Kofi explains. The GSE-CI is one number for the shares listed on the Ghana Stock Exchange. At the end of September 2026 it was 14,141.56, which is 61.24% higher than at the start of 2026. It describes the past. It does not say what happens next, and it is not a suggestion to buy or sell.
GSE market recap
September 2026
This page retells the Ghana Stock Exchange Market Report for September 2026 in plain English. The figures are the exchange’s. Kofi explains what they measure for investors in Ghana and in the diaspora. He does not say what to buy, sell or hold.
Source: Ghana Stock Exchange. Ghana Stock Exchange Market Report, September 2026.
Headline figures
Kofi explains. The GSE-FSI follows banking and insurance shares only, not the whole market. It ended September at 7,554.56, up 62.56% since the start of 2026. A bank-heavy index can move differently from the composite index.
Kofi explains. Market capitalisation adds up issued shares times the share price, for the whole market. The report measures it in millions of cedis: GH₵270,337.56 million at the end of September, 57.13% higher than at the start of 2026. That is the size of the market on paper, not cash that changed hands.
Kofi explains. Domestic capitalisation counts issued shares on the Ghanaian register. The report puts that at GH₵178,392.71 million, up 55.52% since the start of 2026. It is smaller than the full market value because some shares sit on foreign registers. Living outside Ghana does not, by itself, decide which register a share is on.
Kofi explains. Value traded is the cedi amount of shares that changed hands. In September 2026 that was GH₵562,285,932.20, which is 197.05% more than September 2025. More cedis changed hands. It is not a forecast.
Kofi explains. Volume counts shares, not cedis. 102,975,663 shares traded in September 2026, 123.94% more than in September 2025. The exchange was open for 21 days in both months. 35 symbols traded this September, against 27 a year earlier.
Kofi explains. A transaction is one recorded trade. There were 110,395 in September 2026, 221.65% more than in September 2025. That can mean more people trading, or the same people trading more often. The report does not say which.
| Measure | Figure | Compared with | Change |
|---|---|---|---|
| GSE Composite Index (GSE-CI) | 14,141.56 | Since the start of 2026 | +61.24% |
| GSE Financial Stock Index (GSE-FSI) | 7,554.56 | Since the start of 2026 | +62.56% |
| Market capitalisation (GH₵ million) | 270,337.56 | Since the start of 2026 | +57.13% |
| Domestic capitalisation (GH₵ million) | 178,392.71 | Since the start of 2026 | +55.52% |
| Value traded in September (GH₵) | 562,285,932.20 | September 2025 189,292,066.21 | +197.05% |
| Volume traded in September (shares) | 102,975,663 | September 2025 45,983,242 | +123.94% |
| Transactions in September | 110,395 | September 2025 34,321 | +221.65% |
January to September, equities
January to September, equities
These totals cover the first nine months of the year. September is already inside them. They are not a forecast for the rest of 2026.
| Measure | Figure | Compared with | Change |
|---|---|---|---|
| Volume traded (shares) | 1,056,305,436 | January to September 2025 601,007,708 | +75.76% |
Kofi explains. From January through September 2026, 1,056,305,436 shares traded. That is 75.76% more than the same nine months of 2025. | |||
| Value traded (GH₵) | 5,339,581,590.15 | January to September 2025 3,056,397,574.60 | +74.70% |
Kofi explains. The cedi value of equities traded in those nine months was GH₵5,339,581,590.15, up 74.70% on January to September 2025. | |||
| Transactions | 993,732 | January to September 2025 176,886 | +461.79% |
Kofi explains. There were 993,732 equity transactions in those nine months, up 461.79% on the same months of 2025. A jump in the number of trades is a fact about activity. It is not a reason to buy or sell. | |||
| Trading days | 187 | January to September 2025 184 | |
Kofi explains. The exchange counts 187 trading days from January to September 2026, and 184 in the same months of 2025. 38 symbols traded in the 2026 window, against 35 a year earlier. | |||
How the market moved
How the market moved
End of each month, from September 2025 to September 2026. The lines use the report’s monthly table. September 2026 is the last point.
The monthly table prints April 2026 market capitalisation as GH₵281,835.29 million. A label on the report’s chart prints 285,764.89. This page uses the table.
| Month | GSE-CI | GSE-FSI | Market cap (GH₵ million) | Volume (shares) | Value (GH₵) |
|---|---|---|---|---|---|
| Sep 2025 | 8,168.35 | 3,799.31 | 162,594.44 | 45,983,242 | 189,292,066.21 |
| Oct 2025 | 8,385.35 | 4,193.90 | 166,537.93 | 44,124,276 | 217,208,851.97 |
| Nov 2025 | 8,610.15 | 4,456.43 | 166,484.54 | 38,611,789 | 192,473,302.83 |
| Dec 2025 | 8,770.25 | 4,647.17 | 172,042.59 | 87,827,624 | 274,836,277.55 |
| Jan 2026 | 9,006.51 | 4,932.42 | 178,835.59 | 167,320,004 | 705,362,197.11 |
| Feb 2026 | 12,869.20 | 7,692.88 | 235,736.20 | 201,456,072 | 989,092,688.07 |
| Mar 2026 | 13,060.13 | 7,986.84 | 243,727.50 | 193,804,792 | 1,093,155,058.65 |
| Apr 2026 | 15,130.52 | 8,839.41 | 281,835.29 | 55,099,154 | 344,175,970.94 |
| May 2026 | 14,354.79 | 7,854.35 | 262,946.25 | 92,737,821 | 247,610,787.74 |
| Jun 2026 | 14,724.26 | 8,269.37 | 287,481.68 | 91,554,737 | 503,638,478.03 |
| Jul 2026 | 15,434.87 | 8,238.07 | 292,511.66 | 100,366,477 | 683,535,142.98 |
| Aug 2026 | 15,076.25 | 7,904.58 | 285,576.70 | 50,990,716 | 210,725,334.43 |
| Sep 2026 | 14,141.56 | 7,554.56 | 270,337.56 | 102,975,663 | 562,285,932.20 |
Sectors
Sectors
A sector is a group of companies in the same kind of business. The bars show value traded, or market capitalisation, beside the report’s own figures.
| Sector | Volume (shares) | Value traded (GH₵) | Trades |
|---|---|---|---|
| ICT | 72,227,775 | 470,214,743.14 | 34,096 |
| Finance | 18,148,362 | 65,970,568.19 | 28,923 |
| Food and beverages | 4,617,602 | 10,533,012.74 | 17,487 |
| Distribution | 561,556 | 5,766,944.99 | 5,620 |
| Insurance | 672,301 | 4,080,087.04 | 5,118 |
| Manufacturing | 3,611,356 | 2,921,537.45 | 12,561 |
| Advertising and production | 3,098,401 | 1,117,318.18 | 5,286 |
| Exchange traded funds | 2,002 | 925,691.39 | 106 |
| Agriculture | 7,923 | 592,675.83 | 368 |
| Mining | 27,897 | 163,294.69 | 818 |
| Education | 488 | 58.56 | 12 |
| Sector | Volume (shares) | Value traded (GH₵) | Trades |
|---|---|---|---|
| ICT | 688,645,263 | 3,736,647,074.04 | 289,521 |
| Finance | 177,478,173 | 1,119,228,295.42 | 377,128 |
| Food and beverages | 75,573,138 | 203,425,298.43 | 132,807 |
| Distribution | 10,440,826 | 93,994,124.93 | 51,677 |
| Manufacturing | 81,006,835 | 29,000,115.85 | 46,613 |
| Insurance | 13,491,507 | 68,207,615.09 | 70,407 |
| Exchange traded funds | 134,845 | 66,456,821.76 | 1,667 |
| Agriculture | 194,264 | 16,020,704.92 | 5,494 |
| Mining | 636,485 | 4,674,596.99 | 10,684 |
| Advertising and production | 8,614,913 | 1,917,173.73 | 7,166 |
| Education | 89,187 | 9,768.99 | 568 |
| Sector | Issued shares (million) | Market cap (GH₵ million) |
|---|---|---|
| Finance | 32,816.41 | 99,883.38 |
| Distribution | 1,623.74 | 11,945.34 |
| Food and beverages | 6,716.13 | 12,725.54 |
| ICT | 13,270.18 | 86,171.14 |
| Insurance | 366.54 | 2,195.16 |
| Manufacturing | 765.85 | 2,819.32 |
| Mining | 3,618.17 | 50,348.18 |
| Agriculture | 34.80 | 2,610.00 |
| Exchange traded funds | 3.40 | 1,572.09 |
| Education | 96.08 | 11.53 |
| Advertising and production | 118.89 | 55.88 |
Most traded shares
Most traded shares
These are the report’s busiest symbols. A busy share is not a share Kofi is telling you to buy or sell.
| Symbol | Shares | Share of total |
|---|---|---|
| MTNGHScancom Plc | 72,108,792 | 70.03% |
| ETIEcobank Transnational Incorporated | 7,972,225 | 7.74% |
| CALCalBank Plc | 5,255,429 | 5.10% |
| KASAKasapreko Plc | 3,838,306 | 3.73% |
| TBL | 3,460,885 | 3.36% |
| DIGICUTDigicut Production and Advertising Limited | 3,098,401 | 3.01% |
| IILIntravenous Infusions Limited | 2,591,798 | 2.52% |
| GCBGCB Bank Limited | 1,078,813 | 1.05% |
| DASPHARMADannex Ayrton Starwin Plc | 1,011,749 | 0.98% |
| HORDSHords Limited | 514,277 | 0.50% |
| Symbol | Value (GH₵) | Share of total |
|---|---|---|
| MTNGHScancom Plc | 469,687,056.52 | 83.53% |
| GCBGCB Bank Limited | 42,964,999.53 | 7.64% |
| ETIEcobank Transnational Incorporated | 9,859,611.89 | 1.75% |
| KASAKasapreko Plc | 7,026,783.03 | 1.25% |
| TBL | 4,156,328.66 | 0.74% |
| CALCalBank Plc | 3,717,047.63 | 0.66% |
| FMLFan Milk PLC | 2,790,234.81 | 0.50% |
| GOILGhana Oil Company Limited | 2,691,415.43 | 0.48% |
| EGHEcobank Ghana Limited | 2,691,172.75 | 0.48% |
| TOTALTotalEnergies Marketing Ghana Plc | 2,350,189.85 | 0.42% |
| Symbol | Shares | Share of total |
|---|---|---|
| MTNGHScancom Plc | 687,233,522 | 65.06% |
| CALCalBank Plc | 93,741,995 | 8.87% |
| IILIntravenous Infusions Limited | 78,508,513 | 7.43% |
| KASAKasapreko Plc | 60,813,046 | 5.76% |
| ETIEcobank Transnational Incorporated | 32,732,182 | 3.10% |
| SOGEGHSociete Generale Ghana Limited | 16,603,334 | 1.57% |
| GCBGCB Bank Limited | 14,278,626 | 1.35% |
| ACCESSAccess Bank Ghana Plc | 12,351,651 | 1.17% |
| SICSIC Insurance Company Limited | 10,805,807 | 1.02% |
| DIGICUTDigicut Production and Advertising Limited | 8,614,913 | 0.82% |
| Symbol | Value (GH₵) | Share of total |
|---|---|---|
| MTNGHScancom Plc | 3,732,400,602.46 | 69.90% |
| GCBGCB Bank Limited | 493,380,961.20 | 9.24% |
| ACCESSAccess Bank Ghana Plc | 286,191,790.06 | 5.36% |
| KASAKasapreko Plc | 124,183,117.52 | 2.33% |
| SOGEGHSociete Generale Ghana Limited | 108,648,853.57 | 2.03% |
| CALCalBank Plc | 76,354,789.09 | 1.43% |
| EGHEcobank Ghana Limited | 72,734,811.96 | 1.36% |
| GLDNewGold Issuer (RF) Limited | 66,456,821.76 | 1.24% |
| ETIEcobank Transnational Incorporated | 54,542,505.04 | 1.02% |
| FMLFan Milk PLC | 50,436,427.73 | 0.94% |
Share prices that moved
Share prices that moved
Kofi explains. The profile compares the share price at the end of December 2025 with the price at the end of September 2026. A rise in the past is not a reason to buy. A fall is not a reason to sell.
Percentages are printed as in the report. They are not recalculated on this page. The full profile lists every symbol. These tables show the largest rises and every fall.
| Symbol | End of Dec 2025 (GH₵) | End of Sep 2026 (GH₵) | Change printed |
|---|---|---|---|
| IILIntravenous Infusions Limited | 0.05 | 0.53 | +951.60% |
| CLYDClydestone Ghana Limited | 0.46 | 4.00 | +769.57% |
| HORDSHords Limited | 0.10 | 0.72 | +620.00% |
| CPCCocoa Processing Company Limited | 0.05 | 0.28 | +460.00% |
| DIGICUTDigicut Production and Advertising Limited | 0.09 | 0.47 | +422.22% |
| SICSIC Insurance Company Limited | 1.20 | 4.80 | +300.00% |
| RBGHRepublic Bank Ghana Limited | 1.30 | 4.00 | +207.69% |
| DASPHARMADannex Ayrton Starwin Plc | 0.38 | 1.15 | +202.63% |
Dividend yields in the profile
Dividend yields in the profile
Kofi explains. A dividend yield is the dividend paid out per share, divided by the share price. The report prints these yields in its September company profile. A yield can be small, large, or zero, and a company can skip a dividend. It is not interest on a savings account, and it is not a reason to buy.
The word is explained in What is a dividend?
| Symbol | Dividend yield |
|---|---|
| CMLTCamelot Ghana Limited | 61.43% |
| AGAAngloGold Ashanti Limited | 22.69% |
| AADSAngloGold Ashanti Limited | 19.99% |
| SCBStandard Chartered Bank (Ghana) Limited | 7.14% |
| TOTALTotalEnergies Marketing Ghana Plc | 6.62% |
| SOGEGHSociete Generale Ghana Limited | 4.63% |
| FABFirst Atlantic Bank Plc | 3.15% |
| SCBPREFStandard Chartered Bank (Ghana) Limited | 2.52% |
| GCBGCB Bank Limited | 2.50% |
| UNILUnilever Ghana Limited | 2.50% |
| EGLEnterprise Group Limited | 2.23% |
| SICSIC Insurance Company Limited | 2.13% |
| BOPPBenso Oil Palm Plantation Limited | 1.74% |
| RBGHRepublic Bank Ghana Limited | 1.25% |
| ETIEcobank Transnational Incorporated | 1.14% |
| GOILGhana Oil Company Limited | 1.06% |
| FMLFan Milk PLC | 0.79% |
| MTNGHScancom Plc | 0.46% |
Primary issues and corporate actions
Primary issues and corporate actions
Kofi explains. A primary issue is when a company sells new shares, or lists shares, through the exchange. A corporate action is a company event such as a rights issue, a bonus issue, or a dividend paid in shares. The rows below are the report’s table from 2020 through September 2026. Older rows, back to the 1990s, stay in the GSE report. None of this is a suggestion to take part.
| Company | What it was | Period | Issue price (GH₵) | Offered (million) | Sold (million) | Raised (GH₵ million) |
|---|---|---|---|---|---|---|
| Agricultural Development Bank | Placement | 10 Jan – 14 Jan 2020 | 3.25 | 39.08 | 39.076 | 127.00 |
| Dannex Ayrton Starwin Plc | Merger | January 15, 2020 | 0.4 | 84.77 | 84.77 | 33.91 |
| Pesewa One Plc | Introduction | March 24, 2021 | 0.6 | 5.00 | — | — |
| Asante Gold Corporation | Introduction | June 29, 2022 | 8.87 | 315.04 | — | — |
| MTN Ghana Ltd. | Scrip dividend | May 29, 2023 | 1.19 | N/A | 945.7 | 1,125.38 |
| Atlantic Lithium | Introduction | May 13, 2024 | 4.4 | 649.67 | — | — |
| CAL Bank Ltd, ordinary shares | Rights issue | April 5 – April 26, 2024 | 0.29 | 1,872.46 | 455.15 | 131.99 |
| CAL Bank Ltd, preference shares | Rights issue | July 8, 2024 | 0.29 | 196.50 | 47.77 | 13.85 |
| Agricultural Development Bank | Rights issue | Aug. 6 to Sept. 25, 2024 | 1.15 | 1,390.91 | 1,305.73 | 1,501.59 |
| CAL Bank Ltd, ordinary shares | Rights issue | Nov 5 – Dec. 4, 2025 | 0.29 | 3,103.45 | 3,103.45 | 900.00 |
| First Atlantic Bank PLC | IPO | Dec. 2025 | 7.3 | 101.67 | 118.64 | 866.04 |
| ZEN Petroleum Holdins PLC | IPO | Mar. 25 to 31, 2026 | 5 | 128.00 | 128.00 | 640.00 |
| Kasapreko PLC | IPO | June 15, 2026 | 1.2 | 583.33 | 583.33 | 700.00 |
Subtotal printed for this part of the table: GH₵6,042.97 million. Grand total printed across the report’s primary-issues pages: GH₵12,018.62 million.
Kofi explains. The subtotal and the grand total are the report’s own totals for its primary-issues tables, not a sum you should rebuild from the rows above. The grand total covers the whole history in the report, including years this page does not repeat.
The report says the issue price is an average price.
At the end of September 2026 the report counts 38 issuers on the main market and the Ghana Alternative Market, against 36 a year earlier. Listed ordinary shares were 32, against 30. Depositary shares, preference shares and exchange traded funds were 1 each, the same as September 2025. The Ghana Alternative Market lists 5 companies, the same as a year earlier.
Trust Bank Gambia PLC (ISIN: GH0000000532) was delisted from the main equities market, effective 10:00 a.m. on 25 September 2026.
The report says the listing of PBC is suspended for failing to meet the exchange’s continuous listing obligations.
The report says the listing of ALW is suspended for failing to meet the exchange’s continuous listing obligations.
Words from the report
Words from the report
These definitions are shortened only for line breaks. The meaning is the report’s. More plain-language words are in Investing terms.
- 52-week high
- The highest price a security has reached in the last 52 weeks.
- 52-week low
- The lowest price a security has reached in the last 52 weeks.
- 52-week average
- The average price of a security over the last 52 weeks.
- Year high
- The highest price a security has reached in the current year.
- Year low
- The lowest price a security has reached in the current year.
- Month high
- The highest price a security has reached in the current month.
- Month low
- The lowest price a security has reached in the current month.
- GSE-CI
- The GSE-CI tracks the average performance of all equity securities on the Ghana Stock Exchange, based on their market capitalisation.
- GSE-FSI
- The GSE-FSI tracks the average performance of banking and insurance securities on the Ghana Stock Exchange, based on their market capitalisation.
- Market capitalisation
- Market capitalisation is the total value of a company’s issued shares, calculated by multiplying the number of issued shares by the current price of the share.
- Domestic market capitalisation
- The total value of a company’s issued shares held on the Ghanaian register, calculated by multiplying the number of shares by the current price per share.
- Average daily value
- Total value traded in a security divided by the number of trading days or sessions.
- Average daily volume
- Total volume traded in a security divided by the number of trading days or sessions.
- Closing price VWAP
- The volume weighted average price (VWAP) of a security at the end of the trading day.
- Dividend yield
- The dividend paid out per share, divided by the share price.
- EPS
- The portion of a company’s profit allocated to each outstanding share.
- Client type
- The category of clients, such as individual or institutional investors.
Frequently asked questions
Where do the recap figures come from?
From the Ghana Stock Exchange market report named on the page. Kofi retells those figures. He does not add a forecast.
Is a dividend yield in the report a tip?
No. It is the yield the report printed for that month. A yield is not a reason to buy.
Does the recap say what to buy?
No.
New to these words?
Kofi’s lessons explain shares and dividends. He does not say what to buy or sell.
What is a stock? · What is a dividend? · Investing terms
Learn with KofiSource: Ghana Stock Exchange Market Report, September 2026. For education only, not financial advice.
Report: Ghana Stock Exchange. Ghana Stock Exchange Market Report, September 2026.