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Ghanaian (GSE) Market Analysis & Valuation
UpdatedAug 11, 2026
DataAggregated Company Financials
Companies29
- 7D-0.7%
- 3M1.5%
- 1Y96.6%
- YTD64.8%
In the last week, the market has stayed flat, however the Energy sector stood out, gaining 4.4%. As for the longer term, the market has risen 97% in the past 12 months. Earnings are forecast to grow by 28% annually.
Market Valuation and Performance
Has the Ghanaian Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 11 Aug 2026 | GH₵190.7b | GH₵89.6b | GH₵18.4b | 13x | 10.3x | 2.1x |
| Thu, 09 Jul 2026 | GH₵181.4b | GH₵86.9b | GH₵17.6b | 14.3x | 10.3x | 2.1x |
| Sat, 06 Jun 2026 | GH₵176.3b | GH₵84.3b | GH₵17.1b | 14.5x | 10.3x | 2.1x |
| Mon, 04 May 2026 | GH₵181.8b | GH₵77.4b | GH₵16.3b | 13.1x | 11.2x | 2.3x |
| Wed, 01 Apr 2026 | GH₵156.5b | GH₵77.2b | GH₵16.2b | 11.8x | 9.7x | 2x |
| Fri, 27 Feb 2026 | GH₵150.4b | GH₵74.5b | GH₵14.9b | 10.9x | 10.1x | 2x |
| Sun, 25 Jan 2026 | GH₵109.9b | GH₵76.4b | GH₵14.9b | 6.4x | 7.4x | 1.4x |
| Tue, 23 Dec 2025 | GH₵102.1b | GH₵74.9b | GH₵14.6b | 6x | 7x | 1.4x |
| Thu, 20 Nov 2025 | GH₵97.8b | GH₵74.9b | GH₵14.6b | 6x | 6.7x | 1.3x |
| Sat, 18 Oct 2025 | GH₵91.6b | GH₵73.6b | GH₵13.5b | 6.1x | 6.8x | 1.2x |
| Mon, 15 Sep 2025 | GH₵77.9b | GH₵73.1b | GH₵13.4b | 6x | 5.8x | 1.1x |
| Wed, 13 Aug 2025 | GH₵79.4b | GH₵72.1b | GH₵12.4b | 6x | 6.4x | 1.1x |
| Fri, 11 Jul 2025 | GH₵66.6b | GH₵70.1b | GH₵11.5b | 5.3x | 5.8x | 1x |
| Sun, 08 Jun 2025 | GH₵61.5b | GH₵70.1b | GH₵11.5b | 4.6x | 5.3x | 0.9x |
| Tue, 06 May 2025 | GH₵63.8b | GH₵69.3b | GH₵11.5b | 4x | 5.6x | 0.9x |
| Thu, 03 Apr 2025 | GH₵63.9b | GH₵66.5b | GH₵10.5b | 3x | 6.1x | 1x |
| Sat, 01 Mar 2025 | GH₵57.5b | GH₵65.2b | GH₵9.9b | 3.7x | 5.8x | 0.9x |
| Mon, 27 Jan 2025 | GH₵53.2b | GH₵63.4b | GH₵9.4b | 3.7x | 5.6x | 0.8x |
| Wed, 25 Dec 2024 | GH₵51.2b | GH₵63.4b | GH₵9.4b | 3.7x | 5.4x | 0.8x |
| Fri, 22 Nov 2024 | GH₵48.7b | GH₵63.1b | GH₵9.4b | 3.5x | 5.2x | 0.8x |
| Sun, 20 Oct 2024 | GH₵43.8b | GH₵60.0b | GH₵9.5b | 3.5x | 4.6x | 0.7x |
| Tue, 17 Sep 2024 | GH₵44.3b | GH₵59.7b | GH₵9.5b | 3.4x | 4.6x | 0.7x |
| Thu, 15 Aug 2024 | GH₵45.1b | GH₵59.5b | GH₵9.5b | 4.9x | 4.8x | 0.8x |
| Sat, 13 Jul 2024 | GH₵39.6b | GH₵59.4b | GH₵9.1b | 5.4x | 4.4x | 0.7x |
| Mon, 10 Jun 2024 | GH₵39.3b | GH₵59.8b | GH₵8.7b | 3.2x | 4.5x | 0.7x |
| Wed, 08 May 2024 | GH₵37.9b | GH₵59.7b | GH₵8.7b | 3.4x | 4.4x | 0.6x |
| Fri, 05 Apr 2024 | GH₵35.9b | GH₵58.6b | GH₵7.9b | 3.1x | 4.5x | 0.6x |
| Sun, 03 Mar 2024 | GH₵32.5b | GH₵51.5b | GH₵3.7b | 6.3x | 8.9x | 0.6x |
| Tue, 30 Jan 2024 | GH₵31.6b | GH₵52.6b | GH₵3.2b | 5.2x | 10x | 0.6x |
| Thu, 28 Dec 2023 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5.2x | 9.8x | 0.6x |
| Sat, 25 Nov 2023 | GH₵31.9b | GH₵52.6b | GH₵3.2b | 5x | 10.1x | 0.6x |
| Mon, 23 Oct 2023 | GH₵31.1b | GH₵50.6b | GH₵2.2b | 5.5x | 14.2x | 0.6x |
| Wed, 20 Sep 2023 | GH₵31.4b | GH₵49.7b | GH₵2.3b | 5.5x | 13.5x | 0.6x |
| Fri, 18 Aug 2023 | GH₵30.2b | GH₵49.7b | GH₵2.3b | 4.4x | 13x | 0.6x |
Price to Earnings Ratio
13x
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 10.3x which is higher than its 3-year average PE of 7.6x.
Past Earnings Growth
- The earnings for Ghanaian listed companies have grown 100% per year over the last three years.
- Revenues for these companies have grown 22% 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 | -0.71% | |
| Energy | 4.40% | |
| Tech | 2.95% | |
| Consumer Staples | 0.054% | |
| Materials | 0% | 0 |
| Industrials | 0% | 0 |
| Consumer Discretionary | 0% | 0 |
| Financials | -1.13% | |
| Telecom | -1.27% | |
| Healthcare | -24.54% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 9.6x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 2.4% which is higher than its past year's earnings decline of 6.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 31% over the next 5 years.
- However this is lower than its past earnings growth rate of 73% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 10% 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 | |
|---|---|---|---|---|---|---|
| ZEN Zen Petroleum Holdings | GH₵11.00 | 10.0% +GH₵640.0m | n/a | PE18.1x | Energy | |
| HORDS Hords | GH₵0.60 | 42.9% +GH₵20.7m | n/a | PE321x | Consumer Staples | |
| DASPHARMA Dannex Ayrton Starwin | GH₵0.57 | 18.8% +GH₵7.6m | 50.0% | n/a | Healthcare | |
| CLYD Clydestone Ghana | GH₵4.89 | 2.9% +GH₵4.8m | 4,790.0% | PS27.4x | Tech |
