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Ghanaian (GSE) Market Analysis & Valuation

UpdatedMar 23, 2025
DataAggregated Company Financials
Companies25
  • 7D1.0%
  • 3M24.3%
  • 1Y70.4%
  • YTD23.2%

The market is up 1.0% in the last 7 days, led by the Financials and Energy sectors. As for the past 12 months, the market is up 70%.

Market Valuation and Performance

Has the Ghanaian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Mar 2025GH₵63.4bGH₵67.1bGH₵10.3b3.2x6.2x0.9x
Tue, 18 Feb 2025GH₵55.5bGH₵64.2bGH₵9.5b3.9x5.8x0.9x
Thu, 16 Jan 2025GH₵52.5bGH₵63.4bGH₵9.4b3.7x5.6x0.8x
Sat, 14 Dec 2024GH₵49.1bGH₵63.4bGH₵9.4b3.7x5.2x0.8x
Mon, 11 Nov 2024GH₵48.5bGH₵62.9bGH₵9.4b3.5x5.2x0.8x
Wed, 09 Oct 2024GH₵43.9bGH₵59.8bGH₵9.4b3.5x4.6x0.7x
Fri, 06 Sep 2024GH₵44.1bGH₵59.7bGH₵9.5b3.2x4.6x0.7x
Sun, 04 Aug 2024GH₵46.5bGH₵59.5bGH₵9.5b5x4.9x0.8x
Tue, 02 Jul 2024GH₵40.0bGH₵59.7bGH₵8.7b3.5x4.6x0.7x
Thu, 30 May 2024GH₵39.1bGH₵59.8bGH₵8.7b3.2x4.5x0.7x
Sat, 27 Apr 2024GH₵36.4bGH₵58.6bGH₵7.9b3.1x4.6x0.6x
Mon, 25 Mar 2024GH₵36.7bGH₵53.8bGH₵5.4b5.5x6.8x0.7x
Wed, 21 Feb 2024GH₵31.5bGH₵50.6bGH₵3.2b6.3x9.8x0.6x
Fri, 19 Jan 2024GH₵31.3bGH₵52.6bGH₵3.2b5.2x9.9x0.6x
Sun, 17 Dec 2023GH₵31.1bGH₵52.6bGH₵3.2b4.9x9.8x0.6x
Tue, 14 Nov 2023GH₵31.9bGH₵51.8bGH₵2.5b4.8x12.5x0.6x
Thu, 12 Oct 2023GH₵31.3bGH₵50.6bGH₵2.2b5.5x14.2x0.6x
Sat, 09 Sep 2023GH₵30.3bGH₵49.7bGH₵2.3b5.4x13.1x0.6x
Mon, 07 Aug 2023GH₵30.9bGH₵49.6bGH₵2.3b4.2x13.2x0.6x
Wed, 05 Jul 2023GH₵27.7bGH₵48.8bGH₵2.0b5x13.8x0.6x
Fri, 02 Jun 2023GH₵24.6bGH₵52.2bGH₵4.9b4.7x5x0.5x
Sun, 30 Apr 2023GH₵27.3bGH₵48.3bGH₵5.9b5x4.6x0.6x
Tue, 28 Mar 2023GH₵28.0bGH₵48.5bGH₵6.0b5.2x4.7x0.6x
Thu, 23 Feb 2023GH₵23.9bGH₵47.8bGH₵5.8b4.9x4.1x0.5x
Sat, 21 Jan 2023GH₵24.1bGH₵43.3bGH₵5.8b4.6x4.1x0.6x
Mon, 19 Dec 2022GH₵24.2bGH₵43.2bGH₵5.8b5.4x4.1x0.6x
Wed, 16 Nov 2022GH₵24.3bGH₵38.9bGH₵5.6b4.4x4.3x0.6x
Fri, 14 Oct 2022GH₵24.4bGH₵38.9bGH₵5.7b4.4x4.3x0.6x
Sun, 11 Sep 2022GH₵24.9bGH₵38.9bGH₵5.6b4.6x4.4x0.6x
Tue, 09 Aug 2022GH₵23.6bGH₵38.3bGH₵5.4b4.4x4.4x0.6x
Thu, 07 Jul 2022GH₵25.2bGH₵33.6bGH₵5.2b4.9x4.8x0.8x
Sat, 04 Jun 2022GH₵25.2bGH₵33.4bGH₵5.3b4.9x4.8x0.8x
Mon, 02 May 2022GH₵26.6bGH₵31.8bGH₵5.2b5.5x5.1x0.8x
Wed, 30 Mar 2022GH₵27.3bGH₵30.4bGH₵4.9b6.3x5.5x0.9x
Price to Earnings Ratio

5.5x


Total Market Cap: GH₵27.3bTotal Earnings: GH₵4.9bTotal Revenue: GH₵30.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Ghanaian Market Price to Earnings3Y Average 6.6x202320242025
Current Market PE
  • Investors are relatively neutral on the Ghanaian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 6.6x.
Past Earnings Growth
  • The earnings for Ghanaian listed companies have grown 28% per year over the last three years.
  • Revenues for these companies have grown 30% 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 Market1.04%
Tech25.00%
Energy7.92%
Financials2.05%
Telecom0.32%
Consumer Staples0.04%
Materials0%0
Industrials0%0
Consumer Discretionary0%0
Healthcare0%0
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading close to its 3-year average PE ratio of 13.3x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted GrowthThere is insufficient data in this market to determine future earnings growth rates.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
TOTAL TotalEnergies Marketing GhanaGH₵24.0810.0%
+GH₵243.9m
153.5%PE9.4xEnergy
MTNGH ScancomGH₵3.170.3%
+GH₵132.4m
92.1%PE8.3xTelecom
EGH Ecobank GhanaGH₵6.614.1%
+GH₵83.9m
8.4%PB0.5xFinancials
RBGH Republic Bank (Ghana)GH₵0.6610.0%
+GH₵51.1m
37.5%PB0.5xFinancials
ACCESS Access Bank (Ghana)GH₵8.263.3%
+GH₵45.2m
104.0%PB0.7xFinancials
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Latest News

MTNGH

GH₵3.17

Scancom

7D

0.3%

1Y

92.1%

SOGEGH

GH₵1.60

Societe Generale Ghana

7D

1.3%

1Y

1.9%

GCB

GH₵6.71

GCB Bank

7D

1.8%

1Y

95.6%

RBGH

GH₵0.66

Republic Bank (Ghana)

7D

10.0%

1Y

37.5%

TOTAL

GH₵24.08

TotalEnergies Marketing Ghana

7D

10.0%

1Y

153.5%

EGH

GH₵6.61

Ecobank Ghana

7D

4.1%

1Y

8.4%

EGL

GH₵2.47

Enterprise Group

7D

9.8%

1Y

3.3%