The Ghana Stock Exchange (GSE) has emerged as Africa’s best-performing stock market in local currency terms among 14 exchanges tracked as of the end of August 2026.

The GSE delivered an impressive 71.27% return in local currency terms, putting Ghana ahead of other major African stock markets.

In US dollar terms, however, the Accra Bourse ranked second behind Nigeria, with the GSE returning 59.09% to investors.

Nigeria recorded a remarkable 153% return in dollar terms as of August 31, 2026, while delivering 53.38% in local currency terms.

What Is Driving Ghana’s Stock Market Rally?

The strong performance of the Ghanaian market has been supported by easing inflation and continued investor interest in listed companies.

However, the Ghana cedi has experienced some pressure during the period, depreciating by about 7% against the US dollar.

The GSE had already recorded strong gains by the end of July 2026. The GSE Composite Index returned 75.99%, while the GSE Financial Stock Index gained 77.27%.

Trading activity also increased significantly. According to the Ghana Stock Exchange, the market recorded 140,323 transactions, representing a 456.44% increase compared with the same period last year.

Stocks Driving the Market

A total of 23 stocks recorded price gains in July 2026, with some companies delivering particularly strong performances.

Intravenous Infusions PLC led the rally with a 367% gain, followed by Hords PLC at 255% and Clydestone (Ghana) PLC at 61%.

Other gainers included Cocoa Processing Company PLC at 31%, Ecobank Ghana PLC at 16%, Scancom PLC at 11%, Standard Chartered Bank Preference Shares at 10%, and Tullow Oil PLC at 10%.

GCB Bank PLC gained 8%, while Dannex Ayrton Starwin PLC rose 7%. Kasapreko PLC and Ghana Oil Company PLC both advanced 6%.

CalBank PLC and TotalEnergies Marketing Ghana PLC each recorded gains of 1%.

The figures highlight the strength of Ghana’s equity market in 2026, with several stocks recording significant gains and increased trading activity helping to keep the GSE among Africa’s strongest-performing exchanges.