The Ghana Stock Exchange ( GSE) recorded a sharp increase in share trading in September, but the value of listed companies fell by more than GH¢15 billion as the market’s main indices declined from their August levels.
The value of shares traded rose to GH¢562.3 million from GH¢210.7 million in August, while trading volume increased from 51 million to 103 million shares, according to the Exchange’s September market report.
Despite the rise in activity, market capitalisation fell from GH¢285.6 billion to GH¢270.3 billion, a decline of 5.34 per cent.
The GSE Composite Index dropped 6.20 per cent during the month to 14,141.56 points, while the GSE Financial Stock Index fell 4.43 per cent to 7,554.56 points.
The September decline followed strong gains earlier in the year. By the end of the month, the Composite Index was up 73.12 per cent from the end of 2025, while the Financial Stock Index had gained 98.84 per cent.
Trading activity gathers pace
The value of shares traded in September was 166.83 per cent higher than in August and 197.05 per cent above the level recorded in September 2025. Trading volume increased 101.95 per cent month on month and 123.94 per cent year on year.
The exchange also recorded 110,395 transactions, representing a 221.65 per cent increase over the same period last year.
The higher turnover came in a month when share prices fell across several listed companies, showing that increased trading activity did not translate into broad market gains.
Digicut and Cocoa Processing lead gainers
Digicut Production & Advertising PLC was the best-performing stock in September, with its share price rising 67.86 per cent. Cocoa Processing Company PLC followed with a 40 per cent gain.
Enterprise Group PLC gained 9.38 per cent, Fan Milk PLC rose 5.82 per cent and GCB Bank PLC recorded a 1.14 per cent increase.
Enterprise Group also featured in the exchange’s “Facts Behind the Figures” programme during the month. The company reported a 21.7 per cent increase in net revenue in the first half of 2026, while operating expenses grew by 5.2 per cent. Profit before tax rose by 35.1 per cent.
Samba Foods PLC, which also participated in the programme, reported that its total income increased from about GH¢802,000 in 2024 to GH¢1.62 million in 2025, representing growth of approximately 102 per cent.
Several stocks suffer steep losses
Dannex Ayrton Starwin PLC recorded the biggest decline, losing 36.81 per cent of its share price during September. Access Bank Ghana PLC fell 33.21 per cent, while Clydestone (Ghana) PLC dropped 33.11 per cent.
Intravenous Infusions PLC declined 30.26 per cent, Ghana Oil Company PLC fell 24.03 per cent and Hords PLC lost 18.18 per cent.
ZEN Petroleum Holdings PLC recorded a 17.26 per cent decline, followed by TotalEnergies Marketing Ghana PLC at 14.89 per cent and Societe Generale Ghana PLC at 13.38 per cent. SIC Insurance Company PLC fell 12.25 per cent.
Other stocks that recorded losses included Ecobank Transnational Inc, Scancom PLC, Kasapreko PLC, Republic Bank (Ghana) PLC, Benso Palm Plantation PLC, Atlantic Lithium Ltd. and Ecobank Ghana PLC.
Fixed-income market remains active
Trading on the Ghana Fixed Income Market also remained above year-earlier levels, although activity slowed from August.
The market recorded GH¢33.03 billion in traded volume in September, down 32.58 per cent from the previous month but 18.68 per cent higher than in September 2025.
Cumulative trading volume for the first nine months of 2026 reached GH¢337.79 billion, up 85.62 per cent from GH¢181.98 billion during the same period last year.
The value of fixed-income trades rose to GH¢306.95 billion from GH¢157.12 billion, an increase of 95.36 per cent.
GSE steps up investor engagement
The exchange reported several initiatives aimed at expanding investor engagement and access to market information.
The Central Securities Depository (Ghana) Ltd. launched its InvestorConnect App, which is intended to provide investors with a more direct way to engage with the capital market.
The GSE also partnered with the Young Investors Network and other institutions to launch the 2026 National Investment Quiz.
In addition, the exchange held a broker webinar under the African Exchanges Linkage Project, focusing on investment opportunities in Ghana and ways to strengthen cooperation among participating African markets.
The September figures show that trading activity has increased substantially over the year, even as the market experienced a monthly correction. The Composite Index and Financial Stock Index remain well above their end-2025 levels, but the September declines and the wide differences in individual share performance underline the uneven course of the market.
