An Analysis of the Ghana Stock Exchange’s 2023 Performance

As we bid farewell to 2023, it’s imperative for investors to reflect on the Ghana Stock Exchange (GSE). The market, influenced by a myriad of factors, showcased a spectrum of performances among listed companies. In this article, we delve into the highs, lows, and noteworthy aspects of some key players in the GSE.

Top Performers:

  1. Benso Oil Palm Plantation Ltd: Impressive full-year return of 187.6%.
  2. Total Petroleum Ghana Ltd: Consistent at 125.0% for the full year.

Stable Performers:

  1. Unilever Ghana Limited: No change in December, but a decent full-year return of 109.0%.
  2. Guinness Ghana Breweries Ltd.: No change in December, but a respectable full-year return of 65.9%.
  3. MTN Ghana Ltd: Maintaining a steady performance with a full-year return of 59.1%.


  1. Ecobank Ghana Ltd: A significant dip with -21.4% in December and a challenging full-year return of -17.2%.
  2. Republic Bank: A negative December return of -4.0% contributing to an overall decline of -11.1% for the year.
  3. Ghana Oil Company Limited: A positive December return of 3.4%, but still ending the year with a notable decline of -12.8%.
  4. Standard Chartered Bank Ghana Ltd.: No change in December, but finishing the year with a decrease of -12.9%.


  1. Intravenous Infusions (IIL): A high December return of 25.0%, contributing to a 25.0% full-year return.
  2. Fan Milk Limited: A decent December return of 7.6%, ending the year with an 8.3% return.


  1. Ecobank Transnational Incorporation: No change in December, but watch for any shifts in the coming months.


  1. CAL Bank Limited: A decline of -5.9% in December and a significant drop of -26.2% for the full year.
  2. Enterprise Group Limited: A slight decrease of -0.8% in December, but a considerable decline of -25.3% for the full year.

It’s crucial to keep an eye on the market trends and factors influencing these performances for informed investment decisions.

EquityShare Price (GH¢)December ReturnsFull Year Returns
Benso Oil Palm Plantation Ltd2210.4%187.6%
Total Petroleum Ghana Ltd90.0%125.0%
Unilever Ghana Limited8.110.0%109.0%
Guinness Ghana Breweries Ltd.3.40.0%65.9%
MTN Ghana Ltd1.40.0%59.1%
Societe Generale Ghana Limited1.570.0%57.0%
Intravenous Infusions (IIL)0.0525.0%25.0%
Fan Milk Limited3.257.6%8.3%
Trust Bank Limited (THE GAMBIA)0.820.0%2.5%
NewGold Issuer Limited218.50.0%0.3%
Asante Gold Corp8.890.0%0.2%
AngloGold Ashanti Limited0.410.0%0.0%
Agricultural Development Bank5.060.0%0.0%
AngloGold Ashanti Limited370.0%0.0%
Aluworks LTD0.10.0%0.0%
Clydestone (Ghana) Limited0.030.0%0.0%
Camelot Ghana Ltd0.10.0%0.0%
Cocoa Processing Company0.020.0%0.0%
Ecobank Transnational Incorporation0.150.0%0.0%
HORDS LTD0.10.0%0.0%
Mega African Capital Limited5.380.0%0.0%
Meridian-Marshalls Holdings0.110.0%0.0%
Produce Buying Company Ltd.0.020.0%0.0%
Samba Foods Ltd0.550.0%0.0%
Standard Chartered Bank Ghana Ltd – Preference Shares0.90.0%0.0%
Tullow Oil Plc11.920.0%0.0%
Republic Bank0.48-4.0%-11.1%
Ghana Oil Company Limited1.53.4%-12.8%
Standard Chartered Bank Ghana Ltd.17.550.0%-12.9%
Ghana Commercial Bank Limited3.4-2.9%-13.7%
Access Bank Ghana3.40.0%-15.2%
Ecobank Ghana Ltd5.5-21.4%-17.2%
SIC Insurance Company Limited0.240.0%-22.6%
Enterprise Group Limited2.39-0.8%-25.3%
CAL Bank Limited0.48-5.9%-26.2%

Top Performers Leading the Charge:

Benso Oil Palm Plantation Ltd: Emerging as a shining star, Benso Oil Palm Plantation stole the spotlight with an outstanding full-year return of 187.6%. This accomplishment is a testament to the company’s strategic initiatives and resilience in a challenging economic environment.


Total Petroleum Ghana Ltd: Another commendable player, Total Petroleum Ghana Ltd maintained a consistent trajectory with a solid full-year return of 125.0%. The company’s ability to navigate market fluctuations positions it as a reliable choice for investors seeking stability.

Steady Performers Weathering the Storm:

Unilever Ghana Limited: Although experiencing no change in December, Unilever Ghana Limited secured a noteworthy full-year return of 109.0%. The company’s robust performance signifies its resilience and strategic positioning in the market.

Guinness Ghana Breweries Ltd.: Holding its ground, Guinness Ghana Breweries reported no change in December but closed the year with a respectable return of 65.9%. The company’s ability to maintain positive momentum showcases its resilience in the face of market challenges.

MTN Ghana Ltd: Demonstrating stability, MTN Ghana Ltd recorded no change in December and closed the year with a reliable full-year return of 59.1%. The telecommunications giant remains a steady player in the market.

Challenges Faced by Some Underperformers:

Ecobank Ghana Ltd: Facing a challenging December with a dip of -21.4%, Ecobank Ghana Ltd concluded the year with a notable decline of -17.2%. Investors should closely monitor this trend and consider potential market dynamics impacting the banking sector.

Republic Bank: While experiencing a negative December return of -4.0%, Republic Bank faced an overall decline of -11.1% for the year. The company’s performance reflects the broader challenges within the banking sector.

Hidden Gems and Noteworthy Stories:

Intravenous Infusions (IIL): Surging ahead with a remarkable December return of 25.0%, Intravenous Infusions ended the year with an impressive 25.0% full-year return. This lesser-known player deserves attention for its robust performance.

Fan Milk Limited: Delivering a decent December return of 7.6%, Fan Milk Limited closed the year with an 8.3% return. The company’s resilience and strategic initiatives position it as a potential growth stock.

Cautionary Tales:

Ecobank Transnational Incorporation: Reporting no change in December, Ecobank Transnational Incorporation warrants attention. Investors should exercise caution and closely monitor the company’s performance in the coming months.

Challenges and Setbacks:

CAL Bank Limited and Enterprise Group Limited: CAL Bank Limited faced a decline of -5.9% in December, contributing to a significant drop of -26.2% for the full year. Similarly, Enterprise Group Limited reported a slight decrease of -0.8% in December, concluding the year with a substantial decline of -25.3%.

Conclusion and Investment Insights:

As investors navigate the complex world of the GSE, it is crucial to balance risk and reward. While some companies shine brightly, others face challenges that demand careful consideration. The key lies in staying informed, conducting thorough research, and keeping a watchful eye on market trends.

In the ever-evolving landscape of the stock market, informed decisions are paramount. Whether you are a seasoned investor or a newcomer, understanding the nuances of the GSE’s 2023 performance will undoubtedly guide you in making strategic investment choices for the year ahead.