April 2024 Performance of Ghana Stock Exchange (GSE) Listed Companies

GCB Bank Limited emerged as the undisputed champion, showcasing a remarkable performance that eclipsed all other contenders. With a staggering 23.0% return in April 2024, GCB Bank reaffirmed its position as a stalwart in the financial sector. Let’s delve into the highlights of April’s stock market movements and examine the factors contributing to GCB Bank’s stellar performance.

April’s Stock Market Landscape

April proved to be a period of mixed fortunes for Ghanaian equities, with some stocks surging ahead while others struggled to gain traction. Among the notable performers were MTN Ghana Ltd and Camelot Ghana Ltd, boasting returns of 10.8% and 10.0%, respectively. These companies capitalized on favorable market conditions to deliver solid gains to their shareholders.


However, amidst the winners, there were also laggards. CAL Bank Limited faced a challenging month, experiencing a significant decline of -9.5%, continuing its downward trajectory with a full-year return of -20.8%. Such fluctuations underscore the inherent volatility of the stock market and the importance of prudent investment strategies.

Analyzing GCB Bank’s Triumph

GCB Bank’s remarkable performance in April can be attributed to several key factors. Firstly, the bank’s robust financial position and strategic initiatives positioned it favorably to capitalize on emerging opportunities in the market. Additionally, investor confidence in GCB Bank’s management team and its ability to navigate challenging economic conditions contributed to its strong showing.


Furthermore, GCB Bank’s consistent dividend payments and attractive valuation may have attracted investors seeking stable returns in an uncertain market environment. The bank’s prudent risk management practices and diversified revenue streams also bolstered investor sentiment, making it a preferred choice among discerning investors.

Looking Ahead

As we look ahead, GCB Bank’s stellar performance sets a promising tone for the future of Ghana’s financial markets. The bank’s continued focus on innovation, customer-centricity, and sustainable growth will likely position it for sustained success in the long term. Moreover, as Ghana’s economy continues to evolve and diversify, GCB Bank is well-positioned to capitalize on emerging opportunities and deliver value to its shareholders.

EquityShare Price (GH¢)April ReturnsFull Year Returns
GCB Bank Limited4.2223.0%24.1%
MTN Ghana Ltd1.7510.8%25.0%
Camelot Ghana Ltd0.1110.0%10.0%
Access Bank Ghana4.87.9%41.2%
NewGold Issuer Limited3145.7%43.7%
SIC Insurance Company Limited0.254.2%4.2%
Unilever Ghana Limited121.3%48.0%
Benso Oil Palm Plantation Ltd21.60.3%-1.8%
Total Petroleum Ghana Ltd9.510.1%5.7%
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%
Asante Gold Corp8.890.0%0.0%
Clydestone (Ghana) Limited0.030.0%0.0%
Cocoa Processing Company0.020.0%0.0%
Ecobank Ghana Ltd6.10.0%10.9%
Enterprise Group Limited2.390.0%0.0%
Ecobank Transnational Incorporation0.150.0%0.0%
Fan Milk Limited3.20.0%-1.5%
Guinness Ghana Breweries Ltd.4.440.0%30.6%
Ghana Oil Company Limited1.50.0%0.0%
HORDS LTD0.10.0%0.0%
Intravenous Infusions (IIL)0.050.0%0.0%
Mega African Capital Limited5.380.0%0.0%
Meridian-Marshalls Holdings0.10.0%-9.1%
Produce Buying Company Ltd.0.020.0%0.0%
Republic Bank0.480.0%0.0%
Samba Foods Ltd0.550.0%0.0%
Standard Chartered Bank Ghana Ltd.19.250.0%9.7%
Standard Chartered Bank Ghana Ltd – Preference Shares0.90.0%0.0%
Societe Generale Ghana Limited1.570.0%0.0%
Trust Bank Limited (THE GAMBIA)0.820.0%0.0%
Tullow Oil Plc11.920.0%0.0%
CAL Bank Limited0.38-9.5%-20.8%

In conclusion, GCB Bank’s exceptional performance in April 2024 underscores its resilience and strength in navigating challenging market conditions. As the flagship institution in Ghana’s banking sector, GCB Bank continues to set the standard for excellence, delivering superior returns to its shareholders and contributing to the overall vibrancy of the country’s capital markets. With a solid foundation and a forward-looking approach, GCB Bank remains a beacon of stability and growth in Ghana’s financial landscape.