Accra, Ghana — Foreign investors’ debt holdings dropped to GH₵13.4 billion by the end of December 2024, down from GH₵17.5 billion at the end of December 2023.
On the other hand, the value of foreign investors’ equity holdings rose to GH₵33.6 billion by the end of December 2024, compared to GH₵20.9 billion at the end of December 2023..
This highlighted the stock market’s better performance. The 2024 Financial Stability Review indicates that foreign investors are likely to increase their involvement in the debt market by 2025, thanks to steady macroeconomic recovery and promising economic conditions.
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In 2024, the activity of foreign investors in the capital market was quite mixed.
Whilst the value of equity security holdings by foreign investors increased, the value of their debt security holdings decreased during the period under review.
Stock Market Concentrated on Few Stocks
The stock market activities appeared concentrated on a few stocks, making it vulnerable to swings in these equities.
The report states that the access dimension reflects market concentration, which is assessed using the Herfindahl-Hirschman Index (HHI), the market capitalisation share of the top ten firms, and the trading volume share of the top ten firms..
At the end of December 2024, the index for the access dimension remained unchanged at 0.39.
Stability Dimension Index Improves
Meanwhile, the stability dimension of the stock market improved in 2024.
At the end of December 2024, the index for the stability dimension increased to 0.39 from 0.23 at the end of December 2023.
The stability index improved due to a drop in the percentage of shares with negative returns, decreasing from 33.3% at the end of December 2023 to 12.9% at the end of December 2024.
Last Updated on August 18, 2025 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
