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GSE Composite Index up 30.75%

Ghana Stock Exchange (GSE)

The Ghana Stock Exchange (GSE) has maintained its strong performance, recording 30.75% growth in its overall composite Index as at 13 November 2023.

GSE’s managing director, Abena Amoah who disclosed this, said this progress comes despite the prevailing challenging economic conditions. The 30.75% growth makes GSE the third-best performing stock market on the continent.

With the Accra bourse ending 2022 with a year-to-date (YTD) return of -12.38% and -4.61% for the Composite Index and Financial Stock Index respectively, the latest growth points to a bullish future for the GSE.

“A bright light in our year has been the GSE Composite and Financial Stock Indices’ performance. I am happy to share that our Composite Index is up 30.75% as of 13 November, making us third-best in Africa so far this year – while our FSI continues to improve as well,” she said.

She was speaking at the Ghana Stock Exchange’s (GSE) annual ‘Ring the Bell’ programme to mark the local bourse’s 33rd anniversary celebration themed “Resilience and adaptability: thriving in challenging times”.

Being in existence for 33 years with a vision to accelerate national economic development by facilitating access to long-term capital and investment, over that period GSE has achieved some milestones including the establishment of three markets (the Main Market, GAX and GFIM), with 45 issuers and 240 listed securities valued at GHC356billion.

Also, listed companies have raised over GHC26 billion in long-term capital across its markets: GHC6 billion in equity and GHC20 billion in debt.

Amoah stated that over GHC750 billion worth of securities have been traded, with the fixed income market dominating this liquidity. In addition, from three brokerage firms the GSE currently has 52 licenced companies trading across its markets.

“Our trading and settlement processes are fully automated, and improvements in our technology solutions have twice won us the Most Innovative African Exchange award by ai Investor. There are 1.4 million securities accounts in the Central Securities Depository, with many more Ghanaians investing through collective investment schemes. We have trained over 70,000 people through our securities and investment education courses.

“The past 12 to 18 months have tested our collective resilience like never before. Our macroeconomic challenges, the DDEP and global developments have impacted our issuers, intermediaries and investors alike. Volumes and values traded are significantly lower in 2023 compared to 2022. In all, 69 billion securities have been traded so far in 2023 versus 196 billion in the same period of 2022 on the GFIM; and 424 million versus 1.3 billion on the equities market,” she stated.


According to the managing director, the years ahead will see GSE unveil an array of products and initiatives: including a Commercial Paper Market; Over the Counter Market; Securities Lending and Borrowing; Asset-backed Securities (ETFs); Margin Trading; Market Making; and Underwriting and Issuing House Rules.

These, she said, will help diversify investment avenues, embolden investors and invigorate the market’s vibrancy.


Head of Bank and Non-Bank Unit, Ministry of Finance, Andrew Ameckson, in his address commended the exchange for setting the pace in the investment landscape and capital market as a whole.

He further urged players to intensify collaboration and be deliberate to ensure the market attains higher heights and becomes a beacon of hope for development.

“Despite this progress, you will agree with me that we must do more to develop our industry. Let us intensify our collaboration to ensure our market leapfrogs to higher heights and becomes the beacon of hope for the development of Ghana and the continent.

“We should be deliberate with market collaboration, as it will promote a reduction of costs and inefficiencies for issuers and investors – ultimately contributing to a more connected and robust infrastructure in the region. We need to be poised for entering a new era of opportunities as we better integrate into and align with the country’s development,” he admonished.

Director general, Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, noted that to achieve resilience, financial literacy must be prioritised; saying it serves as a guiding beacon for prudent financial planning, diversification and balancing risk-return expectations – all crucial tools for resilient market participants.

He added it will play an essential role in enhancing investor protection and resilience, boosting confidence and encouraging active engagement in financial planning and decision-making.

He therefore encouraged all market operators, especially the brokers and fund managers, to invest time and resources to help close the financial literacy gap.

He commended GSE’s financial literacy efforts, urging it to redouble its efforts to augment the number of listed securities across all its trading platforms.

Deputy Chief Exchange Officer-Ghana Investment Promotion Centre (GIPC), Yaw Afriyie, underscored the need to embrace digital innovation to create new opportunities for future business, which will have positive cascading benefits for business culture, jobs and livelihoods.

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