By Adnan Adams Mohammed
The Ghana Stock Exchange (GSE) has signaled a robust recovery for the new year, opening January 2026 with a flurry of activity that has left investors optimistic.
According to the latest monthly report, the equity market posted significant gains while the fixed income sector saw volumes more than double compared to the previous year.
Equity market: A surge in transactions
The GSE Composite Index (GSE-CI) set a positive tone for the year, delivering a 2.69% return for the month of January. Even more impressive was the performance of the Financial Stock Index, which outpaced the broader market with a 6.14% return, rewarding investors heavily weighted in the banking and insurance sectors.
Market liquidity saw a dramatic spike, with the number of transactions hitting 38,477. This represents a staggering 406.74% increase over January 2025, suggesting a renewed appetite for Ghanaian equities.
The Top Performers
Six firms led the charge into positive territory this month. Cal Bank PLC emerged as the standout performer, seeing its share price jump by double digits.
Company Monthly Gain (%)
CalBank PLC 15.71%
GCB Bank 1.36%
Enterprise Ghana PLC 0.28%
Ecobank Ghana PLC 0.14%
Benso Oil Palm Plantation (BOPP) 0.06%
Standard Chartered Bank Ghana 0.03%
Despite the overall bullish trend, some equities faced headwinds. New Gold saw the sharpest decline at -5.67%, followed by Societe Generale Ghana at -4.46% and Total Energies at -0.12%.
Fixed income market hits new heights
The Ghana Fixed Income Market (GFIM) reported even more explosive growth. The total traded volume reached 36.91 billion, a massive 118.45% increase from the 16.89 billion recorded in the same period last year.
The composition of these trades highlights a market heavily dominated by government securities:
Government Bonds: 60.91% of total volume
Treasury Bills: 37.75% of total volume
Corporate Bonds: 1.34% of total volume
The heavy tilting toward government bonds suggests that institutional investors are locking in yields as the 2026 fiscal year begins. With both the equity and debt markets showing high levels of engagement, the GSE appears well-positioned to maintain its momentum throughout the first quarter.
