The Ghana Stock Exchange ended 2024 with a return of 56.17%, the highest recorded since the 78.81% return witnessed in 2013. Financial stocks also ended the year with a 25.2% return, a recovery from the 7.36% decline recorded in 2023. Expectations were high going into the year that the market would recover because 2023 was particularly difficult. The restructuring of domestic cedi bonds, cocoa bills, and domestic dollar bonds significantly affected the balance sheets of banks and amplified negative investor sentiment. The pace of recovery has been impressive as far as stocks are concerned.
However, the performance of the GSE has to be viewed within the context of the absence of alternative cedi investments on the market. 2024 saw the solidification of the positive real return in the treasury bill market which started at the end of 2023, with the persistence of inflation however, the interest rate was inadequate to attract domestic demand in the volumes the government wanted. Persistent undersubscription in the t-bill market was recorded, with a GH¢20 billion shortfall witnessed in Q3 2024 alone.
This disappointing outturn in the treasury bill market combined with a 19% depreciation of the Ghana cedi against the US dollar helped to draw attention to equities as an alternative investment. The performance of stocks are still impressive regardless, and it is a much needed boost to confidence to a capital market which desperately needs it.
See how each listed instrument performed in 2024 below.
| Equity | Share Price (GH¢) | December Returns | Full Year Returns |
| Unilever Ghana Limited | 19.5 | 14.7% | 140.4% |
| Ecobank Transnational Incorporation | 0.31 | 6.9% | 106.7% |
| GCB Bank Limited | 6.37 | 1.1% | 87.4% |
| NewGold Issuer Limited | 390.5 | -1.7% | 78.7% |
| MTN Ghana Ltd | 2.5 | 5.5% | 78.6% |
| Guinness Ghana Breweries Ltd. | 5.5 | 17.0% | 61.8% |
| Access Bank Ghana | 5.2 | 9.5% | 52.9% |
| Total Petroleum Ghana Ltd | 13.12 | 1.7% | 45.8% |
| Camelot Ghana Ltd | 0.14 | 0.0% | 40.0% |
| Atlantic Lithium Ltd | 6.12 | -0.3% | 39.1% |
| Republic Bank | 0.66 | 0.0% | 37.5% |
| Standard Chartered Bank Ghana Ltd. | 23 | 0.0% | 31.1% |
| Ecobank Ghana Ltd | 6.5 | 0.0% | 18.2% |
| Benso Oil Palm Plantation Ltd | 25.26 | 0.0% | 14.8% |
| Fan Milk Limited | 3.7 | 0.0% | 13.8% |
| SIC Insurance Company Limited | 0.27 | 8.0% | 12.5% |
| Ghana Oil Company Limited | 1.52 | 0.0% | 1.3% |
| Trust Bank Limited (THE GAMBIA) | 0.83 | 0.0% | 1.2% |
| AngloGold Ashanti Limited | 0.41 | 0.0% | 0.0% |
| Agricultural Development Bank | 5.06 | 0.0% | 0.0% |
| AngloGold Ashanti Limited | 37 | 0.0% | 0.0% |
| Aluworks LTD | 0.1 | 0.0% | 0.0% |
| Asante Gold Corp | 8.89 | 0.0% | 0.0% |
| CAL Bank Preference Shares | 0.29 | 0.0% | 0.0% |
| Clydestone (Ghana) Limited | 0.03 | 0.0% | 0.0% |
| Cocoa Processing Company | 0.02 | 0.0% | 0.0% |
| Digicut | 0.09 | 0.0% | 0.0% |
| HORDS LTD | 0.1 | 0.0% | 0.0% |
| Intravenous Infusions (IIL) | 0.05 | 0.0% | 0.0% |
| Mega African Capital Limited | 5.38 | 0.0% | 0.0% |
| Produce Buying Company Ltd. | 0.02 | 0.0% | 0.0% |
| Samba Foods Ltd | 0.55 | 0.0% | 0.0% |
| Standard Chartered Bank Ghana Ltd – Preference Shares | 0.9 | 0.0% | 0.0% |
| Tullow Oil Plc | 11.92 | 0.0% | 0.0% |
| Societe Generale Ghana Limited | 1.5 | 0.0% | -4.5% |
| DASPHARMA | 0.38 | 0.0% | -5.0% |
| Meridian-Marshalls Holdings | 0.1 | 0.0% | -9.1% |
| Enterprise Group Limited | 1.98 | 0.0% | -17.2% |
| CAL Bank Limited | 0.35 | 2.9% | -27.1% |
Thank you to everyone who read anything from CediTalk.com and a special thanks to all those who shared our work. We promise to be even better in 2025.
Happy New Year!