Ghanaian (GSE) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 23 Nov 2025	GH₵99.0b	GH₵74.9b	GH₵14.6b	6x	6.8x	1.3x
Tue, 21 Oct 2025	GH₵91.3b	GH₵73.6b	GH₵13.5b	6.1x	6.8x	1.2x
Thu, 18 Sep 2025	GH₵80.0b	GH₵73.1b	GH₵13.4b	6x	6x	1.1x
Sat, 16 Aug 2025	GH₵79.3b	GH₵72.1b	GH₵12.4b	6x	6.4x	1.1x
Mon, 14 Jul 2025	GH₵66.8b	GH₵70.1b	GH₵11.5b	5.3x	5.8x	1x
Wed, 11 Jun 2025	GH₵61.9b	GH₵70.1b	GH₵11.5b	4.6x	5.4x	0.9x
Fri, 09 May 2025	GH₵66.3b	GH₵69.3b	GH₵11.5b	4x	5.8x	1x
Sun, 06 Apr 2025	GH₵62.4b	GH₵66.5b	GH₵10.5b	3x	5.9x	0.9x
Tue, 04 Mar 2025	GH₵57.6b	GH₵65.2b	GH₵9.9b	3.7x	5.8x	0.9x
Thu, 30 Jan 2025	GH₵53.8b	GH₵63.2b	GH₵9.4b	3.9x	5.7x	0.9x
Sat, 28 Dec 2024	GH₵51.2b	GH₵63.4b	GH₵9.4b	3.7x	5.4x	0.8x
Mon, 25 Nov 2024	GH₵48.8b	GH₵63.1b	GH₵9.4b	3.5x	5.2x	0.8x
Wed, 23 Oct 2024	GH₵44.0b	GH₵60.0b	GH₵9.5b	3.5x	4.6x	0.7x
Fri, 20 Sep 2024	GH₵44.9b	GH₵59.7b	GH₵9.5b	3.4x	4.7x	0.8x
Sun, 18 Aug 2024	GH₵44.9b	GH₵59.5b	GH₵9.5b	4.9x	4.7x	0.8x
Tue, 16 Jul 2024	GH₵41.0b	GH₵59.4b	GH₵9.1b	5.4x	4.5x	0.7x
Thu, 13 Jun 2024	GH₵39.3b	GH₵59.8b	GH₵8.7b	3.2x	4.5x	0.7x
Sat, 11 May 2024	GH₵37.9b	GH₵59.7b	GH₵8.7b	3.4x	4.4x	0.6x
Mon, 08 Apr 2024	GH₵35.8b	GH₵58.6b	GH₵7.9b	3.1x	4.5x	0.6x
Wed, 06 Mar 2024	GH₵34.1b	GH₵51.5b	GH₵3.7b	6.3x	9.3x	0.7x
Fri, 02 Feb 2024	GH₵31.6b	GH₵53.0b	GH₵3.2b	5.2x	9.9x	0.6x
Sun, 31 Dec 2023	GH₵31.2b	GH₵52.6b	GH₵3.2b	5.2x	9.8x	0.6x
Tue, 28 Nov 2023	GH₵31.9b	GH₵52.6b	GH₵3.2b	5x	10.1x	0.6x
Thu, 26 Oct 2023	GH₵31.2b	GH₵50.6b	GH₵2.2b	5.5x	14.2x	0.6x
Sat, 23 Sep 2023	GH₵31.5b	GH₵50.2b	GH₵2.4b	5.5x	13.4x	0.6x
Mon, 21 Aug 2023	GH₵30.2b	GH₵49.7b	GH₵2.3b	4.4x	13x	0.6x
Wed, 19 Jul 2023	GH₵28.2b	GH₵48.6b	GH₵2.1b	5x	13.6x	0.6x
Fri, 16 Jun 2023	GH₵26.0b	GH₵48.9b	GH₵2.0b	5.1x	12.7x	0.5x
Sun, 14 May 2023	GH₵26.8b	GH₵48.7b	GH₵5.0b	5x	5.3x	0.6x
Tue, 11 Apr 2023	GH₵27.5b	GH₵48.5b	GH₵6.0b	5.2x	4.6x	0.6x
Thu, 09 Mar 2023	GH₵23.7b	GH₵48.5b	GH₵6.0b	4.9x	4x	0.5x
Sat, 04 Feb 2023	GH₵23.1b	GH₵43.3b	GH₵5.8b	4.6x	4x	0.5x
Mon, 02 Jan 2023	GH₵24.2b	GH₵43.2b	GH₵5.8b	4.8x	4.2x	0.6x
Wed, 30 Nov 2022	GH₵24.4b	GH₵42.8b	GH₵5.6b	4.4x	4.3x	0.6x

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 37% per year over the last three years.
Revenues for these companies have grown 21% 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	1.37%
Tech	9.52%
Financials	4.19%
Energy	0.81%
Materials	0%	0
Industrials	0%	0
Consumer Discretionary	0%	0
Consumer Staples	0%	0
Healthcare	0%	0
Telecom	0%	0

Sector PE

Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 7.1x.

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 Financials sector, expecting annual earnings growth of 22% 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 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₵19.02	19.1% +GH₵983.8m	192.6%	PB0.9x	Financials
GCB GCB Bank	GH₵19.00	5.6% +GH₵265.0m	201.6%	PB0.9x	Financials
GOIL GOIL	GH₵2.75	5.4% +GH₵54.9m	80.9%	PE9.9x	Energy
CAL CalBank	GH₵0.36	5.9% +GH₵21.7m	5.9%	PB0.8x	Financials
CPC Cocoa Processing	GH₵0.05	25.0% +GH₵20.4m	150.0%	PS0.4x	Consumer Staples