GSE ranked best-performing stock market in Africa as of August 2026

The Ghana Stock Exchange (GSE) is expected to close the year with a return of 81% ±500 basis points, according to Databank Research. This projection is supported by strong corporate earnings, disinflation, potential valuation upside and selective re-rating opportunities. According to its second-half year report, financial stocks are poised for continued success, driven by resilient profitability, robust capital buffers, improving asset quality, and enhanced visibility of dividends.

“These factors position the sector for a favourable re-rating in the second-half of 2026. It expects MTN Ghana to sustain its earnings leadership through ongoing expansion of its data and fintech ecosystem, supported by network investments and improved enterprise solutions. Additionally, the company’s defensive earnings profile and dividend credentials are likely to sustain investor appetite.

“We anticipate that the FMCG [Fast Moving Consumer Goods] sector will continue to be a major contributor to earnings through 2H’26 [second-half 2026]. Capacity expansion, operational efficiencies and market share gains are expected to support KASA [Kasapreko], FML [Fanmilk], UNIL [Unilever] and Guinness Ghana Breweries Limited, while stable crude palm oil prices, improved extraction rates and disciplined cost management should sustain BOPP’s earnings growth”. “We remain constructive on OMCs [Oil Marketing Companies], supported by higher crude oil prices, improving marketing margins, and earnings potential, with TotalEnergies Ghana providing defensive income, GOIL benefiting from operational leverage, and ZEN Petroleum offering long-term growth prospects”, it added.

It continued that it sees the selective opportunities on the GAX market as stronger corporate fundamentals and earnings momentum drive investor interest in high-growth domestic businesses. The Ghana Stock Exchange (GSE) ranked first as the best-performing stock exchange in Africa among 14 stock markets as of the end of August 2026. The exchange returned 71.27% in local terms for investors.

In dollar terms, the Accra Bourse placed 2nd behind the Nigerian Stock Exchange (NSE). It recorded 59.09% return for investors. Nigeria recorded a whopping 153% in dollar terms for investors as of 31st August 2026, whilst returning 53.38% in local terms for the investors.

The GSE performance has been boosted by low inflation. The exchange rate has, however, experienced some fluctuation, depreciating by about 7% to the US dollar. The equity market extended its positive run at the close of July 2026, with the Composite Index and Financial Stock Index delivering returns of 75.99% and 77.27%, respectively/.