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As of the end of September 2023, the Ghana Stock Exchange (GSE) secured the 9th position among 15 African stock markets in terms of dollar performance. During the nine-month period, it registered a 0.22% return for investors in dollar terms.
However, when measured in cedi terms, the Accra Bourse significantly improved its standing, claiming the 4th position with an impressive 29.8% return for investors.
This achievement is attributed to the influence of the International Monetary Fund program. Notably, non-banking stocks played a pivotal role in driving gains within the equity market. Notable performers in this category included BOPP (143.53%), TotalEnergies PLC (125%), Unilever (108.76%), and MTN Ghana (64.7%). Their respective share prices saw notable increases of 18.63, 9.00, 8.10, and 1.45.
In total, nine stocks recorded gains, while eight experienced losses. Some of the most significant losers included Enterprise Ghana (-24.69%), Access Bank Ghana (-22.69%), and SIC Insurance (-22.58%).
The Market Capitalization also witnessed growth, reaching ¢74.89 billion in September 2023, compared to ¢70.24 billion as of June 30, 2023.
However, it’s worth noting that the Financial Stock Index encountered a 7.91% decline in value throughout the first nine months of 2023. This decline was primarily attributed to the impact of the Domestic Debt Exchange Programme on the balance sheets of financial institutions.
In a regional context, Malawi MASI secured the top spot in Africa with a year-to-date return of 77.03%. Following closely were Morocco MASI in the 2nd position with an annual return of 10.95% and Egypt EGX 30 in 3rd place with a year-to-date return of 10.62%. The 4th and 5th positions were occupied by Zambia LUSE (8.75%) and Botswana DSE (5.03%), respectively.
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