Ghana’s stock market suffered a major setback this week, with investors losing about GHS12.5 billion as heavy selling pressure dragged down share prices across the Ghana Stock Exchange (GSE).

The sharp decline affected several major stocks, especially in the banking and telecommunications sectors, causing the market to record one of its weakest trading weeks this year.

At the close of trading on Friday, May 8, 2026, the total market capitalisation of the exchange had dropped to GHS268.91 billion from GHS281.36 billion recorded on Monday, May 4. This represents a decline of nearly 4.4% within five trading sessions.

The GSE Composite Index, which measures the overall performance of listed equities, also fell significantly. The index dropped by 546 points, representing a 3.6% decline, to close the week at 14,567.57 points.

The market recorded losses throughout the week. The index moved from 15,113.90 on Monday to 15,061.38 on Tuesday, before slipping further to 15,053.00 on Wednesday. Losses deepened on Thursday as the index closed at 14,887.92, eventually ending Friday at 14,567.57.

Despite the difficult week, the market still remains slightly positive for the year, recording a year-to-date gain of 0.66%. However, the exchange has lost about 2.5% over the past month.

MTN Ghana led the market decline after its share price dropped by GHS0.24 to close at GHS6.53, down from GHS6.77 at the start of the week. The telecommunications giant, officially known as Scancom PLC, remains one of the most influential stocks on the exchange due to its large market value.

Investor activity around MTN Ghana remained strong, with more than 2.47 million shares traded on Friday alone, generating about GHS16.2 million in value.

Ecobank Transnational Incorporated (ETI) recorded one of the steepest declines during the week. The banking stock fell by GHS0.17 on Friday to close at GHS1.60 from GHS1.77, representing a nearly 10% single-day loss.

The stock has now fallen more than 27% from its 2026 high of GHS2.82, reflecting growing pressure on the counter.

Cal Bank also extended its losses, declining by GHS0.07 to close at GHS0.81. Trading activity remained active, with over 364,000 shares exchanged during Friday’s session.

The bank’s stock has now dropped about 14% from its highest level this year, continuing a downward trend that began after its renounceable rights issue launched in late 2025.

Amid the broad market decline, a few stocks managed to record gains.

ZEN Petroleum Holdings emerged as one of the strongest performers after its share price jumped by GHS0.66 to close at GHS7.36, up from GHS6.70. The increase represented nearly a 10% gain for the day.

Fan Milk PLC also recorded strong growth, climbing by GHS1.26 to end trading at GHS13.93. The company’s stock has now risen close to 16% from its lowest point this year, signalling renewed investor confidence.

Meanwhile, Enterprise Group PLC and Guinness Ghana Breweries PLC both posted marginal declines of GHS0.01 each, closing at GHS10.64 and GHS14.96 respectively.

GCB Bank remained unchanged at GHS40.00, providing some stability in an otherwise volatile trading week.

On the Ghana Alternative Market (GAX), Hords PLC recorded unusually high trading activity, with nearly 399,000 shares traded at GHS0.10. Although the stock price remained unchanged, the high volume attracted attention because the counter typically records lower investor activity.

Market analysts say investor sentiment remains cautious as traders continue to react to profit-taking activities, economic uncertainty and pressure on key banking stocks. Many investors are now expected to closely monitor upcoming corporate earnings and economic indicators for signs of market recovery.