GSE Nears GH¢300bn Milestone as MTN Powers Equities Rally Despite Liquidity Slump

Ghana’s equity market edged closer to a landmark valuation this week, with the Ghana Stock Exchange (GSE) adding GH¢4.49 billion in market value as strong gains in heavyweight stocks pushed the benchmark index to fresh highs, even as trading activity weakened sharply.

The exchange’s total market capitalisation climbed 1.56% to GH¢292.06 billion in the week ending July 24, leaving the bourse within striking distance of the GH¢300 billion threshold. The GSE Composite Index advanced 2.63% to 15,330.57 points, lifting its year-to-date return to an impressive 74.80%, while the Financial Stocks Index inched up 0.19%, extending its annual gain to 78.20%.

The rally, however, masked a significant deterioration in market liquidity. Total trading volumes plunged 61.92% to 11.51 million shares, while the value of transactions tumbled 87.02% to GH¢48.12 million, highlighting a market driven by price appreciation rather than broad-based investor participation.

The week’s performance was overwhelmingly anchored by MTN Ghana, which dominated trading after recording GH¢30 million worth of transactions—more than 62% of total market turnover. The telecom giant gained 6.54% to close at GH¢7.00, reinforcing its position as the exchange’s most influential stock.

The ICT sector emerged as the market’s clear leader, accounting for nearly 40% of traded volumes and almost 64% of turnover, underlining investors’ continued preference for technology-related counters.

Beyond MTN Ghana, trading activity remained concentrated in a handful of stocks. Kasapreko, GCB Bank, Ecobank Ghana and CAL Bank collectively accounted for more than 86% of the week’s total market value traded, suggesting institutional investors continued to rotate capital into a narrow group of liquid counters.

Among price movers, Intravenous Infusions delivered the strongest weekly performance, surging 57.14%, while Hords, Clydestone, Tullow Oil and Dannex Ayrton Starwin also posted robust gains. On the downside, Atlantic Lithium led decliners after falling 17.26%, followed by ZEN Petroleum Holdings and ETI.

The contrasting picture of rising valuations and shrinking turnover suggests Ghana’s equity rally remains fundamentally intact but increasingly dependent on a limited number of market leaders. While investor confidence continues to support higher share prices, broader market participation has yet to match the pace of the advance.

With the GSE now within touching distance of a GH¢300 billion market capitalisation, attention will shift to whether liquidity can recover and whether gains broaden beyond dominant large-cap stocks. Sustained participation across a wider range of sectors will be critical if the market is to maintain its exceptional momentum through the second half of 2026.