intravenous Infusions (IIL) | 0.05 | 0.0% | 0.0% |
| Meridian-Marshalls Holdings | 0.10 | 0.0% | 0.0% |
| Produce Buying Company Ltd. | 0.02 | 0.0% | 0.0% |
| Samba Foods Ltd | 0.55 | 0.0% | 0.0% |
| Standard Chartered Bank Ghana Ltd – Preference Shares | 0.90 | 0.0% | 0.0% |
| Tullow Oil Plc | 11.92 | 0.0% | 0.0% |
| Mega African Capital Limited | 5.20 | -3.3% | 0.0% |
Happy new year to all loyal readers, and may this year bring you peace and prosperity!