The Ghana Stock Exchange (GSE) saw concentrated trading activity in the first five months of 2025, with gold-backed securities and telecommunications giant MTN Ghana accounting for nearly 90% of the GH¢800 million total value traded.
New market data reveals investor preference for safe-haven assets and blue-chip stocks amid ongoing economic uncertainty.
GLD, the gold exchange-traded fund, emerged as the clear market leader with GH¢450.88 million in trades – representing 56% of total market activity. Its strong performance reflects global investor caution as gold prices remain elevated. MTN Ghana followed as the second most traded security at GH¢257.43 million (32% of market value), maintaining its position as Ghana’s most liquid corporate stock.
The energy and banking sectors showed moderate activity, with TotalEnergies Marketing Ghana ranking third (GH¢24.23 million) and GCB Bank fourth (GH¢20.47 million). Standard Chartered Bank Ghana and CAL Bank completed the financial sector representation at fifth and sixth positions respectively. Consumer goods firms Guinness Ghana Breweries and Fan Milk placed seventh and eighth, while Ecobank Transnational and Access Bank Ghana rounded out the top ten.
Market analysts note this concentration pattern reflects both global investment trends and local market dynamics. “Investors are clearly prioritizing inflation-hedged assets and sector leaders with proven resilience,” commented one Accra-based stockbroker. The data shows financial stocks collectively accounted for about 5% of total value traded, while consumer goods and energy sectors each represented less than 2%.
The GSE’s performance comes as Ghana’s economy shows tentative signs of recovery, though foreign portfolio investment remains below pre-crisis levels. Exchange officials highlight growing domestic investor participation but acknowledge the need for broader market diversification beyond the current top performers.
