The Ghana Stock Exchange (GSE) delivered a local-currency return of 71.27% in the first eight months of 2026, making it the top-performing market among 14 African stock exchanges assessed at the end of August. When measured in US dollars, the Accra market generated a 59.09% return, ranking second behind the Nigerian Exchange, which recorded a 153% dollar return despite a lower local-currency return of 53.38%.
The disparity between local and dollar returns highlights the impact of exchange-rate movements on international investors. The Ghanaian cedi depreciated by about 7% against the US dollar during the period, affecting the dollar value of local-currency gains but not enough to prevent the GSE from placing second in dollar-based rankings.
The August performance followed a strong showing in July, where the GSE Composite Index had a year-to-date return of 75.99%, and the Financial Stock Index returned 77.27%. However, the market surrendered some gains in August while still maintaining a significant lead over the start of 2026.
Trading activity surged in July, with 140,323 transactions, marking a 456.44% increase from the previous year. Notable performers included Intravenous Infusions with a 367% gain, Hords with a 255% rise, Clydestone Ghana up by 61%, and Cocoa Processing Company increasing by 31%.
This ranking measures market performance rather than the size or liquidity of each exchange, indicating that Ghanaian equities delivered the strongest local-currency return among the 14 markets assessed. The next report will reveal if the GSE can maintain its lead through September or if the moderation continues.