Ghanaian Stocks’ Performance in August 2023

In the month of August, we observed a concerted effort by certain financial stocks, such as Societe Generale, Standard Chartered, GCB Bank, and SIC, to counteract the prevailing negative returns that have cast a shadow over the equity sector this year. This collective endeavour resulted in a noteworthy reduction in losses for the GSE Financial Index for the year, narrowing it down from -16.44% at the end of July to a more optimistic -14.44%.

It’s worth noting that stocks, in general, have emerged as a shining beacon amidst the economic challenges of this year, delivering a commendable year-to-date return of 26.22%. To gain a comprehensive perspective on the stock market’s performance in August and throughout the year, take a glance at the table below.

EquityShare Price (GH¢)August ReturnsFull Year Returns
Societe Generale Ghana Limited1.264.38%20.00%
Total Petroleum Ghana Ltd932.35%125.00%
Standard Chartered Bank Ghana Ltd.16.6523.33%-17.41%
Benso Oil Palm Plantation Ltd16.9421.00%121.44%
SIC Insurance Company Limited0.2420.00%-22.58%
Unilever Ghana Limited6.869.94%76.80%
Ghana Commercial Bank Limited3.56.06%-11.17%
Fan Milk Limited1.384.55%-54.00%
MTN Ghana Ltd1.483.50%68.18%
AngloGold Ashanti Limited0.410.00%0.00%
Agricultural Development Bank5.060.00%0.00%
AngloGold Ashanti Limited370.00%0.00%
Aluworks LTD0.10.00%0.00%
Asante Gold Corp8.870.00%0.00%
Clydestone (Ghana) Limited0.030.00%0.00%
Camelot Ghana Ltd0.10.00%0.00%
Cocoa Processing Company0.020.00%0.00%
Enterprise Group Limited2.410.00%-24.69%
Ecobank Transnational Incorporation0.150.00%0.00%
NewGold Issuer Limited218.90.00%0.51%
HORDS LTD0.10.00%0.00%
Intravenous Infusions (IIL)0.040.00%0.00%
Mega African Capital Limited5.380.00%0.00%
Meridian-Marshalls Holdings0.110.00%0.00%
Produce Buying Company Ltd.0.020.00%0.00%
Pesewa One PLC0.680.00%0.00%
Republic Bank0.540.00%0.00%
Samba Foods Ltd0.550.00%0.00%
Standard Chartered Bank Ghana Ltd – Preference Shares0.90.00%0.00%
Trust Bank Limited (THE GAMBIA)0.820.00%2.50%
Tullow Oil Plc11.920.00%0.00%
CAL Bank Limited0.61-4.69%-6.15%
Ghana Oil Company Limited1.57-4.85%-8.72%
Guinness Ghana Breweries Ltd.2.52-10.00%22.93%
Access Bank Ghana2.82-14.02%-29.68%
Ecobank Ghana Ltd3.9-27.78%-41.27%

Best performing stocks on the Ghana Stock Exchange as at August 2023:


Total +125% Benso Oil Palm +121% Unilever +77% MTN +68% Guinness Ghana +23%

Worst performers: SIC -23% Enterprise -25% Access Bank -30% Ecobank -41% Fanmilk -54%

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