London: The Ghana Stock Exchange (GSE) has called on the Ghanaian diaspora to increase participation in the country's capital markets. The exchange cited a strong recovery in investor confidence, rising equity valuations, and a resurgence of primary market activity that has already delivered the busiest period for initial public offerings (IPOs) in nearly a decade.
According to Ghana Web, GSE Managing Director Abena Amoah, speaking at the Ghana-UK Investment Summit 2026 in London, highlighted the significant opportunity for Ghana's diaspora community to engage in the country's capital market growth. This comes as economic conditions improve and investor appetite strengthens. Amoah emphasized that the Ghanaian diaspora is central to the growth story, not just observers on the sidelines.
Her remarks come amid strong gains in the country's equity market, spurred by improvements in macroeconomic stability, declining inflation, and the banking sector's recovery post-Domestic Debt Exchange Programme (DDEP). The GSE Composite Index has returned 63.4 percent year-to-date, ranking as the world's second-best performing equity market as of May 2026.
The exchange also noted that three IPOs were completed in the first half of the year, raising approximately GHS2 billion (around US$182 million), marking the most active primary issuance period in nearly ten years. Amoah stated that this activity reflects renewed confidence among issuers and investors, demonstrating the resilience of Ghana's capital market infrastructure.
Currently, the equities market has a capitalization of about GHS263 billion, while the fixed-income market is valued at GHS253 billion. Amoah pointed out that the exchange's 35 years of ISO-certified market infrastructure provides a strong foundation for investor protection and market efficiency. She urged diaspora investors to explore opportunities in both listed equities and fixed-income instruments.
The call comes as market analysts anticipate further gains for the local bourse, despite some recent moderation. Data from Databank Asset Management revealed that the GSE Composite Index reached an all-time high of 15,908.77 points earlier this year, representing an 81.39 percent year-to-date return before profit-taking reduced gains. The index ended the first quarter at 13,060.13 points, still delivering a return of 48.91 percent.
The financial sector has been a key driver of the rally, with the GSE Financial Stocks Index more than doubling year-on-year as banks resumed dividend payments and strengthened balance sheets following the DDEP restructuring. Databank attributed the market's performance to positive investor sentiment, improving corporate earnings, disinflation, and a relatively stable monetary environment.
However, analysts noted that some investors shifted funds into government securities following the issuance of a seven-year Treasury bond, while post-dividend qualification sell-offs also weighed on stock prices. Despite these pressures, market breadth remains strong, with twenty-two listed equities recording gains during the first quarter against only one decliner, and financial stocks accounting for more than half of the gainers.
Databank maintains a positive outlook for the market, forecasting the GSE Composite Index could end 2026 around 16,000 points, implying annual gains of approximately 81 percent. This favorable outlook is supported by expectations of continued economic recovery, stronger corporate earnings, and growing demand for dividend-paying stocks.
Analysts also expect banks to shift from balance-sheet repair toward earnings growth, supported by digital financial services, transaction-based income, and improved operating efficiency. However, risks remain, with market participants monitoring currency stability, fiscal performance, inflation developments, and global financing conditions. Analysts have also cautioned that higher oil prices, external shocks, and renewed pressure on the cedi could affect investor sentiment and slow market gains.