Boosted by improved market sentiments driven by the International Monetary Fund-support programme, the Ghana Stock Exchange (GSE) delivered a 14.9% return for investors in cedi terms during the first half of 2023.

This positive performance followed a challenging economic period in 2022 that necessitated debt restructuring.

Ranking fourth among 15 stock markets in Africa, the GSE demonstrated its resilience. However, the dollar return for investors stood at -10.0%.

Notably, non-banking stocks led the gains in the equity market, contributing to an increased market capitalization of ¢69.59 billion as of June 30, 2023, according to data from the GSE.

Conversely, the Financial Stock Index experienced a decline of 17.57% in value during the first six months of 2023. This decrease was primarily attributed to the impact of the Domestic Debt Exchange Programme on the balance sheets of financial institutions.

In summary, the Accra Bourse performed as the fourth-best stock market in Africa in cedi terms, yet placed eleventh when considering the performance in dollar terms.

In all, six stocks recorded gains as compared to 10.

Meanwhile, the best-performing stock market in the first six months of this year was Benso Oil Palm Plantation (84.44%).

It was followed by TotalEnergies (70.00%), Unilever (60.82%) and MTN Ghana (50%).

Per reports, the biggest losers were Fanmilk (-56%), Societe Generale (-41.0%) and Standard Chartered Bank (-35.96%).

CountryYear-To-Date Return (Cedi)Year-To-Date Return (dollar)PositionsMalawi MASI76.27%71.75%1stNigeria NGSE21.21%-29.43%2ndEgypt EGX21.01%-3.14%3rdGhana GSE15.28%-10.10%4thZambia LUSE12.28%17.75%5thTunisia TUNINDEX10.43%10.82%6thMorocco MASI6.74%13.29%7thBotswana BSE4.48%-0.99%8thSouth Africa JSE3.30%-6.31%9thIvory Coast BVRM-0.75%2.10%10thMauritius SEMDEX-2.73%-6.08%11thNamibia NSX-3.41-12.60%12thTanzania DSE-3.80%-4.66%13thKenya ASI-15.73%-26.04%14thUganda USE-16.57%-15.53%15th