Top 10 Value Leaders on the Ghana Stock Exchange (Jan–May 2025)

Trading activity on the Ghana Stock Exchange (GSE) remained concentrated in a few dominant equities during the first five months of 2025, with total value traded across the market crossing GH¢800 million. New data from the GSE reveals that just two securities, GLD and MTN Ghana, accounted for nearly 88 percent of the value traded from January through May, underscoring their central role in investor strategy during a period of moderate recovery and growing global uncertainty.

The rankings below reflect the top ten equities by value traded, offering a snapshot of where investor money has flowed most heavily in the year to date.

1. GLD (Gold Exchange-Traded Fund)

GLD led the pack with GH¢450.88 million in value traded over the five-month period. This represents 56.03 percent of total market value, making it the most actively traded security by value on the GSE. The ETF’s strong performance reflects growing investor appetite for gold-backed assets amid global economic volatility.

2. MTNGH (MTN Ghana)

MTN Ghana followed with GH¢257.43 million in value traded, accounting for 31.99 percent of the market. As Ghana’s largest telecom operator and a major component of the GSE Composite Index, MTN continues to attract significant institutional and retail interest.

3. TOTAL (TotalEnergies Marketing Ghana)

TotalEnergies posted GH¢24.23 million in trades, representing 3.01 percent of the total. It ranked as the highest energy stock by value, benefiting from renewed attention to downstream oil marketing firms.

4. GCB (GCB Bank Limited)

GCB Bank recorded GH¢20.47 million in traded value, amounting to 2.54 percent of the overall market. The bank maintained its position as the most valuable banking stock in the period under review.

5. SCB (Standard Chartered Bank Ghana)

Standard Chartered saw GH¢10.55 million worth of shares traded, which was 1.31 percent of the total. The bank’s position reflects continued interest from investors seeking long-standing financial institutions with consistent performance.

6. CAL (CAL Bank)

CAL Bank posted GH¢7.85 million in value traded, equivalent to 0.98 percent of the market. While it trades lower volumes compared to peers, its stock remained active in the financial segment.

7. GGBL (Guinness Ghana Breweries Limited)

Guinness Ghana attracted GH¢5.83 million in trading value, representing 0.73 percent of total trades. It was the highest-ranking consumer goods stock for the period.

8. FML (Fan Milk Limited)

Fan Milk registered GH¢5.73 million in value traded, or 0.71 percent of the total. The food processing company remains on the radar of investors tracking FMCG stocks.

9. ETI (Ecobank Transnational Incorporated)

Ecobank saw GH¢5.26 million worth of shares traded, making up 0.67 percent of value. While often a leader in volumes, ETI’s lower share price has moderated its position in the value rankings.

10. ACCESS (Access Bank Ghana)

Access Bank closed out the top ten with GH¢5.20 million traded, representing 0.65 percent of total market value. The bank’s relatively high share price helped push it into the value leaderboard despite lower trade volumes.

A Concentrated Market with Familiar Leaders

The value traded leaderboard for January to May 2025 highlights the dominance of gold and telecoms in investor preferences, with GLD and MTN Ghana accounting for more than four out of every five cedis traded. Financial stocks continued to make up the bulk of the remaining activity, alongside select consumer goods and energy players.