Ghana’s stock market emerged as the world’s fastest-growing bourse by dollar-denominated market capitalisation in December 2025, buoyed by a stronger cedi, easing inflation, and renewed investor confidence, according to data from the World Federation of Exchanges (WFE).
The Ghana Stock Exchange (GSE) saw its equity market value surge 117 percent year-on-year to $16.4 billion, extending a three-month run in which it consistently outperformed other African exchanges, including Zambia’s Lusaka Securities Exchange (LSE). By comparison, the LSE rose 113 percent in December but had briefly held the top spot in September.
The GSE also surpassed major international bourses, outpacing Chile’s Bolsa de Comercio (100 percent), Korea Exchange (71 percent), and Spain’s BME (70.5 percent), WFE data analysed by Finance in Africa showed.
The rally follows a marked economic turnaround in Ghana, underpinned by a $3 billion International Monetary Fund (IMF) credit facility that helped stabilise inflation and support the local currency. In local currency terms, the GSE’s market capitalisation rose from GH¢111.35 billion (US$9.18 billion) at the end of 2024 to GH¢172 billion (US$14.17 billion) in December 2025, ranking third globally among dollar-denominated exchanges.
Equities posted their strongest gains in two decades. The GSE Composite Index (GSE-CI) closed the year at 8,770.25 points, delivering a 79.4 percent year-on-year return – its highest annual increase since 2004. Financial stocks led the rally, with the GSE Financial Stock Index (GSE-FSI) finishing at 4,647.17 points, up 95.2 percent on the year, marking its strongest performance since its 2011 launch.
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Market activity strengthened alongside price gains. Total trade value on the equities market jumped 73.8 percent to GH¢3.74 billion (US$308 million), reflecting heightened participation by both domestic and foreign investors as macroeconomic recovery gained momentum.
Beyond equities, the Ghana Fixed Income Market (GFIM) also recorded record activity. Total traded volume reached GH¢245.8 billion (US$20.25 billion), a 41.3 percent increase from 2024 and surpassing pre-Domestic Debt Exchange Programme levels. Treasury bills accounted for 25.1 percent of fixed-income trades, government notes and bonds dominated with 69.1%, and corporate bonds represented 5.7 percent.
Despite strong gains across Africa, other major bourses failed to crack the global top ten in December. Nigeria’s NSE recorded a 59.8 percent year-on-year increase to $86.9 billion, ranking 12th, while Kenya’s Nairobi Securities Exchange gained 52.2% and Egypt’s exchange 47.6 percent. South Africa’s Johannesburg Stock Exchange, Africa’s largest by market capitalisation at $1.3 trillion, posted the weakest performance among leading economies, rising just 36.6 percent.
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Ghana’s stock surge is closely linked to currency gains and falling inflation. The cedi strengthened 41% against the U.S. dollar in 2025, its fastest annual gain in 32 years, supported by rising gold reserves and IMF-backed fiscal stability. Consumer prices fell sharply from 24.8 percent in January to 5.8 in December, easing pressure on interest rates and stimulating private-sector lending.
The combined effect of a stronger cedi, lower inflation, and declining sovereign borrowing costs has allowed Ghana to fund social and economic programs at lower cost, reinforcing investor sentiment.
Analysts said the strong finish positions Ghana for continued equity market gains in 2026, with macroeconomic stability and ongoing fiscal reforms providing a supportive environment for both local and foreign investors.
