Ghana’s stock market delivered a United States dollar return of 154 percent and a local currency return of 79 percent in 2025, ranking second among all exchanges on the African continent and cementing the Ghana Stock Exchange’s place among the top-performing markets in the world over the past two years.
President John Dramani Mahama disclosed the figures at the London Stock Exchange, where he addressed an audience of global investors and capital market participants as part of a broader investment push in the United Kingdom.
The 2025 figures were followed by an equally strong 2026 performance, with the GSE Composite Index delivering a return of 63.4 percent as of May 15, 2026, placing Ghana second globally, behind only South Korea, according to Bloomberg data.
President Mahama said the back-to-back performance was not the product of short-term factors but of structural reforms that had rebuilt the foundations of Ghana’s economy.
He pointed to inflation falling from 54.1 percent in 2022 to 3.4 percent today, a stabilised cedi, falling interest rates following a calibrated monetary easing cycle by the Bank of Ghana, and a strengthened foreign exchange reserve position.
“These are not merely statistics. They are the structural foundations upon which our capital markets have been rebuilt,” he said.
The equities market on the Ghana Stock Exchange now stands at GHS 263 billion, while the fixed income market is valued at GHS 253 billion, together forming what Mahama said was a deep and liquid marketplace that offered investors a wide range of options across growth assets and income securities.
He said the exchange offered access to equities on the Main Market, the Ghana Alternative Market for small and medium enterprises, exchange-traded funds, government securities, corporate bonds, commercial paper, and green and sustainable bonds.
New instruments including securities lending and borrowing, asset-backed securities, and derivatives were also under development.
Mahama further announced that government was pursuing capital gains tax and withholding tax waivers to enhance after-tax returns for investors, saying the goal was to create a policy environment in which capital was welcomed, valued, and rewarded.
He commended GSE Chief Executive Abena Amoah for her role in the exchange’s turnaround, noting that her membership of the ICMA Board, her chairmanship of the ICMA Committee of Regional Chairs, and her position as Vice-President of the African Securities Exchanges Association placed her and the exchange firmly within the global financial community.
Richard Aniagyei, ISD
