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Ghanaian (GSE) Market Analysis & Valuation
UpdatedJun 12, 2026
DataAggregated Company Financials
Companies28
- 7D-1.1%
- 3M-8.3%
- 1Y133.6%
- YTD57.9%
Over the last 7 days, the market has dropped 1.1%, driven by a pullback of 1.8% in the Financials sector. Meanwhile, the Information Technology sector has outperformed, gaining 9.8% in that time. As for the longer term, the market has actually risen by 134% in the last year. As for the next few years, earnings are expected to grow by 26% per annum.
Market Valuation and Performance
Has the Ghanaian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 13 Jun 2026 | GH₵174.1b | GH₵84.3b | GH₵17.1b | 14.3x | 10.2x | 2.1x |
| Mon, 11 May 2026 | GH₵178.8b | GH₵84.2b | GH₵17.1b | 14.5x | 10.5x | 2.1x |
| Wed, 08 Apr 2026 | GH₵156.7b | GH₵77.7b | GH₵16.0b | 12x | 9.8x | 2x |
| Fri, 06 Mar 2026 | GH₵168.9b | GH₵76.3b | GH₵15.8b | 13.4x | 10.7x | 2.2x |
| Sun, 01 Feb 2026 | GH₵110.3b | GH₵76.3b | GH₵14.9b | 6.4x | 7.4x | 1.4x |
| Tue, 30 Dec 2025 | GH₵105.1b | GH₵74.9b | GH₵14.6b | 6.1x | 7.2x | 1.4x |
| Thu, 27 Nov 2025 | GH₵99.8b | GH₵74.9b | GH₵14.6b | 6x | 6.8x | 1.3x |
| Sat, 25 Oct 2025 | GH₵89.9b | GH₵74.1b | GH₵13.8b | 6.1x | 6.5x | 1.2x |
| Mon, 22 Sep 2025 | GH₵83.3b | GH₵73.1b | GH₵13.4b | 5.9x | 6.2x | 1.1x |
| Wed, 20 Aug 2025 | GH₵79.5b | GH₵72.1b | GH₵12.4b | 6x | 6.4x | 1.1x |
| Fri, 18 Jul 2025 | GH₵67.1b | GH₵70.1b | GH₵11.5b | 5.3x | 5.8x | 1x |
| Sun, 15 Jun 2025 | GH₵63.6b | GH₵70.1b | GH₵11.5b | 4.6x | 5.5x | 0.9x |
| Tue, 13 May 2025 | GH₵66.3b | GH₵69.3b | GH₵11.5b | 4x | 5.8x | 1x |
| Thu, 10 Apr 2025 | GH₵62.4b | GH₵66.5b | GH₵10.5b | 3x | 5.9x | 0.9x |
| Sat, 08 Mar 2025 | GH₵62.0b | GH₵67.0b | GH₵10.2b | 3.8x | 6.1x | 0.9x |
| Mon, 03 Feb 2025 | GH₵54.5b | GH₵63.8b | GH₵9.4b | 3.9x | 5.8x | 0.9x |
| Wed, 01 Jan 2025 | GH₵51.2b | GH₵63.4b | GH₵9.4b | 3.7x | 5.4x | 0.8x |
| Fri, 29 Nov 2024 | GH₵48.9b | GH₵63.1b | GH₵9.4b | 3.5x | 5.2x | 0.8x |
| Sun, 27 Oct 2024 | GH₵45.7b | GH₵60.2b | GH₵8.8b | 3.5x | 5.2x | 0.8x |
| Tue, 24 Sep 2024 | GH₵44.3b | GH₵59.7b | GH₵9.5b | 3.4x | 4.7x | 0.7x |
| Thu, 22 Aug 2024 | GH₵44.1b | GH₵59.7b | GH₵9.5b | 3.2x | 4.6x | 0.7x |
| Sat, 20 Jul 2024 | GH₵42.2b | GH₵59.4b | GH₵9.1b | 5.4x | 4.6x | 0.7x |
| Mon, 17 Jun 2024 | GH₵39.3b | GH₵59.8b | GH₵8.7b | 3.2x | 4.5x | 0.7x |
| Wed, 15 May 2024 | GH₵38.3b | GH₵59.7b | GH₵8.7b | 3.4x | 4.4x | 0.6x |
| Fri, 12 Apr 2024 | GH₵35.7b | GH₵58.6b | GH₵7.9b | 3.1x | 4.5x | 0.6x |
| Sun, 10 Mar 2024 | GH₵34.6b | GH₵51.5b | GH₵3.7b | 6.3x | 9.4x | 0.7x |
| Tue, 06 Feb 2024 | GH₵31.6b | GH₵53.0b | GH₵3.3b | 5.2x | 9.6x | 0.6x |
| Thu, 04 Jan 2024 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5.2x | 9.8x | 0.6x |
| Sat, 02 Dec 2023 | GH₵31.6b | GH₵52.6b | GH₵3.2b | 5x | 10x | 0.6x |
| Mon, 30 Oct 2023 | GH₵31.1b | GH₵50.6b | GH₵2.2b | 5.5x | 14.2x | 0.6x |
| Wed, 27 Sep 2023 | GH₵31.5b | GH₵50.2b | GH₵2.4b | 5.5x | 13.4x | 0.6x |
| Fri, 25 Aug 2023 | GH₵30.2b | GH₵49.7b | GH₵2.3b | 4.4x | 13x | 0.6x |
| Sun, 23 Jul 2023 | GH₵28.3b | GH₵48.7b | GH₵2.1b | 4.3x | 13.6x | 0.6x |
| Tue, 20 Jun 2023 | GH₵26.0b | GH₵48.9b | GH₵2.0b | 5.3x | 12.7x | 0.5x |
Price to Earnings Ratio
12.7x
Current Market PE
- Investors are optimistic on the Ghanaian market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 10.2x which is higher than its 3-year average PE of 7.7x.
Past Earnings Growth
- The earnings for Ghanaian listed companies have grown 103% per year over the last three years.
- Revenues for these companies have grown 20% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Ghanaian Market?
| GH Market | -1.15% | |
| Tech | 9.80% | |
| Materials | 0% | 0 |
| Industrials | 0% | 0 |
| Consumer Discretionary | 0% | 0 |
| Healthcare | 0% | 0 |
| Telecom | -0.15% | |
| Consumer Staples | -0.72% | |
| Financials | -1.84% | |
| Energy | -4.39% | |
Sector PE
- Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 7.3x.
- It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 30% over the next 5 years.
- However this is lower than its past earnings growth rate of 66% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 11% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| SOGEGH Societe Generale Ghana | GH₵6.80 | 5.9% +GH₵269.5m | 243.4% | PB1.8x | Financials | |
| ACCESS Access Bank (Ghana) | GH₵29.00 | 5.1% +GH₵243.5m | 121.0% | PB2.3x | Financials | |
| TOTAL TotalEnergies Marketing Ghana | GH₵36.30 | 0.8% +GH₵33.6m | 45.1% | PE13.5x | Energy | |
| CPC Cocoa Processing | GH₵0.13 | 8.3% +GH₵20.4m | 550.0% | PS1.2x | Consumer Staples | |
| SIC SIC Insurance | GH₵4.93 | 2.1% +GH₵19.6m | 374.0% | PE13.9x | Financials |
