The Ghana Stock Exchange (GSE) has emerged as the best-performing stock market in Africa among 14 tracked exchanges as of the end of August 2026, delivering a 71.27% return in local currency terms.
The strong performance places the GSE at the top of the African rankings in local-currency returns, reflecting sustained investor confidence and strong gains across the domestic equities market.
However, in US dollar terms, the GSE ranked second, behind the Nigerian Stock Exchange, with a return of 59.09% as of August 31, 2026.
Nigeria recorded a significantly higher return of 153% in dollar terms, while its stock market delivered a 53.38% return in local currency terms over the same period.
GSE performance boosted by low inflation
The strong performance of the Ghanaian equities market has been supported by relatively low inflation and improved macroeconomic conditions.
However, the cedi experienced some volatility during the period, depreciating by approximately 7% against the US dollar, which affected the GSE’s dollar-denominated performance.
The equity market had already extended its positive run at the end of July 2026, with the GSE Composite Index and Financial Stocks Index recording year-to-date returns of 75.99% and 77.27%, respectively.
Trading activity surges
According to data from the Ghana Stock Exchange, market activity remained robust, with 140,323 transactions recorded, representing a 456.44% increase compared with the same period in the previous year.
The surge in trading activity highlights increased investor participation and strong demand for listed equities on the local bourse.
Stocks record significant gains
Several listed companies recorded substantial price gains during July 2026.
Intravenous Infusions PLC emerged as the biggest gainer, with its share price rising by 367%, followed by Hords PLC, which gained 255%.
Other notable gainers included:
- Clydestone (Ghana) PLC – 61%
- Cocoa Processing Company PLC – 31%
- Ecobank Ghana PLC – 16%
- Scancom PLC – 11%
- Standard Chartered Bank Preference Shares – 10%
- Tullow Oil PLC – 10%
- GCB Bank PLC – 8%
- Dannex Ayrton Starwin PLC – 7%
- Kasapreko PLC – 6%
- Ghana Oil Company PLC – 6%
- CalBank PLC – 1%
- TotalEnergies Marketing Ghana PLC – 1%
In total, 23 stocks recorded price gains in July 2026, underscoring the broad-based positive momentum that has characterised the Ghanaian equities market.
The latest performance strengthens the GSE’s position as one of Africa’s leading-performing equity markets in 2026, with strong local-currency returns and increased trading activity driving investor interest.
