At a Glance
- MTN Ghana alone represents nearly one-third of total Ghana Stock Exchange equity market value.
- Banking, mining and energy stocks anchor investor positioning amid inflation and IMF-backed reforms.
- Blue-chip dominance defines GSE liquidity, shaping risk-reward expectations ahead of the next cycle.
The Ghana Stock Exchange (GSE) is increasingly becoming a concentrated arena where capital, regulation and long-term conviction intersect.
With total equity market capitalization hovering around GHS 172 billion ($16.04 billion), the bourse reflects both Ghana’s macroeconomic pressures and its enduring corporate anchors, telecoms, banking, mining and energy.
At the center of the market is MTN Ghana, whose valuation alone accounts for nearly a third of total equity value, underscoring telecoms’ role as Ghana’s most defensive and cash-generative sector.
Banking follows closely, led by Ecobank’s regional footprint and strong domestic lenders such as GCB, ADB and Standard Chartered, benefiting from elevated interest rates despite inflationary headwinds.
Mining and energy stocks, AngloGold Ashanti, Tullow Oil, Atlantic Lithium and Asante Gold, mirror investor positioning around commodity cycles, currency hedging and Ghana’s resource base.
Consumer and industrial names, though smaller, offer exposure to domestic demand recovery and long-term demographic growth.
Investor sentiment remains cautious but selective. Regulatory stability, IMF-backed fiscal reforms and easing inflation expectations are shaping medium-term optimism.
While liquidity remains uneven, blue-chip dominance and sector concentration continue to define the GSE’s risk-reward profile heading into the next market cycle. Here are 25 most valuable stocks on the Ghana Stock Exchange, as chronicled by Shore Africa
1. MTN Ghana
Market Valuation: $5.2 billion
Telecom giant dominating cash flows, dividends and market capitalization. MTN Ghana is currently the most valuable stock on the GSE with a market capitalization of GHS 55.7 billion ($5.2 billion), which is about 32.4 percent of the entire Ghana Stock Exchange equity market.
2. AngloGold Ashanti
Market Valuation: $1.74 billion
Global gold major offering currency hedge and commodity exposure. AngloGold Ashanti Limited is currently the second most valuable stock on the GSE with a market capitalization of GHS 18.6 billion ($1.74 billion), which makes about 10.8 percent of the entire Ghana Stock Exchange equity market.
3. Ecobank Transnational
Market Valuation: $1.71 billion
Pan-African lender anchoring cross-border financial services. Ecobank Transnational Incorporated is currently the third most valuable stock on the GSE with a market capitalization of GHS 18.3 billion ($1.71 billion), which makes about 10.6 percent of the entire Ghana Stock Exchange equity market.
4. Tullow Oil
Market Valuation: $1.64 billion
Key upstream energy play tied to Ghana’s offshore production. Tullow Oil Plc is currently the fourth most valuable stock on the GSE with a market capitalization of GHS 17.6 billion ($1.64 billion), which is about 10.2 percent of the entire Ghana Stock Exchange equity market.
5. Ecobank Ghana
Market Valuation: $789.78 million
Domestic banking heavyweight with strong corporate lending base. Ecobank Ghana Limited is currently the fifth most valuable stock on the GSE with a market capitalization of GHS 8.47 billion ($789.78 million), which makes about 4.92 percent of the Ghana Stock Exchange equity market.
6. Agricultural Development Bank
Market Valuation: $779.52 million
State-linked lender focused on agribusiness financing. Agricultural Development Bank is currently the sixth most valuable stock on the GSE with a market capitalization of GHS 8.36 billion ($779.52 million), which makes about 4.85 percent of the Ghana Stock Exchange equity market.
7. GCB Bank
Market Valuation: $497.93 million
Ghana’s largest indigenous bank by assets and branch network. GCB Bank Limited is currently the seventh most valuable stock on the GSE with a market capitalization of GHS 5.34 billion ($497.93 million), which makes about 3.1 percent of the Ghana Stock Exchange equity market.
8. TotalEnergies Marketing Ghana
Market Valuation: $420.53 million
Downstream fuel leader with stable cash generation. TotalEnergies Marketing Ghana is currently the eighth most valuable stock on the GSE with a market capitalization of GHS 4.51 billion ($420.53 million), which makes about 2.62 percent of the Ghana Stock Exchange equity market.
9. Atlantic Lithium
Market Valuation: GHS 4.24 billion ($395.36 million)
Strategic lithium exposure tied to global energy transition. Atlantic Lithium Ltd is currently the ninth most valuable stock on the GSE with a market capitalization of GHS 4.24 billion ($395.36 million), which is about 2.46 percent of the Ghana Stock Exchange equity market.
10. Asante Gold
Market Valuation: $388.83 million
Mid-tier miner expanding Ghana-focused gold production. Asante Gold Corp is currently the 10th most valuable stock on the GSE with a market capitalization of GHS 4.17 billion ($388.83 million), which is about 2.42 percent of the Ghana Stock Exchange equity market.
11. Standard Chartered Ghana
Market Valuation: $367.38 million
Foreign-owned bank serving top-tier corporates. Standard Chartered Bank Limited is currently the 11th most valuable stock on the GSE with a market capitalization of GHS 3.94 billion ($367.38 million), which makes about 2.29 percent of the Ghana Stock Exchange equity market.
12. Societe Generale Ghana
Market Valuation: $296.52 million
Universal bank with French institutional backing. Societe Generale Ghana Limited is currently the 12th most valuable stock on the GSE with a market capitalization of GHS 3.18 billion ($296.52 million), which is about 1.85 percent of the Ghana Stock Exchange equity market.
13. First Atlantic Bank
Market Valuation: GHS 2.92 billion ($272.27 million)
Fast-growing lender strengthening capital and market presence. First Atlantic Bank is currently the 13th most valuable stock on the GSE with a market capitalization of GHS 2.92 billion ($272.27 million), which is about 1.69 percent of the Ghana Stock Exchange equity market.
14. Access Bank Ghana
Market Valuation: $262.95 million
Nigerian-backed bank scaling retail and corporate operations. Access Bank Ghana is currently the 14th most valuable stock on the GSE with a market capitalization of GHS 2.82 billion ($262.95 million), which is about 1.64 percent of the Ghana Stock Exchange equity market.
15. CalBank
Market Valuation: GHS 2.58 billion ($240.57 million)
Indigenous bank rebuilding earnings and balance-sheet strength.CalBank Plc is currently the 15th most valuable stock on the GSE with a market capitalization of GHS 2.58 billion ($240.57 million), which makes about 1.5 percent of the Ghana Stock Exchange equity market.
16. Benso Oil Palm Plantation
Market Valuation: $190.22 million
Agribusiness play benefiting from palm oil demand. Benso Oil Palm Plantation Limited is currently the 16th most valuable stock on the GSE with a market capitalization of GHS 2.04 billion ($190.22 million), which is about 1.18 percent of the Ghana Stock Exchange equity market.
17. Guinness Ghana Breweries
Market Valuation: $189.29 million
Consumer staples anchor with pricing power.Guinness Ghana Breweries Limited is currently the 17th most valuable stock on the GSE with a market capitalization of GHS 2.03 billion ($189.29 million), which is about 1.18 percent of the Ghana Stock Exchange equity market.
18. NewGold ETF
Market Valuation: $141.73 million
Exchange-traded gold exposure for defensive investors. NewGold ETF is currently the 18th most valuable stock on the GSE with a market capitalization of GHS 1.52 billion ($141.73 million), which makes about 0.885% of the Ghana Stock Exchange equity market.
19. Unilever Ghana
Market Valuation: $115.62 million
FMCG legacy brand facing margin and demand pressures.Unilever Ghana Limited is currently the 19th most valuable stock on the GSE with a market capitalization of GHS 1.24 billion ($115.62 million), which makes about 0.718 percent of the Ghana Stock Exchange equity market.
20. Ghana Oil Company (GOIL)
Market Valuation: $110.03 million
State-linked downstream fuel distributor. Ghana Oil Company Limited is currently the 20th most valuable stock on the GSE with a market capitalization of GHS 1.18 billion ($110.03 million), which is about 0.683 percent of the Ghana Stock Exchange equity market.
21. Republic Bank Ghana
Market Valuation: $103.5 million
Caribbean-backed lender expanding retail footprint.
Republic Bank Ghana Limited is currently the 21st most valuable stock on the GSE with a market capitalization of GHS 1.11 billion ($103.5 million), which makes about 0.643 percent of the Ghana Stock Exchange equity market.
22. Fan Milk
Market Valuation: $86.72 million
Dairy and frozen foods brand with resilient consumer demand. Fan Milk Plc is currently the 22nd most valuable stock on the GSE with a market capitalization of GHS 930 million ($86.72 million), which is about 0.54 percent of the Ghana Stock Exchange equity market.
23. Enterprise Group
Market Valuation: $55.48 million
Insurance and pensions leader with diversified income streams. Enterprise Group Limited is currently the 23rd most valuable stock on the GSE with a market capitalization of GHS 595 million ($55.48 million), which is about 0.345 percent of the Ghana Stock Exchange equity market.
24. Trust Bank Gambia
Market Valuation: $22.38 million
Cross-listed regional banking exposure. Trust Bank Gambia Limited is currently the 24th most valuable stock on the GSE with a market capitalization of GHS 240 million ($22.38 million), which makes about 0.139 percent of the Ghana Stock Exchange equity market.
25. SIC Insurance
Market Valuation: $21.91 million
State-backed insurer undergoing operational restructuring.SIC Insurance Company Limited is currently the 25th most valuable stock on the GSE with a market capitalization of GHS 235 million ($21.91 million), which makes about 0.136 percent of the Ghana Stock Exchange equity market.
