Ghana Stock Exchange (GSE) Live

Last updated: October 27, 2016 at 15:00 GMT Share: Twitter | Facebook

Market performance for the GSE Composite Index and share prices of the Ghana Stock Exchange's listed companies.
Live trading information for the Ghana Stock Exchange
GSE-CI IndexYear-to-DateMarket Cap.
1,738.49 (-3.42)-256.10 (12.84%)GHS 52,780.97m

The Ghana Stock Exchange (GSE), incorporated in July 1989, is the principal stock exchange of Ghana located in the country capital Accra. The Exchange had its first trading activity on November 12, 1990. In April 1994, it converted into a public company limited by guarantee. Since then, the GSE's performance has varied greatly. All ordinary shares (with the exception of those of listed companies that have shares listed on other markets) are included in the main stock index, namely, the GSE Composite Index. This index is a market capitalization weighted index with a base value of 1,000 on December 31, 2010. The Exchange is governed by a council with representation from the listed companies, licensed dealing members, insurance companies, and the general public.

GSE-CI · ↓3.42 (0.2%) 3 hours ago
Monetary values are quoted in Ghana Cedis (GHS) unless otherwise stated

Listed symbols & companies

AADSAngloGold Ashanti Limited--0.52--
ACIAfrican Champion Industries Limited--0.01--
AGAAngloGold Ashanti Limited--37.00--
ALWAluworks Limited--0.14--
AYRTNAyrton Drugs Manufacturing Co. Ltd.--0.10--
BOPPBenso Oil Palm Plantation Limited122.40+0.00
CALCAL Bank Limited1,1290.80+0.00
CLYDClydestone Ghana Limited--0.03--
CMLTCamelot Ghana Limited8,0000.12+0.00
CPCCocoa Processing Company Limited--0.02--
EGHEcobank Ghana Limited1206.85+0.00
EGLEnterprise Group Limited--2.38--
ETIEcobank Transnational Incorporated10,1000.12+0.00
FMLFan Milk Limited6009.80+0.00
GCBGCB Bank Limited1713.89-0.01
GGBLGuinness Ghana Breweries Limited--1.69--
GLDNewGold Issuer Limited--38.80--
GOILGhana Oil Company Limited3001.17-0.04
GSRGolden Star Resources Limited--1.95--
GWEBGolden Web Limited--0.01--
HFCHFC Bank (Ghana) Limited--0.80--
MACMega African Capital Limited--6.00--
MLCMechanical Lloyd Company Limited--0.16--
PBCProduce Buying Company Limited10,0000.06+0.00
PKLPioneer Kitchenware Limited--0.05--
PZCPZ Cussons Ghana Limited6000.23+0.00
SCBStandard Chartered Bank (GH) Ltd.2014.00+0.00
SCBPREFStandard Chartered Bank (GH) Ltd.--0.75--
SICSIC Insurance Company Limited2,0000.14+0.00
SOGEGHSociete Generale Ghana Limited9830.72+0.00
SPLStarwin Products Limited--0.02--
SWLSam Woode Limited--0.04--
TBLTrust Bank (Gambia) Limited--0.26--
TLWTullow Oil Plc--26.90--
TOTALTotal Petroleum Ghana Limited1,2002.09-0.01
TRANSOLTransol Solutions Ghana Limited--0.03--
UNILUnilever Ghana Limited1,2008.47+0.00
UTBUT Bank Ghana Limited98,3000.03+0.00

Showing 1 to 38 of 38 listings

GSE TRADING SUMMARY FOR THURSDAY, OCTOBER 27, 2016: At the end of the fourth trading session of the week on the Ghana Stock Exchange (GSE), a total of 135,168 shares, corresponding to a market value of GHS 29,488.29, were traded. (16 symbols participated in trading.) As a result of the various stock price changes, the GSE Composite Index (GSE-CI) lost 3.42 (0.2%) points to close at 1,738.49, representing a year-to-date loss of 12.84%. Critical stock market analysts predict that the GSE-CI will further depreciate by 2.12 (0.12%) points at the end of the next day of trading. This is the Ghana Stock Exchange.

Comments (25)

June 17, 2015 at 14:19 GMT

Pls do well to boost the GSE.

Adu Boffuor replied:

GSE will do better. Time to buy is now

Theophilus Amaning replied:

plz r u sure
which companies shud we buy shares and earn enough.

Nana Arhin
July 24, 2015 at 11:15 GMT

how far for ADB shares?
AngloGold Ashanti Limited shares is the best in the market now.

Michael Kwayisi replied:

ADB's initial public offering had to be suspended when a group called The Union of Commerce, Industry and Finance Workers (UNICOF) sent them to court for not following due process in preparing their prospectus to list on the Exchange. UNICOF, however, has since withdrawn the suit (last week Wednesday) so we'll hopefully see ADB launch soon.

December 29, 2015 at 06:23 GMT

Hi mate,
Good work here. I find your site even more informative than the GSE site. Want to inquire if it's possible to get the daily (at close) gse-ci indices for years 2008 & 2012 in a csv file. Will appreciate it.

Michael Kwayisi replied:

I've only collected data for the GSE-CI since December 31, 2010 (when the index was rebased) so I don't have the data preceding the said date. For the 2012 data, however, you may download it from the following link:

Tenace replied:

Thanks Mike (if I may call you that). Yeah I read it was rebased from all share index to composite index. Thanks though. By the way, do you think the GSE is an efficient market? i.e. do prices respond to available and relevant market information? I have done a preliminary analysis of security prices during historic events e.g. election winner declarations, supreme court rulings etc. and to my surprise the prices do not change significantly. It's just the prelim analysis though. Will probe further. But I find it weird that most of the prices remain unchanged over long periods; even when trading volume activities are recorded on said event dates. Your thoughts?

Michael Kwayisi replied:

I think those who actually influence the market are institutional investors who buy in large volumes, and they tend to decide between the money and capital markets, instead of shares. So if the stock market is generally good, they invest - almost arbitrarily; if not, they take their money elsewhere: t-bills, etc. There are simply not enough investors (especially individuals) who study market information to discover underpriced shares. So, in my opinion, no, the GSE is not an efficient market.

Having said that, I think the problem with the GSE goes beyond just its efficiency: liquidity, profitability, listed companies, corporate governance, policies and regulations, etc. are all issues that need some work.

December 30, 2015 at 11:13 GMT

Hello Michael,
You are doing a great job; well done.
I would like to know what you think about buying UNIL vrs SIC vrs UTB shares now.

Michael Kwayisi replied:

I think 2016 will generally be a good year for the Consumer Goods sector so stocks like BOPP, FML, PBC, and UNIL must be closely watched. On SIC vs UTB, I'd go for SIC simply because it showed promise in this last quarter, rising ~16%.

Nevertheless, I'm taking my time to see how the market behaves in the first quarter lest I make a ruinous move; y'know, foreign investor confidence can steer the market anyhow.

Kwaku Tawiah
January 11, 2016 at 15:21 GMT

Hello Michael,
What are some of the best vehicles for folks living abroad to trade on the GSE?

Michael Kwayisi replied:

I'm not exactly sure of what you mean by "the best vehicles." Are you asking of the type of securities to trade? If so, then it doesn't matter at all where one is based. Instead, if you're asking of some good brokerage firms to open a securities account with (considering you're living abroad), then you may check out iBroker by CAL Bank and/or African Alliance.

January 12, 2016 at 15:41 GMT

Great site, good analysis. I find the number of listed companies rather low. I can see you have just 38 here is that all the companies listed on the Exchange? Are they all stocks or some are bond?

Michael Kwayisi replied:

There are indeed 38 listed symbols on the exchange. But there are others (HORDS, IIL, MMH, etc.) that are not listed on the main board but the Alternative Market. I decided not to track those symbols in the mix of the major ones. Regarding whether the symbols are all stocks, no, there is one ETF, namely, NewGold (GLD), but no bonds.

Felix Oyoo
January 18, 2016 at 11:53 GMT

Hello Michael, I want to buy some shares from one the listed company in the GSE but I'm a non-citizen and have no broad knowledge about these companies, what is the first step that I should take?

Michael Kwayisi replied:

Ryan Hoover has written a very nice, descriptive, step-by-step article on the subject here: and you may also want to check out Patrick Agama's GSE investment serial articles on his blog, starting with this: http://www.estockanalysisbl...

January 21, 2016 at 17:39 GMT

Hello Michael,

i stumbled on this page and i must say i am really impressed. I am writing a thesis on stock returns in Ghana. Could you kindly send me the daily market data from 2010? i would really appreciate it.

Patricia Koki
January 22, 2016 at 11:08 GMT

I am an investment analyst in Nairobi Kenya working on a project of analysing Ghana and the investment opportunities that it affords in terms of Equities, Fixed Income, Real Estate and Private Equity. Truth is there is not much to go on and the investors im advising need concrete proof of return. What is the average rate of return for investing in these asset classes there? Why hasn't the country's derivatives market been developed yet you clearly have some skilled people albeit few compared to a country like Kenya? Do you know of any websites that i may be able to use to access this information which i really need? I would very much appreciate the assistance from anyone who visits this website. Coming by good data is really hard and i would know being a data miner and all. Nevertheless i think your country is beautiful and amazing and one of the exemplary states of West Africa

Appiah Marshall
February 2, 2016 at 11:04 GMT

hi Michael,
I really like your page. I have a QUESTION for u regarding the relevance of the Ghana stock exchange to the economic development of Ghana. Has it impacted on the economic development of the Ghana since its inception?

Michael Kwayisi replied:

The subject of the impact of the GSE on the economic development of Ghana is one that needs a thorough, empirical research. But before that is done, here is a very brief analysis (actually, a summary) of what I think about it:

Between 2001 and July 2004 when Ghana joined HIPC, the GSE was nonetheless performing extremely well. Talk of 45.96% returns of the All Share Index (ASI) in 2002, 154.7% in 2003, and 92.9% as of June 2004 - just a month prior to the end of HIPC. Even before the country did so, i.e., since 1993 except 1999, the GSE-ASI had consistently gained positive numbers including ~70% return in 1998. So what's the connection here? The GSE has been on the rise since its inception but the country's economic growth has comparatively not been so. Can some random 36 companies dictate the economic direction of a whole country? Maybe a little, but my actual answer is an emphatic NO.

Araba Torson
March 30, 2016 at 00:14 GMT

Hi Michael,
I wanted to enquire about the ADB shares. There was an conflict last year concerning the issue of the shares so I wanted to find out whether it has been resolved

Michael Kwayisi replied:

Yes, those matters were resolved; hence, the IPO issue recommenced (December 23) after the Supreme Court announced that the applications filed at the court have subsequently been voluntarily withdrawn. BTW, the offer ended just last week Friday, March 25.

May 1, 2016 at 19:24 GMT

your site is one of the few ones available which gives comprehensive market data on the GSE. You know what would really help? If you provided an archive of all your previous posts. I usually find your site wanting when i need to check out some historical data. What would even be better is if you gave a weekly round-up of stock market activities.

Michael Kwayisi replied:

Thanks for the suggestion. I will take it into consideration.

Kofi Osei
May 10, 2016 at 07:47 GMT

Michael, when will ADB be listed on the GSE? They had their initial public offering (which I participated in) earlier this year. I've still not seen them listed. About how long does it take?

Michael Kwayisi replied:

In fact, no one can say for certain. They've failed on two attempts already (April 25 and May 9) and as it stands now, it's a matter between the Government and the Securities and Exchange Commission. Until they resolve whatever issues they have, we just have to wait.

Freederick Klu
May 17, 2016 at 09:56 GMT

Hello Mike,
Wow, i really like the accuracy of your market update.

I would like to know the time for your market update for the days trading session.

I would be grateful if you could help me understand where u had the GHS 22,622.24 market value for the 16.05.2016 market update pls.

Keep up the good works, Mike.

Michael Kwayisi replied:

GSE closes trading at 1500 GMT but the market data feed often delays so end-of-day updates normally happen sometime between 1500 and midnight. On the market value, it's derived by aggregating the individual stock turnovers for the day.

Hope Kwabla Kuedufia
June 10, 2016 at 16:33 GMT

In fact I am very much impressed with your analysis of GSE report, looking at the current securities on the market, which one would you advice me to invest in?

Michael Kwayisi replied:

The stock market is bound to end the year with a negative return. It's simply not attractive at the moment largely because of the effect of "dumsor" on production, etc. If you're already holding shares, keep them where they are and don't sell them. If not, then don't buy any either until after the elections - although some contend that the market will pick up in the second half of this year. The more attractive investment options at the present time are corporate bonds and fixed income securities, preferably, short-dated ones.

Kofi K
June 20, 2016 at 15:12 GMT

Kwasi I don't agree with your advise of not buying(shares on the gse) I think there are a whole lot of bargains on the market and for Rule#1 investors there is no better time to buy stocks than now when they are least for the medium to long term.

Michael Kwayisi replied:

My prediction is that stocks will remain cheap until the very later part of the year at which point you may then buy. By doing short-term, high-yielding investments now, you will end up with more capital when the equity market begins to pick up.

Kofi K replied:

Your point is much clearer now....thanks.

June 23, 2016 at 07:23 GMT

Are you able to post live real time trade data (buy/sell volume) for the companies listed on the exchange? What will take for you to make this happen? Thanks for all the information on the website. This is very helpful especially for some of us abroad.

Michael Kwayisi replied:

No. What it'll take is to have a data source that provides such data.

V. C. Lartey
July 2, 2016 at 13:59 GMT

Please May I know about the corporate bonds which are listed or have ever been listed on the Ghana Stock Exchange. (I mean both past and presently listed ones). Probably with the dates of listing. Thanks.

Michael Kwayisi replied:

GSE publishes such information on their website here:

August 18, 2016 at 09:16 GMT

Many thanks for the great information on your website. I am currently an EMBA student at Uni of oxford and trying to analyse the growth in the Ghanaian stock exchange over last 5 years to compare it against TFP numbers to determine if there is a bubble.

For this I believe I need to leverage the Gordon Growth formula. In order to apply this I am trying to determine the risk premium and riskless rate for Ghana. This data as Im sure you are aware is difficult to come across, not available on Bloomberg.

Any chance you may know where I can find this? Alternatively would you agree with the approach to average out government bonds issued since 2010 as the riskless rate and then less that from total equity returns from the stock market to get risk premium? If so, do you know where I can find the total returns from the stock market for each year since 2010 as currently don't have access to Bloomberg.

If you were addressing such a question to compare the growth in the stock market as a compound average against the TFP for each year in the 5 years? or would you compare the compound average of both?

Michael Kwayisi replied:

On using the Gordon growth model to detect a market bubble, I have a bit of a reservation regarding its assumption of a steady growth rate less than the cost of equity which may incorrectly make you flag certain stocks as being in a bubble, e.g., Apple on its return to profitability. However, since these situations are quite rare (and the Ghanaian market is yet to see any), I think it's safe to rely on that assumption.

Certainly, I don't think there's a better way of measuring risk premiums than to compare with T-bills returns, preferably, the 91-day. You may download the GSE annual returns since 1990 (in Excel format) from here: http://www.annualreportsgha...

TFP estimates are more accurately measured when they are based on long time series as they substantially depend on long-term, reliable information. Moreover, considering the fact that investments in infrastructure are not immediately realized, short-term results may look poor and misleading. So, yes, go for the longer period.

Lorraine Wright replied:

This is excellent feedback. I now have RP and RF rates which i have put in the gordon growth formula but the question is for an assessment against TFP numbers which i have for every year for the last 5 years. Is it best to compare an average growth figure from gordon growth against an average tfp number for the 5 years or would you do this YoY?

Thanks so much!

Laura Boateng
August 25, 2016 at 13:20 GMT

Could you recommend any good Stockbrokers in GH? The experience with my current broker hasn't been great and it is frustrating managing things from abroad. I am considering switching to a new broker, but that has been difficult as well because most of the brokers listed on the GSE website don't reply their emails.

Michael Kwayisi replied:

I've had positive experiences with CAL Brokers, Databank, and NTHC, but I can't really tell how helpful they'll be to you considering you're residing outside the country.

Laura Boateng replied:

Thanks. Someone recommended IC Securities. Do you have any experience dealing with them?

Michael Kwayisi replied:

I'm sorry, I haven't dealt with them before.

Ken Odame
August 28, 2016 at 15:45 GMT

Your site is get informative and user-friendly. How different is the GSE from the GAX? Could you kindly consider publishing daily market data for companies listed on the Ghana Alternative Market (i.e. MBA, MMH, HORDS, IIL) because a lot's happening there too...

Michael Kwayisi replied:

Actually, there's not much difference between the two, save for the smaller market size of GAX compared with GSE. Thanks for the suggestion; I'll start publishing GAX data soon. Can't really say when, but latest by close of the year.

September 1, 2016 at 12:14 GMT

Good work done Michael,
i am currently working on getting the historical prices of FML, UNIL and GCB since 2012. Annual reports Ghana gave me the trading results but i wish i could get the prices of these on a page in excel. Could you please assist.
Thank you

Michael Kwayisi replied:

You may download the price series till Feb 12, 16 here: Sorry I've not been able to compile prices for each symbol into such format since the said date.

September 7, 2016 at 12:26 GMT

Mike how do i invest in stocks that can guarantee favourable future returns

Michael Kwayisi replied:

Unfortunately, when it comes to stocks, there are no guarantees; only high and low risks. But future returns are mostly reflected by the growth of the company, so picking stocks that are still growing and yet to reach their full potential is often a good choice.

September 9, 2016 at 15:16 GMT

Michael: Do you mind sharing which stocks you are currently own and why and which you expect to own by the end of the year?

I currently own CAL, Intravenous Infusions and currently researching GOIL, BOPP and Enterprise Group for the end of the year. I scaled back a bit on stocks and have been doing fixed income. Will get back into stocks by the end of the year.

Michael Kwayisi replied:

Er, I do; for reasons that include not influencing you because of your asking. But I can tell you some stocks that I do not own: AngloGold, Aluworks, Ayrton, Clydestone, Camelot, Starwin, Sam Woode, Tullow, and Transol. I hope you find my response satisfactory :)

Osei replied:

Thanks Michael. You wouldn't be influencing my investment decision in any way because I do my own independent research. I just asked because it might be helpful to hear from other market participants. I live outside the country and while doing independent research is great, sometimes I feel it can't completely beat local insight. You probably know more stories about these companies than me reading about them in their annual reports or Reuters, Bloomberg, WSJ. But thanks for letting me know what you don't own:) None of the names you mentioned is on my list. I am not the one to invest in commodities, so no Anglogold:) Great website and thanks for the timely updates.

September 12, 2016 at 18:33 GMT

MIKE, I would like you to note the difference between GSE:ASI and the GSE:CI as well as the rational for the change from the former to the latter.

Also i would like to know if both indexes have both capital gains and dividends in its computations

Michael Kwayisi replied:

GSE-ASI was the benchmark index of GSE until Dec 31, 2010 when it was superseded by GSE-CI. The rationale was that the former had become outdated and no longer reflected the true performance of the market. But unlike GSE-ASI, GSE-CI is a capitalization-weighted index using VWAP of the listed companies; and, no, neither of them use the variables you mention in their computations.

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