GSE Composite Index Hits 52-Week High on Banking Sector Rally
Renewed investor confidence in Ghanaian banks pushes the benchmark index past the 3,000 mark for the first time since 2022.
The Ghana Stock Exchange Composite Index surged past the 3,000 mark this week, reaching a 52-week high of 3,042.78, driven primarily by gains in the banking sector. GCB Bank, Ecobank Ghana, and Standard Chartered Ghana all posted double-digit percentage increases.
Market analysts attribute the rally to improved bank earnings, cleaner balance sheets following NPL write-downs, and the stabilizing macroeconomic environment. Foreign investor participation has also increased, with net foreign buying reaching $12 million in the past month.
The GSE Financial Stocks Index rose 3.2% for the week, outperforming the broader market. Trading volumes have doubled compared to the same period last year, suggesting sustained interest rather than speculative activity.