Accra, Ghana – The Ghana Stock Exchange (GSE) is experiencing a surge of activity in early 2025, emerging as a leading exchange in West Africa. Fuelled by renewed investor confidence and strategic initiatives from key players, the GSE is showcasing impressive growth, prompting observers to analyze the factors underpinning this bullish trend. The performance of the Ghana Stock Exchange is more than just numbers; it reflects a revitalized economic landscape and a growing appetite for investment within the country.

“As of May 18th, the GSE equities market has recorded a very impressive performance. Our index was up over 30 percent, the best in West Africa…” These words, spoken by Abena Amoah, Managing Director of the GSE, underscore the exchange’s exceptional performance compared to its regional peers. This remarkable growth has sparked interest among investors and economists alike, prompting a closer examination of the drivers behind this success.

What’s fueling this surge? According to Amoah, a key factor is renewed investor confidence, coupled with increased market activity and positive economic performance. The combination of these elements has created a fertile ground for growth on the exchange.

The numbers tell a compelling story. Market capitalization has soared to over 143 billion cedis, marking a growth of over 70 percent compared to the same period last year. The fixed-income market has also seen substantial growth, with volumes traded reaching approximately 87 billion cedis, up by about 53 percent from 57 billion cedis during the same period in the previous year.

“Our market capitalization is over 143 billion cedis, a growth of over 70 percent compared to the same period last year although still paltry as compared to the country’s Gross Domestic Growth, GDP,” Amoah noted, highlighting the potential for further expansion. Ongoing efforts are underway to improve the capitalization of the GSE, signaling a commitment to sustained growth and development.

Adding to the positive momentum, Kasapreko PLC, a prominent beverage company, is planning to list approximately 25% of its equity shares on the main market of the GSE. This strategic move is aimed at increasing growth and scaling up investments across the continent.

“Coming onto the bond market was very historic for us as a local beverage company, and we are glad for the support received so far this year,” said Richard Adjei, CEO of Kasapreko PLC. “We have received approval to list equities on the main market… we believe that we have to get more shareholders so we can take advantage of bigger markets.”

Kasapreko’s impressive growth trajectory further bolsters investor confidence. In 2024, the company’s revenue grew by 45% year-on-year to GHS 2.7 billion, driven by strong domestic sales and rising export demand. The board has approved the listing of equity shares on the main market by the end of 2025, marking a significant milestone for the company and the GSE.

The Ghana Stock Exchange’s outstanding performance in Q1 2025 reflects a combination of factors, including renewed investor confidence, increased market activity, and strategic initiatives by companies like Kasapreko PLC. As the GSE continues its efforts to improve capitalization and attract more investors, it is poised to play a pivotal role in Ghana’s economic growth. All eyes will be on the Ghana Stock Exchange to see if it can maintain its bullish momentum throughout the year.