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
Tue, 03 Feb 2026	GH₵110.3b	GH₵76.2b	GH₵14.9b	6.4x	7.4x	1.4x
Thu, 01 Jan 2026	GH₵105.1b	GH₵74.9b	GH₵14.6b	6.1x	7.2x	1.4x
Sat, 29 Nov 2025	GH₵100.5b	GH₵74.9b	GH₵14.6b	6x	6.9x	1.3x
Mon, 27 Oct 2025	GH₵89.7b	GH₵74.1b	GH₵13.8b	6.1x	6.5x	1.2x
Wed, 24 Sep 2025	GH₵83.6b	GH₵73.1b	GH₵13.4b	6x	6.3x	1.1x
Fri, 22 Aug 2025	GH₵78.2b	GH₵72.1b	GH₵12.4b	6x	6.3x	1.1x
Sun, 20 Jul 2025	GH₵66.5b	GH₵70.1b	GH₵11.6b	5.3x	5.7x	0.9x
Tue, 17 Jun 2025	GH₵63.6b	GH₵70.1b	GH₵11.5b	4.6x	5.5x	0.9x
Thu, 15 May 2025	GH₵66.8b	GH₵69.3b	GH₵11.5b	4x	5.8x	1x
Sat, 12 Apr 2025	GH₵62.4b	GH₵66.5b	GH₵10.5b	3x	5.9x	0.9x
Mon, 10 Mar 2025	GH₵62.4b	GH₵66.8b	GH₵10.1b	3.8x	6.2x	0.9x
Wed, 05 Feb 2025	GH₵54.5b	GH₵63.8b	GH₵9.4b	3.9x	5.8x	0.9x
Fri, 03 Jan 2025	GH₵51.2b	GH₵63.4b	GH₵9.4b	3.7x	5.4x	0.8x
Sun, 01 Dec 2024	GH₵48.9b	GH₵63.2b	GH₵9.4b	3.5x	5.2x	0.8x
Tue, 29 Oct 2024	GH₵45.7b	GH₵60.6b	GH₵8.8b	3.6x	5.2x	0.8x
Thu, 26 Sep 2024	GH₵44.5b	GH₵59.7b	GH₵9.5b	3.5x	4.7x	0.7x
Sat, 24 Aug 2024	GH₵44.1b	GH₵59.7b	GH₵9.5b	3.2x	4.6x	0.7x
Mon, 22 Jul 2024	GH₵43.6b	GH₵59.4b	GH₵9.1b	5.4x	4.8x	0.7x
Wed, 19 Jun 2024	GH₵39.3b	GH₵59.8b	GH₵8.7b	3.2x	4.5x	0.7x
Fri, 17 May 2024	GH₵39.0b	GH₵59.7b	GH₵8.7b	3.4x	4.5x	0.7x
Sun, 14 Apr 2024	GH₵35.7b	GH₵58.6b	GH₵7.9b	3.1x	4.5x	0.6x
Tue, 12 Mar 2024	GH₵34.6b	GH₵51.5b	GH₵3.7b	6.3x	9.4x	0.7x
Thu, 08 Feb 2024	GH₵31.5b	GH₵52.8b	GH₵3.3b	5.5x	9.6x	0.6x
Sat, 06 Jan 2024	GH₵31.2b	GH₵52.6b	GH₵3.2b	5.2x	9.8x	0.6x
Mon, 04 Dec 2023	GH₵31.6b	GH₵52.6b	GH₵3.2b	5x	10x	0.6x
Wed, 01 Nov 2023	GH₵31.1b	GH₵50.6b	GH₵2.2b	5.5x	14.3x	0.6x
Fri, 29 Sep 2023	GH₵31.5b	GH₵50.6b	GH₵2.2b	5.5x	14.3x	0.6x
Sun, 27 Aug 2023	GH₵30.3b	GH₵49.7b	GH₵2.3b	4.4x	13.1x	0.6x
Tue, 25 Jul 2023	GH₵28.3b	GH₵48.7b	GH₵2.1b	4.3x	13.6x	0.6x
Thu, 22 Jun 2023	GH₵26.7b	GH₵48.9b	GH₵2.0b	5.2x	13.1x	0.5x
Sat, 20 May 2023	GH₵25.2b	GH₵48.7b	GH₵5.0b	4.9x	5x	0.5x
Mon, 17 Apr 2023	GH₵26.7b	GH₵48.5b	GH₵6.0b	4.9x	4.5x	0.6x
Wed, 15 Mar 2023	GH₵25.0b	GH₵48.5b	GH₵6.0b	4.9x	4.2x	0.5x
Fri, 10 Feb 2023	GH₵23.7b	GH₵43.4b	GH₵5.9b	4.8x	4.1x	0.5x

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 7.1x.

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	0.37%
Financials	0.79%
Consumer Staples	0.76%
Energy	0.36%
Materials	0%	0
Industrials	0%	0
Consumer Discretionary	0%	0
Healthcare	0%	0
Tech	0%	0
Telecom	0%	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 12.6x.

Analysts are expecting annual earnings decline of 14.5% which is lower than the prior year's growth of 49.0% 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
CAL CalBank	GH₵0.79	11.3% +GH₵334.9m	92.7%	PB6.7x	Financials
GCB GCB Bank	GH₵22.33	1.3% +GH₵74.2m	247.3%	PB1x	Financials
EGL Enterprise Group	GH₵3.85	9.1% +GH₵54.7m	87.8%	PE3x	Financials
BOPP Benso Oil Palm Plantation	GH₵64.00	2.3% +GH₵50.1m	153.4%	PE21.5x	Consumer Staples
GOIL GOIL	GH₵3.08	2.3% +GH₵27.4m	93.7%	PE11.1x	Energy