Trading activity on the Ghana Stock Exchange (GSE) eased in November, with equities turnover slipping from the previous month, although strong year-on-year growth underscored sustained investor interest.
A total of 38.61 million shares worth 192.47 million Ghana cedis (US$16 million) were traded during the month, representing a 12.49 percent decline in volume and an 11.39 percent fall in value compared with October, according to market data.
Despite the month-on-month slowdown, overall market activity remained resilient, as investors continued to transact across key stocks, reflecting confidence in selected listed companies.
On an annual basis, trading activity surged sharply, with volume jumping 312.76 percent and value rising 591.31 percent compared with November last year, highlighting a significant rebound in market participation.
From the start of the year to the end of November, the exchange recorded a total of 683.74 million shares traded, valued at 3.47 billion cedis (US$301 million). This represented a 28.23 percent decline in trading volume year-on-year, but a robust 73.61 percent increase in value.
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Ghana’s equities market has benefited in recent months from improving macroeconomic conditions, including easing inflationary pressures and a stabilising currency following years of volatility linked to debt distress and fiscal tightening.
Higher transaction values despite lower volumes suggest increased activity in higher-priced stocks, particularly in the financial, telecommunications and consumer sectors, analysts say.
The GSE has sought to deepen market participation through new listings, regulatory reforms and efforts to attract both domestic and foreign investors, although liquidity remains a long-standing challenge in Africa’s second-largest cocoa-producing economy.
Market watchers expect trading activity to remain uneven toward year-end, with investor sentiment closely tied to interest rate movements, corporate earnings and broader economic reforms under Ghana’s IMF-backed programme.
