Ghana’s stock market experienced mixed performance in May 2025, with equity trading volumes plunging 86.5% year-on-year to 34.5 million shares worth GHS186.6 million, while fixed income instruments saw an 83.6% surge to GHS19.07 billion in trades.
The contrasting trends highlight shifting investor preferences amid current market conditions.
Despite the equity volume contraction, transaction counts rose 43% month-on-month to 20,118 deals, suggesting sustained retail participation. Benchmark indices showed resilience, with the GSE Composite Index gaining 0.9% in May and 25.8% year-to-date, while financial stocks posted stronger 3.37% monthly and 35.13% annual gains. SIC Insurance emerged as the top performer with 44.29% growth, contrasting with NewGold’s 22.11% decline.
The fixed income market’s robust performance, with year-to-date bond trades reaching GHS96.43 billion (up 54.9%), indicates investors are favoring safer instruments. Analysts suggest this divergence reflects both short-term caution and structural shifts in Ghana’s capital markets as participants navigate economic reforms and changing yield environments.
