The Ghana Stock Exchange (GSE) emerged as the best‑performing equity market in Sub‑Saharan Africa in the first half of 2026, with its Composite Index climbing 67.89% year‑to‑date to close at 14,724.26 points. The index had earlier reached an all‑time high of 15,908.77 points in March, marking an 81.39% YTD gain before moderating later in the period.
Databank Research’s Ghana Market 1H’26 Review & 2H’26 Outlook attributes the rally to improving macroeconomic conditions, easing inflation, declining interest rates and a renewed shift of capital from fixed‑income securities into equities. Corporate earnings remained resilient across sectors, particularly in financial services, bolstering investor appetite for listed stocks.
The banking sector’s recovery also played a key role. Capital buffers strengthened, profitability improved and several banks resumed dividend payments, lifting investor confidence. The sector’s non‑performing loan ratio fell to 16.1% from 23.1% in the same period last year, while capital adequacy rose to 20.4%.
Corporate developments added momentum. Kasapreko PLC’s IPO raised GH¢1.72 billion in June, oversubscribed by 146%, expanding investor participation and reinforcing confidence in Ghanaian equities.
Market activity surged, with total traded volume reaching 801.97 million shares – a 431.35% year‑on‑year increase – and turnover jumping 316.19% to GH¢3.88 billion. Total market capitalisation more than doubled to GH¢287.48 billion from GH¢137.29 billion in 2025.
Ghana’s performance stood out against mixed results across other Sub‑Saharan African markets. Nigeria gained 49.12%, Tanzania 45.7% and Tunisia 38.5%, while Zambia, Morocco, Malawi and South Africa ended the period in negative territory.
Within the GSE, 27 stocks gained against only two laggards. Clydestone PLC led the rally with a 541.3% gain, followed by SIC Insurance (400.8%), Republic Bank Ghana (237.69%) and Ecobank Transnational Incorporated (194.81%). Intravenous Infusions PLC also posted a 260% rise, buoyed by a 17.3% stake acquisition by Zagadat Capital.
Databank remains optimistic for the second half of 2026, projecting the Composite Index to close near 16,000 points – an estimated 81% annual gain – if corporate earnings stay resilient and investor sentiment remains positive. The firm cautions that a strong first‑half rally may trigger selective profit‑taking toward year‑end.
Investors will watch whether Ghana’s improving economic fundamentals can sustain one of the continent’s strongest equity market rallies.
