Ghana Stock Exchange Report – January 2024: A Month in Review

The Ghana Stock Exchange (GSE) has kicked off the year 2024 on a positive note, showcasing resilience and growth in the market. In the first month alone, stocks as a whole have returned an encouraging 1.35%, with financial stocks contributing a solid 0.45%. Let’s delve into the highlights of individual stock performances for January 2024.

Top Performers:

1. Guinness Ghana Breweries Ltd. (GGBl):
Guinness Ghana Breweries Ltd. has set the pace for the year with an impressive 30.6% return. This strong performance indicates robust investor confidence and a positive outlook for the company.


2. Unilever Ghana Limited:
Unilever Ghana Limited follows closely with a noteworthy 9.7% return, underlining the company’s stability and attractiveness to investors.

3. NewGold Issuer Limited:
NewGold Issuer Limited has also delivered a 9.7% return, demonstrating the appeal of gold-related investments in the market.


4. Access Bank Ghana:
Access Bank Ghana has shown strength, recording an 8.8% return, reflecting the resilience of the financial sector.

5. Total Petroleum Ghana Ltd:
Total Petroleum Ghana Ltd rounds up the top performers with a commendable 5.6% return, contributing to the positive market sentiment.

Neutral Performers:

Several stocks, including industry giants like AngloGold Ashanti Limited and Agricultural Development Bank, experienced no change (0.0%) in their share prices for January. This neutral performance suggests a stable period for these companies without significant fluctuations.


1. Meridian-Marshalls Holdings:
Meridian-Marshalls Holdings faced a challenging month, witnessing a notable decrease of -9.1%. A deeper analysis is needed to understand the factors behind this decline and to strategize for recovery.

2. Benso Oil Palm Plantation Ltd:
Benso Oil Palm Plantation Ltd also reported a decrease, with a -2.1% return, emphasizing the need for a careful examination of market dynamics and potential corrective measures.

3. Standard Chartered Bank Ghana Ltd.:
Standard Chartered Bank Ghana Ltd. recorded a slight decrease with a -0.1% return. Although marginal, this highlights the importance of monitoring even small market fluctuations.

Read Also: Performance of Ghanaian Stocks – November 2023 and End of Year Plans

Insights and Recommendations:

  • Investors and stakeholders should capitalize on the strengths of top-performing stocks, such as GGBl, by analyzing the factors contributing to their success and making informed investment decisions.
  • Underperforming stocks like Meridian-Marshalls Holdings and Benso Oil Palm Plantation warrant a closer look to identify challenges and opportunities for improvement.
  • Continuous monitoring of market trends, external factors, and potential news affecting stocks is crucial for making informed investment decisions.

Guinness started the year strong with a 30% return while Meridian-Marshalls Holdings dropped by 9%. Let’s see how all stocks performed below.

EquityShare Price (GH¢)January Returns
Guinness Ghana Breweries Ltd.3.430.6%
Unilever Ghana Limited8.119.7%
NewGold Issuer Limited218.59.7%
Access Bank Ghana3.48.8%
Total Petroleum Ghana Ltd95.6%
AngloGold Ashanti Limited0.410.0%
Agricultural Development Bank5.060.0%
AngloGold Ashanti Limited370.0%
Aluworks LTD0.10.0%
Asante Gold Corp8.890.0%
CAL Bank Limited0.480.0%
Clydestone (Ghana) Limited0.030.0%
Camelot Ghana Ltd0.10.0%
Cocoa Processing Company0.020.0%
Ecobank Ghana Ltd5.50.0%
Enterprise Group Limited2.390.0%
Ecobank Transnational Incorporation0.150.0%
Fan Milk Limited3.250.0%
Ghana Commercial Bank Limited3.40.0%
Ghana Oil Company Limited1.50.0%
HORDS LTD0.10.0%
Intravenous Infusions (IIL)0.050.0%
Mega African Capital Limited5.380.0%
MTN Ghana Ltd1.40.0%
Produce Buying Company Ltd.0.020.0%
Republic Bank0.480.0%
Samba Foods Ltd0.550.0%
Standard Chartered Bank Ghana Ltd – Preference Shares0.90.0%
SIC Insurance Company Limited0.240.0%
Societe Generale Ghana Limited1.570.0%
Trust Bank Limited (THE GAMBIA)0.820.0%
Tullow Oil Plc11.920.0%
Standard Chartered Bank Ghana Ltd.17.55-0.1%
Benso Oil Palm Plantation Ltd22-2.1%
Meridian-Marshalls Holdings0.11-9.1%

Looking Ahead:

As the market evolves, it is essential to stay vigilant and adapt to changing conditions. For product professionals, enhancing platforms with real-time market insights, analysis tools, and user-friendly interfaces can empower investors and contribute to a more informed and engaged financial community.

In conclusion, the Ghana Stock Exchange has navigated the first month of 2024 with optimism, presenting a mix of successes and challenges. By leveraging insights from this report, investors can make informed decisions, contributing to the sustained growth and stability of the market.