Ghana Stock Exchange (GSE) Live

Last updated: May 27, 2016 at 18:00 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.
1,773.14 (+2.65)-221.45 (11.1%)GHS 54,326.15m

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 · ↑2.65 (0.15%) 2 days 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--0.09--
AYRTNAyrton Drugs Manufacturing Co. Ltd.--0.12--
BOPPBenso Oil Palm Plantation Limited--3.00--
CALCAL Bank Limited700.80+0.01
CLYDClydestone Ghana Limited--0.03--
CMLTCamelot Ghana Limited--0.12--
CPCCocoa Processing Company Limited4,0000.01+0.00
EGHEcobank Ghana Limited97,7006.40+0.08
EGLEnterprise Group Limited642.44+0.00
ETIEcobank Transnational Incorporated830.18-0.01
FMLFan Milk Limited--7.35--
GCBGCB Bank Limited2,1003.04-0.02
GGBLGuinness Ghana Breweries Limited--1.90--
GLDNewGold Issuer Limited--38.80--
GOILGhana Oil Company Limited8001.36+0.00
GSRGolden Star Resources Limited--1.99--
GWEBGolden Web Limited--0.01--
HFCHFC Bank (Ghana) Limited--0.85--
MACMega African Capital Limited--6.00--
MLCMechanical Lloyd Company Limited5000.19+0.00
PBCProduce Buying Company Limited--0.08--
PKLPioneer Kitchenware Limited--0.05--
PZCPZ Cussons Ghana Limited1000.26+0.00
SCBStandard Chartered Bank (GH) Ltd.48014.98-0.01
SCBPREFStandard Chartered Bank (GH) Ltd.--0.73--
SICSIC Insurance Company Limited4,5000.14-0.01
SOGEGHSociete Generale Ghana Limited8000.76+0.00
SPLStarwin Products Limited--0.02--
SWLSam Woode Limited--0.04--
TBLTrust Bank (Gambia) Limited--0.35--
TLWTullow Oil Plc--27.92--
TOTALTotal Petroleum Ghana Limited1004.08+0.00
TRANSOLTransol Solutions Ghana Limited--0.03--
UNILUnilever Ghana Limited3008.47-0.01
UTBUT Bank Ghana Limited3000.09+0.00

Showing 1 to 38 of 38 listings

GSE TRADING SUMMARY FOR FRIDAY, MAY 27, 2016: At the end of the last trading session of the week on the Ghana Stock Exchange (GSE), a total of 114,031 shares, corresponding to a market value of GHS 644,628.16, were traded. (12 symbols participated in trading.) As a result of the various stock price changes, the GSE Composite Index (GSE-CI) gained 3.05 (0.17%) points to close at 1,773.54, however, representing a year-to-date loss of 11.08%. Critical stock market analysts predict that the GSE-CI will depreciate by 0.78 (0.04%) points at the end of the next day of trading. This is the Ghana Stock Exchange.

Comments (30)

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.

fiifi hooper
January 4, 2016 at 18:26 GMT

i did not know a site like this exist.
good work
by the way kwayisi are you a speculator or an investor

Michael Kwayisi replied:

Although I own some shares that I intend to keep for the long term because of their strong fundamentals, I'm currently more interested in using statistical analysis and market intel to successfully predict price movements. So I guess that makes me a speculator :)

Armstrong Kumatsia
January 5, 2016 at 16:46 GMT

Great information Mike, am only 16 years and I wanna become a good business tycoon like u guys but i dont understand the whole stock exchange issue.

Michael Kwayisi replied:

The stock exchange is basically a market where securities are bought and sold. Wikipedia has a comprehensive coverage on the subject that I'd strongly encourage you to read: By the way, I'm not a business tycoon; at least, not yet :)

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.

Kwaku Tawiah replied:

Thanks Michael, I was looking for some good brokerage firms. I tried looking for you on twitter. My email is Please let us get in contact.

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

Kwaku Duah
January 28, 2016 at 11:09 GMT

I am Kwaku Duah an Mphil Economics student at the Kwame Nkrumah University of Science and Technology. Am conducting research on the efficient market hypotheses, i will be glad if you could furnish me with Ghana stock market price index from 1990 to 2014 to enable me complete the research.

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.

Danny Djanie
February 3, 2016 at 11:41 GMT

So pls where do I go .. which bank or firm must I go if I have money to invest in these companies.
And for the returns is going to be monthly. quarterly or yearly and do I get those returns in my bank A/C or something...Pls help kind of a beginner here.

Michael Kwayisi replied:

Follow this link for a beginner's guide: http://www.estockanalysisbl...

February 3, 2016 at 23:29 GMT

Hi Michael,
I trust you are keeping well. The information you have been providing has been very useful to my academic work in investments. I appreciate your work.
Please can I get info. on the major gainers and losers for Monday of this week?

Michael Kwayisi replied:

You may download the data from here:

February 4, 2016 at 09:43 GMT

Please what is peculiar about IPO

Michael Kwayisi replied:

Read this Wikipedia article:

February 24, 2016 at 11:28 GMT

hi kwayisi
I want to buy shares but can't choose between the ADB IPO and CAL bank. Your advise will be much appreciated

March 19, 2016 at 20:36 GMT

I want to invest in Ghana and in the Ghana stock exchange
How do I register with a broker and pick stocks and which sector ext
Pls could you help

Michael Kwayisi replied:

Check out the following link: http://www.estockanalysisbl...

March 27, 2016 at 15:41 GMT

may i get the monthly data of the companies on the Ghana Stock Exchange. I will be grateful if you can help me out

Michael Kwayisi replied:

The daily data are already freely provided on this site. What stops you from putting in the effort to collate them yourself?

isaac manu
March 28, 2016 at 12:30 GMT

Please mike I need ur help now. My question is what factors makes the GSE inefficient
Please help me do this assignment by the close of today

Michael Kwayisi replied:

This needs a careful study but off the top of my head, this is what I'd say:

(1) Low liquidity: This allows companies to bump up their own shares' prices giving the false impression that they are valuable. However, if the market is liquid enough, it will cost them a lot more money which will effectively deter them from doing so.

(2) Unsophisticated investors: Because such investors buy and sell arbitrarily, they end up randomly pricing securities.

(3) Resistance to cultural change (regarding policies and regulations): To me, tech companies are highly valuable but not the Clydestone and Transol type. By not listing the valuable ones - because of strict regulatory requirements - financial stocks get overpriced.

(4) Biased consensus: When investors invest, they don't do so out of their own judgments but rely on "experts" thereby ceding decision making authority to them. So although the market appears to have lots of participation, it's actually driven by the minority.

(5) Without free flow of insider corporate information, underpriced and/or overpriced shares become hard to spot contributing to the market's inefficiency.

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.

March 31, 2016 at 07:51 GMT

Hello Mr. Kwayisi
Thanks so much for posting such information. I would like to know if you can help me get data from GSE about the performance of the general stock market from 2006-2015. Please I will be very grateful if you can contact me on Thank you

Michael Kwayisi replied:

The GSE Composite Index is generally regarded as the benchmark for the Ghana stock market, of which I've only collected data since 2011. So if you're interested in the 2011-15 dataset, you may download it from here:

April 2, 2016 at 12:45 GMT

Good day
May be a stupid question
I want to trade GHS against ZAR
Do you know any trading platform that will allow me to do that if possible

Michael Kwayisi replied:

Not stupid at all. What you need is a foreign exchange broker. You may search online for "forex brokers" to find the best one for you, depending on your location and risk profile.

Daniel Kwaku Merki
April 12, 2016 at 16:57 GMT

Interesting website...

April 21, 2016 at 16:19 GMT

Hi Michael

Great work here. Want to inquire if it's possible to get the daily (at close) gse-ci indices for years 2010-2015 . Will appreciate it.

Michael Kwayisi replied:

You may download the 2011-15 dataset from here:

April 22, 2016 at 09:26 GMT

Hi Michael

Please can you provide me with the market capitalization for the GSE on 31 March 2016? Thanks

Adama Keita
April 26, 2016 at 10:15 GMT

I am doing research on stock prices, please could you send me the monthly stock prices from 2006 to 2015

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.

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