The Ghana Stock Exchange (GSE) closed last week bearish as overall market capitalization dropped by GH¢1.2 billion, despite strong midweek trading driven by MTN Ghana, GOIL, and GCB Bank.
The GSE Composite Index (GSE-CI) slipped 0.93%, falling from 7,416.03 points on Monday to 7,346.69 points by Friday. Market capitalization dipped from GH¢151.12 billion to GH¢149.90 billion, reflecting heavy sell-offs in financials and the GLD exchange-traded fund, which overshadowed gains in major telecom and energy counters.
Market Performance and Weekly Trend
Trading was volatile, marked by two distinct phases: a quiet start, then a surge in midweek volumes. Wednesday’s sell-off dragged the index down by 112 points, erasing nearly GH¢1.6 billion in market value. A Thursday rebound, led by bargain-hunting in MTN and GOIL, partially offset the losses but failed to fully recover momentum.
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Volume, Value, and Indices
Thursday was the busiest session, with 8 million shares worth GH¢31.22 million traded—over 99% of which came from MTN Ghana. In contrast, Monday saw just 421,632 shares worth GH¢1.07 million.
By week’s end, more than 13 million shares had changed hands, with total turnover exceeding GH¢47 million. Despite this liquidity, selling pressure in banking stocks and GLD dragged the market lower.
Price Movements and Market Movers
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Gainers:
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MTN Ghana surged 28.8%, from GH¢3.02 to GH¢3.89.
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GOIL climbed steadily to close at GH¢2.26.
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GCB Bank rebounded on Friday, adding 24 pesewas to GH¢9.85.
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Enterprise Group, BOPP, and Clydestone also posted modest gains.
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Losers:
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Ecobank Transnational (ETI) slipped 2.5% to GH¢0.78.
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CAL Bank fell 2%, while Republic Bank (RBGH) edged down to GH¢1.09.
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The GLD ETF tracked weak global gold prices, dropping 2.1% to GH¢379.00.
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Takeaways
The week highlighted a split market—buoyant trading from big-cap stocks like MTN and GOIL clashed with losses in banking and gold-linked assets. The bearish close despite heavy liquidity underscored investor caution and the vulnerability of the GSE index to sectoral drag.
While pockets of resilience remain, particularly in telecom and energy, the overall market continues to wrestle with financial sector headwinds and global commodity pressures.
Last Updated on March 9, 2026 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.
