Ghana Stock Market Report: September Performance Highlights

According to Ceditalk, As at the last day of trading in September, stocks were up 29.81% with Fan Milk, Guinness and Societe Generale leading the way this month. Financial stocks are now down only single digits this year at 7.91% after being down by as much as 18% in May this year. See how all stocks performed below.

EquityShare Price (GH¢)September ReturnsFull Year Returns
Fan Milk Limited3118.12%0.33%
Guinness Ghana Breweries Ltd.2.0534.92%65.85%
Societe Generale Ghana Limited131.67%58.00%
Unilever Ghana Limited3.8818.08%108.76%
Standard Chartered Bank Ghana Ltd.20.1617.00%-3.37%
Ecobank Ghana Ltd6.6410.26%-35.24%
Benso Oil Palm Plantation Ltd7.659.98%143.53%
Access Bank Ghana4.019.93%-22.69%
Asante Gold Corp8.870.11%0.11%
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%
Clydestone (Ghana) Limited0.030.00%0.00%
Camelot Ghana Ltd0.10.00%0.00%
Cocoa Processing Company0.020.00%0.00%
Enterprise Group Limited3.20.00%-24.69%
Ecobank Transnational Incorporation0.150.00%0.00%
Ghana Commercial Bank Limited3.940.00%-11.17%
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%
SIC Insurance Company Limited0.310.00%-22.58%
Trust Bank Limited (THE GAMBIA)0.80.00%2.50%
Tullow Oil Plc11.920.00%0.00%
Total Petroleum Ghana Ltd40.00%125.00%
MTN Ghana Ltd0.88-2.03%64.77%
NewGold Issuer Limited217.8-2.69%-2.20%
Ghana Oil Company Limited1.72-3.18%-11.63%
CAL Bank Limited0.65-14.75%-20.00%
Read Also: Ghana Stock Market Report: September Performance Highlights

In a dynamic month for the Ghana Stock Exchange, various equities experienced fluctuations, with some registering significant gains while others faced notable declines. Here’s a snapshot of the performance of selected stocks in September and their overall returns for the year:

Table of Contents


Top Performers

  1. Fan Milk Limited
  • Share Price (GH¢): 3
  • September Returns: 118.12%
  • Full Year Returns: 0.33%
  1. Guinness Ghana Breweries Ltd.
  • Share Price (GH¢): 2.05
  • September Returns: 34.92%
  • Full Year Returns: 65.85%
  1. Societe Generale Ghana Limited
  • Share Price (GH¢): 1
  • September Returns: 31.67%
  • Full Year Returns: 58.00%
  1. Unilever Ghana Limited
  • Share Price (GH¢): 3.88
  • September Returns: 18.08%
  • Full Year Returns: 108.76%
  1. Benso Oil Palm Plantation Ltd
  • Share Price (GH¢): 7.65
  • September Returns: 9.98%
  • Full Year Returns: 143.53%

Noteworthy Movers

  1. Standard Chartered Bank Ghana Ltd.
  • Share Price (GH¢): 20.16
  • September Returns: 17.00%
  • Full Year Returns: -3.37%
  1. Ecobank Ghana Ltd
  • Share Price (GH¢): 6.64
  • September Returns: 10.26%
  • Full Year Returns: -35.24%
  1. Access Bank Ghana
  • Share Price (GH¢): 4.01
  • September Returns: 9.93%
  • Full Year Returns: -22.69%
  1. MTN Ghana Ltd
  • Share Price (GH¢): 0.88
  • September Returns: -2.03%
  • Full Year Returns: 64.77%
  1. CAL Bank Limited
  • Share Price (GH¢): 0.65
  • September Returns: -14.75%
  • Full Year Returns: -20.00%


  • Star Performers: Companies like Fan Milk Limited and Unilever Ghana Limited showcased impressive performances, indicating robust investor confidence.
  • Banking Sector: While some banks, such as Access Bank Ghana, experienced positive returns, others like Standard Chartered Bank Ghana Ltd. and SIC Insurance Company Limited faced challenges.
  • Telecom Sector: MTN Ghana Ltd encountered a slight dip in September but maintained a solid full-year performance.

As investors navigate the ever-changing landscape of the stock market, the September reports provide valuable insights into the diverse trajectories of various equities.