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Ghanaian (GSE) Market Analysis & Valuation
UpdatedDec 06, 2025
DataAggregated Company Financials
Companies24
- 7D0.2%
- 3M21.4%
- 1Y79.1%
- YTD73.0%
The market has been flat over the last week. More promisingly, the market is up 79% over the past year. Looking forward, earnings are forecast to grow by 24% 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 |
|---|---|---|---|---|---|---|
| Sat, 06 Dec 2025 | GH₵101.0b | GH₵74.9b | GH₵14.6b | 6x | 6.9x | 1.3x |
| Mon, 03 Nov 2025 | GH₵90.0b | GH₵75.7b | GH₵14.6b | 6x | 6.2x | 1.2x |
| Wed, 01 Oct 2025 | GH₵88.0b | GH₵73.1b | GH₵13.4b | 5.9x | 6.6x | 1.2x |
| Fri, 29 Aug 2025 | GH₵78.7b | GH₵73.0b | GH₵13.3b | 6.2x | 5.9x | 1.1x |
| Sun, 27 Jul 2025 | GH₵70.1b | GH₵70.2b | GH₵11.6b | 5.3x | 6x | 1x |
| Tue, 24 Jun 2025 | GH₵64.6b | GH₵70.1b | GH₵11.5b | 4.9x | 5.6x | 0.9x |
| Thu, 22 May 2025 | GH₵67.6b | GH₵69.5b | GH₵11.5b | 4x | 5.9x | 1x |
| Sat, 19 Apr 2025 | GH₵61.5b | GH₵66.6b | GH₵10.5b | 3x | 5.8x | 0.9x |
| Mon, 17 Mar 2025 | GH₵62.7b | GH₵67.0b | GH₵10.2b | 3.8x | 6.1x | 0.9x |
| Wed, 12 Feb 2025 | GH₵54.7b | GH₵63.8b | GH₵9.4b | 3.8x | 5.8x | 0.9x |
| Fri, 10 Jan 2025 | GH₵51.3b | GH₵63.4b | GH₵9.4b | 3.7x | 5.4x | 0.8x |
| Sun, 08 Dec 2024 | GH₵49.3b | GH₵63.4b | GH₵9.4b | 3.5x | 5.2x | 0.8x |
| Tue, 05 Nov 2024 | GH₵47.6b | GH₵62.9b | GH₵9.4b | 3.7x | 5.1x | 0.8x |
| Thu, 03 Oct 2024 | GH₵44.1b | GH₵59.7b | GH₵9.5b | 3.5x | 4.6x | 0.7x |
| Sat, 31 Aug 2024 | GH₵44.1b | GH₵59.7b | GH₵9.5b | 3.2x | 4.6x | 0.7x |
| Mon, 29 Jul 2024 | GH₵45.4b | GH₵59.2b | GH₵9.0b | 7x | 5x | 0.8x |
| Wed, 26 Jun 2024 | GH₵39.6b | GH₵59.9b | GH₵8.7b | 3.3x | 4.6x | 0.7x |
| Fri, 24 May 2024 | GH₵39.0b | GH₵59.7b | GH₵8.7b | 3.2x | 4.5x | 0.7x |
| Sun, 21 Apr 2024 | GH₵36.4b | GH₵58.6b | GH₵7.9b | 3.1x | 4.6x | 0.6x |
| Tue, 19 Mar 2024 | GH₵34.7b | GH₵53.6b | GH₵5.2b | 5.7x | 6.7x | 0.6x |
| Thu, 15 Feb 2024 | GH₵31.5b | GH₵52.8b | GH₵3.3b | 5.7x | 9.6x | 0.6x |
| Sat, 13 Jan 2024 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5.2x | 9.8x | 0.6x |
| Mon, 11 Dec 2023 | GH₵31.2b | GH₵52.6b | GH₵3.2b | 5x | 9.8x | 0.6x |
| Wed, 08 Nov 2023 | GH₵31.4b | GH₵51.5b | GH₵2.5b | 5x | 12.4x | 0.6x |
| Fri, 06 Oct 2023 | GH₵31.7b | GH₵50.6b | GH₵2.2b | 5.5x | 14.4x | 0.6x |
| Sun, 03 Sep 2023 | GH₵30.1b | GH₵49.7b | GH₵2.3b | 5.4x | 13x | 0.6x |
| Tue, 01 Aug 2023 | GH₵29.3b | GH₵48.8b | GH₵2.1b | 4.4x | 13.8x | 0.6x |
| Thu, 29 Jun 2023 | GH₵27.6b | GH₵49.0b | GH₵2.0b | 5.6x | 13.6x | 0.6x |
| Sat, 27 May 2023 | GH₵24.7b | GH₵52.3b | GH₵5.1b | 4.7x | 4.9x | 0.5x |
| Mon, 24 Apr 2023 | GH₵27.3b | GH₵48.3b | GH₵5.9b | 5x | 4.6x | 0.6x |
| Wed, 22 Mar 2023 | GH₵27.0b | GH₵48.5b | GH₵6.0b | 5.1x | 4.5x | 0.6x |
| Fri, 17 Feb 2023 | GH₵23.8b | GH₵43.4b | GH₵5.8b | 4.7x | 4.1x | 0.5x |
| Sun, 15 Jan 2023 | GH₵24.1b | GH₵43.3b | GH₵5.8b | 4.6x | 4.1x | 0.6x |
| Tue, 13 Dec 2022 | GH₵24.3b | GH₵43.3b | GH₵5.9b | 5.2x | 4.2x | 0.6x |
Price to Earnings Ratio
4.2x
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 6.9x.
Past Earnings Growth
- The earnings for Ghanaian listed companies have grown 36% 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 | 0.23% | |
| Financials | 1.08% | |
| Energy | 0.06% | |
| Materials | 0% | 0 |
| Industrials | 0% | 0 |
| Consumer Discretionary | 0% | 0 |
| Consumer Staples | 0% | 0 |
| Healthcare | 0% | 0 |
| Tech | 0% | 0 |
| Telecom | -0.24% | |
Sector PE
- Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 7.2x.
- Analysts are expecting annual earnings growth of 2.7%, which is lower than the prior year's growth of 96.5% per year.
Forecasted Growth
- Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 28% over the next 5 years.
- However this is lower than its past earnings growth rate of 36% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 14% 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 | |
|---|---|---|---|---|---|---|
| EGH Ecobank Ghana | GH₵24.02 | 4.4% +GH₵329.0m | 269.5% | PB1.2x | Financials | |
| CAL CalBank | GH₵0.43 | 7.5% +GH₵32.5m | 26.5% | PB0.9x | Financials | |
| GOIL GOIL | GH₵2.85 | 0.7% +GH₵7.8m | 87.5% | PE10.3x | Energy |
