The Ghana Stock Exchange recorded a 14.9% return in cedi term for investors in the first half of 2023, as a result of improved market sentiments buoyed by the International Monetary Fund-support programme.
This was after a challenging economic period in 2022 resulting in a debt restructuring.
The GSE placed 4th in Africa, out of 15 stock markets in the first half of 2023.
However, in dollar terms, it registered a -10.0% return for investors.
According to data from the GSE, the non-banking stocks led the gains in the equity market.
Market capitalization also shot up to ¢69.59 billion as of June 30, 2023.
The Financial Stock Index, however, lost 17.57% in value in the first six months of 2023. This was primarily due to the Domestic Debt Exchange Programme which impacted their balance sheets.
In cedi term, the Accra Bourse was the 4th best-performing stock market in Africa, out of 15 stock markets in the first half of 2023.
However, it placed 11th in the dollar term.
In all, six stocks recorded gains as compared to 10.
Meanwhile, the best-performing stock market in the first six months of this year was Benso Oil Palm Plantation (84.44%).
It was followed by TotalEnergies (70.00%), Unilever (60.82%) and MTN Ghana (50%).
The biggest losers were Fanmilk (-56%), Societe Generale (-41.0%) and Standard Chartered Bank (-35.96%).
| Country | Year-To-Date Return (Cedi) | Year-To-Date Return (dollar) | Positions |
| Malawi MASI | 76.27% | 71.75% | 1st |
| Nigeria NGSE | 21.21% | -29.43% | 2nd |
| Egypt EGX | 21.01% | -3.14% | 3rd |
| Ghana GSE | 15.28% | -10.10% | 4th |
| Zambia LUSE | 12.28% | 17.75% | 5th |
| Tunisia TUNINDEX | 10.43% | 10.82% | 6th |
| Morocco MASI | 6.74% | 13.29% | 7th |
| Botswana BSE | 4.48% | -0.99% | 8th |
| South Africa JSE | 3.30% | -6.31% | 9th |
| Ivory Coast BVRM | -0.75% | 2.10% | 10th |
| Mauritius SEMDEX | -2.73% | -6.08% | 11th |
| Namibia NSX | -3.41 | -12.60% | 12th |
| Tanzania DSE | -3.80% | -4.66% | 13th |
| Kenya ASI | -15.73% | -26.04% | 14th |
| Uganda USE | -16.57% | -15.53% | 15th |