Trading on the Ghana Stock Exchange (GSE) showed signs of a strong rebound in May 2025, even as overall activity for the year to date continues to reflect a cautious investment climate.
Fresh figures released by the exchange indicate that May 2025 outperformed the same period last year by a wide margin, with trading volume rising by 83.56% and value climbing 79.08% year-on-year. A total of 19.07 billion shares changed hands, generating GHS15.74 billion in value, up from 10.39 billion shares and GHS8.79 billion in May 2024.
The performance marks one of the strongest single-month trading outcomes in recent memory, pointing to renewed investor participation, possibly from both institutional and retail segments.
But while May’s numbers are impressive, the broader picture tells a more restrained story.
Muted Year-to-Date Performance
Between January and May 2025, the GSE recorded a cumulative trading volume of 118.75 million shares, valued at GHS804.7 million. When compared with the same period in 2024, this represents a 78.21% decline in volume and a 10.24% drop in value.
The sharp contrast suggests that the first four months of the year saw significantly reduced trading activity, with May alone accounting for a substantial share of the year’s performance so far.
More Transactions, Smaller Trades?
Interestingly, the number of reported transactions increased from 14,053 in April to 20,118 in May, signalling an uptick in overall activity. However, the lower year-to-date value points to the likelihood that many of these were smaller trades, possibly dominated by retail investors rather than large institutional movements.
Market analysts say this could reflect growing caution in the early part of the year, as investors waited for signs of policy direction and macroeconomic clarity following the transition to the new administration.
With broader economic indicators showing signs of gradual improvement and key reforms underway, the GSE’s performance in the coming months will offer valuable insight into investor confidence in Ghana’s recovery path.
