GSE Rallies in April as Equity Index Surges 24.69% and Trading Volumes Soar

Ghana’s capital markets posted remarkable growth in April 2025, reinforcing positive investor sentiment and signaling renewed confidence in the equities landscape. According to data released by the Ghana Stock Exchange (GSE), the GSE Composite Index recorded an impressive year-to-date gain of 24.69%, while the Financial Stock Index outperformed with a 30.72% rise, driven largely by strong performances in banking and insurance stocks.
April also saw a dramatic increase in trading activity on the equities market. The total number of transactions surged by 587.19% compared to the same period last year, underlining heightened investor interest and improved liquidity.
Market Movers: Gains and Declines
Top gainers in April included:
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SIC Insurance Company PLC (+42.86%)
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Clydestone Ghana PLC (+33.33%)
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Societe Generale Ghana PLC (+10.00%)
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Benso Palm Plantation PLC (+9.98%)
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Trust Bank Gambia Ltd (+9.64%)
Ghana Oil Company PLC (+8.64%)
Other notable performers were GCB Bank PLC, Enterprise Group, Ecobank Transnational Inc., Guinness Ghana Breweries, Fan Milk, TotalEnergies Ghana, Ecobank Ghana, Standard Chartered Bank, and Access Bank Ghana—each recording modest gains.
On the downside, Cal Bank PLC posted the steepest loss at -13.33%, followed by Scancom PLC (MTN Ghana) at -5.3%, and NewGold ETF at -1.65%.
Fixed Income Market Also Sees Significant Growth
The Ghana Fixed Income Market (GFIM) closed April with total traded volume of GHS 18.12 billion, representing a 59.84% increase over the GHS 11.34 billion recorded in April 2024.
Breakdown of traded instruments:
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Treasury Bills: 69.96%
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Government Bonds: 25.07%
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Bank of Ghana Bills: 4.81%
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Corporate Bonds: 0.16%
This continued momentum across both equity and debt markets suggests a resilient financial ecosystem, buoyed by fiscal reforms, lower inflation outlook, and stabilizing macroeconomic indicators.
Outlook
The strong performance of financial and energy sector stocks could further strengthen portfolio diversification strategies and attract more local participation in the months ahead.