Ghanaian financial markets see stock losses and SOE listing plans

Ghana's financial markets experienced significant shifts recently. The Ghana Stock Exchange (GSE) saw its Composite Index fall 2.06% in the week ending September 18, 2026, resulting in a loss of over GH¢6 billion in market capitalization. This decline was attributed to profit-taking by investors, though the index remains up 63.16% year-to-date. Trading volume also dropped by 53.74%, with MTN Ghana dominating the market activity.

In a strategic move to improve corporate accountability, President John Dramani Mahama announced plans to list 10 state-owned enterprises (SOEs) on the GSE. The initiative aims to reduce political interference and enhance governance through increased shareholder scrutiny and mandatory financial reporting. This follows a period of financial recovery for the SOE sector, which recorded an aggregate net profit of GH¢19.8 billion in 2025.

Meanwhile, activity in the secondary bond market declined by 28.56% week-on-week to GH¢1.56 billion. Trading was primarily concentrated in bonds maturing between 2031 and 2034. Analysts expect market activity to be influenced by COCOBOD’s upcoming GH¢16.3 billion issuance programme, which includes bonds and commercial paper scheduled for late September.