Trading activity on the Ghana Stock Exchange (GSE) in the first four months of 2025 has been largely concentrated in just a few stocks, with MTN Ghana (MTNGH) and the NewGold ETF (GLD) leading the way by volume and value respectively.
Between January and April, MTN Ghana alone accounted for a remarkable 64.83% of all traded shares, far ahead of CAL Bank (18.09%) and Ecobank Transnational (6.07%). But when it comes to value, the story flips.
The NewGold ETF, which tracks the price of gold, contributed a staggering GH¢387 million in traded value, representing 62.64% of the market’s total value within the period, despite ranking only sixth by volume. This trend reflects strong investor appetite for gold-backed securities amid ongoing macroeconomic uncertainty.
In total, the top two equities by volume, MTN Ghana and CAL Bank, made up nearly 83% of all shares traded, while GLD and MTN Ghana alone drove almost 89% of total market value, highlighting the high level of market concentration.
Banks like GCB, SCB, and CAL saw moderate trading volumes but remained steady players in terms of value. Meanwhile, lower-volume equities such as TOTAL and ACCESS Bank also registered notable value turnover, indicating selective high-value trades.
The data suggests that liquidity continues to be driven by a few dominant names, particularly MTNGH, while value investors increasingly lean toward gold-based assets like GLD.
Check the list below.
By Volume
| Rank | Symbol | Traded Volume | % of Total Volume |
|---|---|---|---|
| 1 | MTNGH | 54,598,231 | 64.83% |
| 2 | CAL | 15,231,460 | 18.09% |
| 3 | ETI | 5,115,457 | 6.07% |
| 4 | GCB | 2,901,324 | 3.45% |
| 5 | FML | 994,758 | 1.18% |
| 6 | GLD | 877,141 | 1.04% |
| 7 | EGH | 630,777 | 0.75% |
| 8 | ACCESS | 620,185 | 0.74% |
| 9 | GGBL | 486,958 | 0.58% |
| 10 | GOIL | 413,879 | 0.49% |
By Value
| Rank | Symbol | Traded Value (GH¢) | % of Total Value |
|---|---|---|---|
| 1 | GLD | 387,179,299.01 | 62.64% |
| 2 | MTNGH | 161,864,575.17 | 26.19% |
| 3 | GCB | 20,273,436.15 | 3.23% |
| 4 | SCB | 10,543,683.93 | 1.71% |
| 5 | TOTAL | 8,958,775.09 | 1.45% |
| 6 | CAL | 7,318,668.66 | 1.18% |
| 7 | ACCESS | 5,008,355.20 | 0.81% |
| 8 | EGH | 3,969,671.62 | 0.64% |
| 9 | ETI | 3,967,742.86 | 0.64% |
| 10 | FML | 3,690,636.85 | 0.60% |
