African Stock Exchanges

Ghana Stock Exchange (GSE) Live

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The Ghana Stock Exchange (GSE), incorporated in July 1989, is the principal stock exchange of Ghana located in the country capital Accra.Live trading information for the Ghana Stock Exchange
GSE-CI IndexYear-to-DateMarket Cap.
2,557.27 (+10.33)+868.18 (51.4%)GHS 59.15Bn

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 ▴ 10.33 (0.41%)
Top Gainers (2)Bottom Losers (2)
Monetary values are quoted in Ghana Cedi (GHS) unless otherwise stated

Listed companies/securities

AADSAngloGold Ashanti Depositary Shares--0.48--
ACCESSAccess Bank Ghana--4.00--
ACIAfrican Champion Industries Limited--0.01--
ADBAgricultural Development Bank6,5005.64+0.36
AGAAngloGold Ashanti Limited--37.00--
ALWAluworks Limited--0.16--
AYRTNAyrton Drugs Manufacturing Co. Ltd.--0.10--
BOPPBenso Oil Palm Plantation Limited--6.05--
CALCAL Bank Limited2,1001.06+0.00
CLYDClydestone Ghana Limited--0.03--
CMLTCamelot Ghana Limited--0.11--
CPCCocoa Processing Company Limited--0.02--
EGHEcobank Ghana Limited4007.55+0.00
EGLEnterprise Group Limited9,0003.93-0.02
ETIEcobank Transnational Incorporated7000.17+0.00
FMLFan Milk Limited77019.13-0.15
GCBGCB Bank Limited9974.30+0.01
GGBLGuinness Ghana Breweries Limited--1.92--
GLDNewGold Issuer Limited--38.80--
GOILGhana Oil Company Limited20,7402.60+0.00
GSRGolden Star Resources Limited--1.90--
GWEBGolden Web Limited--0.01--
HFCHFC Bank (Ghana) Limited1001.39+0.00
HORDSHords Limited1,7000.10+0.00
IILIntravenous Infusions Limited--0.09--
MACMega African Capital Limited--6.00--
MLCMechanical Lloyd Company Limited--0.07--
MMHMeridian-Marshall Holdings--0.11--
PBCProduce Buying Company Limited--0.06--
PKLPioneer Kitchenware Limited--0.05--
PZCPZ Cussons Ghana Limited--0.20--
SAMBASamba Foods Limited--0.65--
SCBStandard Chartered Bank (GH) Ltd.1025.49+0.00
SCBPREFStanchart (SCB) Preferential Shares--1.20--
SICSIC Insurance Company Limited--0.10--
SOGEGHSociete Generale Ghana Limited--0.74--
SPLStarwin Products Limited--0.02--
SWLSam Woode Limited--0.05--
TBLTrust Bank (Gambia) Limited--0.35--
TLWTullow Oil Plc--17.28--
TOTALTotal Petroleum Ghana Limited24,3003.50+0.00
TRANSOLTransol Solutions Ghana Limited1440.03+0.00
UNILUnilever Ghana Limited32,95312.66+0.00
  • Showing 1 - 43 of 43 listings

GSE TRADING SUMMARY FOR WEDNESDAY, NOVEMBER 22, 2017: At the end of today's trading session on the Ghana Stock Exchange, a total of 100,414 shares were traded. 14 equities participated in trading, ending with two gainers and two losers. The two gainers were ADB (+6.82%) and GCB (+0.23%). The two losers on the day were FML (-0.78%) and EGL (-0.51%). UNIL recorded the highest volume of 32,953 traded shares, followed by TOTAL (24,300), GOIL (20,740) and EGL (9,000). Regarding the performance of GSE market indices, the benchmark GSE Composite Index (GSE-CI) went up by 10.33 (0.41%) points to close at 2,557.27, representing a 1-week gain of 2.5%, a 4-week gain of 8.85%, and an overall year-to-date gain of 51.4%. The GSE Financial Stocks Index (GSE-FSI) also increased by 0.78% to reach 2,265.59 points, making it a 1-week gain of 4.04%, a 4-week gain of 11.08%, and a year-to-date gain of 46.6%.

Index of African Stock Exchanges:

  1. Botswana Stock Exchange
  2. Ghana Stock Exchange
  3. Malawi Stock Exchange
  4. Nairobi Securities Exchange
  5. Nigerian Stock Exchange
  6. Zimbabwe Stock Exchange

Comments (91)

  1. Patricia KokiPatricia Koki
    Jan 22, 2016 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

  2. DanielDaniel
    Nov 4, 2016 10:29 GMT

    Hello Michael, I'm a new member on this page and I want to invest on the Ghana Stock Exchange market, can you kindly assists me on how to enter the security market and how to buy shares and actually how the stock market operates?

    1. lankweilankwei
      Nov 4, 2016 12:43 GMT

      Investing on any stock market requires understanding of the regulations of that particular Stock Market. There is no guarantee of making it big on the market.

      One thing you must NOT do is to hand over your money to a broker and give a free hand on how your account is managed. Brokers make money by trading i.e. buying and selling on behalf of the client YOU must give the ok to every transaction.

      You should research every company yourself. Financial reports, shareholdings press releases, etc. Unfortunately. there regulation dealing with insider trading, as far as I am aware, on the GSE!

      Over the years I have been quite enthusiastic over the GSE and have indeed done extremely well.

      Sometimes your broker my contact you about a private placement. Again it is up to the potential Investor to read the prospectus and if possible go to the meeting and ask questions an necessary. An investor can do quite well in such situations

  3. AmandaAmanda
    Jan 12, 2016 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?

    1. Michael KwayisiMichael Kwayisi
      Jan 13, 2016 08:01 GMT

      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.

  4. Kofi KKofi K
    Jun 20, 2016 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.

    1. Michael KwayisiMichael Kwayisi
      Jun 20, 2016 21:32 GMT

      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.

    2. Kofi KKofi K
      Jun 21, 2016 00:20 GMT

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

  5. LorraineLorraine
    Aug 18, 2016 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?

    1. Michael KwayisiMichael Kwayisi
      Aug 18, 2016 21:14 GMT

      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:

      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.

    2. Lorraine WrightLorraine Wright
      Aug 18, 2016 21:31 GMT

      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!

  6. Ken OdameKen Odame
    Aug 28, 2016 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...

    1. Michael KwayisiMichael Kwayisi
      Aug 28, 2016 17:09 GMT

      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.

  7. Nana ArhinNana Arhin
    Jul 24, 2015 11:15 GMT

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

    1. Michael KwayisiMichael Kwayisi
      Aug 24, 2015 20:31 GMT

      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.

  8. TenaceTenace
    Dec 29, 2015 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.

    1. TenaceTenace
      Dec 30, 2015 05:18 GMT

      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?

    2. Michael KwayisiMichael Kwayisi
      Dec 30, 2015 09:22 GMT

      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.

    3. Michael KwayisiMichael Kwayisi
      Dec 29, 2015 23:53 GMT

      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:

  9. KwameKwame
    Dec 30, 2015 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.

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