The Ghana Stock Exchange (GSE) recorded its most punishing two-day rout of 2026 on Thursday, with the benchmark GSE Composite Index (GSE-CI) shedding another 884.49 points to close at 13,556.32, extending a brutal correction that has now erased more than GH¢44 billion in market capitalisation in just 48 hours.
Thursday’s 7,179th trading session was defined by extraordinary volume. A total of 55,953,400 shares changed hands, generating turnover of GH¢300,515,695.15 — the highest single-session value recorded on the bourse in its history. Yet the surge in activity reflected mass exits rather than confidence, as investors rushed to offload positions across banking, telecoms, and consumer stocks.
The GSE Financial Stocks Index (GSE-FSI) fell 443.59 points to settle at 8,641.86, while market capitalisation contracted to GH¢255.21 billion, down from GH¢269.90 billion at Wednesday’s close and GH¢284.82 billion on Tuesday. The two-session decline represents a combined loss of approximately GH¢29.61 billion in market value within the week alone.
MTN Ghana at the Centre of the Storm
Scancom PLC (MTNGH), the exchange’s most liquid counter, bore the heaviest impact. The stock closed at GH¢5.39, shedding GH¢0.52 in the session, and alone accounted for nearly GH¢300 million of Thursday’s record trading value, reflecting the scale of selling concentrated in a single equity.
SIC Insurance Company PLC (SIC) fell GH¢0.34 to GH¢3.49, while TotalEnergies Marketing Ghana PLC (TOTAL) dropped GH¢0.78 to GH¢36.13. Ecobank Transnational Inc. (ETI) declined GH¢0.20 to close at GH¢1.80, and Fan Milk PLC (FML) shed GH¢0.26 to GH¢13.35. Ghana Oil Company Limited (GOIL) fell GH¢0.19 to GH¢7.67, and Cal Bank PLC (CAL) eased GH¢0.04 to GH¢0.71.
A Lone Bright Spot
Cocoa Processing Company PLC (CPC) provided the session’s only relief, gaining GH¢0.01 to close at GH¢0.10. Benso Palm Plantation PLC (BOPP) held firm at GH¢100.00 with no price movement.
A broad group of counters recorded no change during the session, including Access Bank (ACCESS), Agricultural Development Bank (ADB), AngloGold Ashanti (AGA), Aluworks (ALW), Asante Gold Corporation (ASG), Atlantic Lithium (ALLGH), Ecobank Ghana (EGH), Enterprise Group (EGL), First Atlantic Bank (FAB), Guinness Ghana Breweries (GGBL), Societe Generale Ghana (SOGEGH), Tullow Oil (TLW), Unilever (UNIL) and NewGold (GLD), among others. On the Ghana Alternative Market (GAX), Intravenous Infusions Limited (IIL) recorded 84,000 shares traded at an unchanged price of GH¢0.05.
A Sharp Reversal After a Historic Rally
The two-day correction follows an extraordinary bull run that saw the GSE-CI breach the 15,000-point milestone for the first time in the exchange’s history earlier in March 2026. Despite Thursday’s steep losses, the GSE-CI remains 54.57 percent higher year-to-date, while the GSE-FSI has gained 85.96 percent since January 1, 2026, indicating that the broader 2026 rally remains substantially intact even as near-term sentiment has soured sharply.
