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Ghanaian (GSE) Market Analysis & Valuation
UpdatedNov 05, 2025
DataAggregated Company Financials
Companies24
- 7D-1.0%
- 3M16.1%
- 1Y83.5%
- YTD71.0%
Over the last 7 days, the market has dropped 1.0%, driven by a loss of 4.3% in the Communication Services sector. In contrast, the Financials sector has actually gained 6.4%. In contrast to the last week, the market is actually up 84% over the past year. As for the next few years, earnings are expected to grow by 15% 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 |
|---|---|---|---|---|---|---|
| Wed, 05 Nov 2025 | GH₵89.8b | GH₵75.7b | GH₵14.6b | 6x | 6.2x | 1.2x |
| Fri, 03 Oct 2025 | GH₵90.0b | GH₵73.1b | GH₵13.4b | 5.9x | 6.7x | 1.2x |
| Sun, 31 Aug 2025 | GH₵78.6b | GH₵73.0b | GH₵13.3b | 6.2x | 5.9x | 1.1x |
| Tue, 29 Jul 2025 | GH₵70.1b | GH₵70.2b | GH₵11.6b | 5.3x | 6x | 1x |
| Thu, 26 Jun 2025 | GH₵64.6b | GH₵70.1b | GH₵11.5b | 4.9x | 5.6x | 0.9x |
| Sat, 24 May 2025 | GH₵65.9b | GH₵69.9b | GH₵11.5b | 4x | 5.7x | 0.9x |
| Mon, 21 Apr 2025 | GH₵61.5b | GH₵66.6b | GH₵10.5b | 3x | 5.8x | 0.9x |
| Wed, 19 Mar 2025 | GH₵62.9b | GH₵67.0b | GH₵10.2b | 3.8x | 6.1x | 0.9x |
| Fri, 14 Feb 2025 | GH₵54.8b | GH₵63.8b | GH₵9.4b | 3.9x | 5.8x | 0.9x |
| Sun, 12 Jan 2025 | GH₵51.3b | GH₵63.4b | GH₵9.4b | 3.7x | 5.4x | 0.8x |
| Tue, 10 Dec 2024 | GH₵49.3b | GH₵63.4b | GH₵9.4b | 3.5x | 5.2x | 0.8x |
| Thu, 07 Nov 2024 | GH₵47.8b | GH₵62.9b | GH₵9.4b | 3.7x | 5.1x | 0.8x |
| Sat, 05 Oct 2024 | GH₵44.0b | GH₵59.7b | GH₵9.5b | 3.5x | 4.6x | 0.7x |
| Mon, 02 Sep 2024 | GH₵44.2b | GH₵59.7b | GH₵9.5b | 3.2x | 4.6x | 0.7x |
| Wed, 31 Jul 2024 | GH₵45.4b | GH₵59.2b | GH₵9.0b | 7x | 5x | 0.8x |
| Fri, 28 Jun 2024 | GH₵40.0b | GH₵59.9b | GH₵8.7b | 3.3x | 4.6x | 0.7x |
| Sun, 26 May 2024 | GH₵39.0b | GH₵59.7b | GH₵8.7b | 3.2x | 4.5x | 0.7x |
| Tue, 23 Apr 2024 | GH₵36.4b | GH₵58.6b | GH₵7.9b | 3.1x | 4.6x | 0.6x |
| Thu, 21 Mar 2024 | GH₵35.5b | GH₵53.8b | GH₵5.4b | 5.2x | 6.6x | 0.7x |
| Sat, 17 Feb 2024 | GH₵31.5b | GH₵52.7b | GH₵3.2b | 6.3x | 9.7x | 0.6x |
| Mon, 15 Jan 2024 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5.2x | 9.8x | 0.6x |
| Wed, 13 Dec 2023 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5x | 9.8x | 0.6x |
| Fri, 10 Nov 2023 | GH₵31.4b | GH₵51.7b | GH₵2.5b | 4.8x | 12.4x | 0.6x |
| Sun, 08 Oct 2023 | GH₵31.3b | GH₵50.6b | GH₵2.2b | 5.5x | 14.2x | 0.6x |
| Tue, 05 Sep 2023 | GH₵30.1b | GH₵49.7b | GH₵2.3b | 5.4x | 13x | 0.6x |
| Thu, 03 Aug 2023 | GH₵30.8b | GH₵49.0b | GH₵2.2b | 4.4x | 13.8x | 0.6x |
| Sat, 01 Jul 2023 | GH₵27.6b | GH₵48.9b | GH₵2.0b | 5.6x | 13.5x | 0.6x |
| Mon, 29 May 2023 | GH₵24.7b | GH₵52.2b | GH₵4.9b | 4.7x | 5x | 0.5x |
| Wed, 26 Apr 2023 | GH₵27.3b | GH₵48.3b | GH₵5.9b | 5x | 4.6x | 0.6x |
| Fri, 24 Mar 2023 | GH₵26.7b | GH₵48.5b | GH₵6.0b | 5.2x | 4.5x | 0.6x |
| Sun, 19 Feb 2023 | GH₵23.9b | GH₵47.8b | GH₵5.8b | 4.9x | 4.1x | 0.5x |
| Tue, 17 Jan 2023 | GH₵24.1b | GH₵43.3b | GH₵5.8b | 4.6x | 4.1x | 0.6x |
| Thu, 15 Dec 2022 | GH₵24.3b | GH₵43.2b | GH₵5.9b | 5.4x | 4.2x | 0.6x |
| Sat, 12 Nov 2022 | GH₵24.3b | GH₵38.9b | GH₵5.6b | 4.4x | 4.3x | 0.6x |
Price to Earnings Ratio
4.3x
Current Market PE
- Investors are pessimistic on the Ghanaian market, indicating that they anticipate earnings will not grow as fast as they have historically.
- The market is trading at a PE ratio of 6.2x which is lower than its 3-year average PE of 6.9x.
Past Earnings Growth
- The earnings for Ghanaian listed companies have grown 37% per year over the last three years.
- Revenues for these companies have grown 25% 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 | -1.01% | |
| Tech | 26.92% | |
| Financials | 6.39% | |
| Consumer Staples | 1.51% | |
| Energy | 0.57% | |
| Materials | 0% | 0 |
| Industrials | 0% | 0 |
| Consumer Discretionary | 0% | 0 |
| Healthcare | 0% | 0 |
| Telecom | -4.26% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 7.0x.
- 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 Financials sector, expecting annual earnings growth of 21% over the next 5 years.
- However this is lower than its past earnings growth rate of 46% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings grow by 10.0% 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₵4.10 | 33.1% +GH₵723.3m | 173.3% | PB1.1x | Financials | |
| GCB GCB Bank | GH₵17.80 | 13.7% +GH₵569.8m | 189.4% | PB0.8x | Financials | |
| EGH Ecobank Ghana | GH₵15.46 | 10.1% +GH₵458.0m | 153.4% | PB0.7x | Financials | |
| BOPP Benso Oil Palm Plantation | GH₵41.55 | 6.5% +GH₵88.7m | 64.5% | PE14x | Consumer Staples | |
| GOIL GOIL | GH₵2.61 | 3.2% +GH₵31.3m | 71.7% | PE10.3x | Energy |
