The Ghana Stock Exchange placed 10th in dollar terms among 15 stock markets in Africa in 2023.
It recorded a return of -5.66 percent for investors.
But for the about 15% depreciation of the cedi to the dollar, the Accra Bourse will have been classified among the top-performing stock markets in Africa in 2023.
In local currency terms, the GSE however placed 5th with a 28.0.8% return for investors.
The performance of the market is coming on the back of the International Monetary Fund programme which brought some renewed investor confidence.
According to data, the non-banking stocks led the gains in the equity market.
The Financial Stock Index however registered a return of -7.36 percent. This was a result of the second part of the Domestic Debt Exchange Programme which had impacted the earnings of some banks.
The best-performing stocks were BOPP (187.58%), TotalEnergies (125.00%), Unilever (109.2%), Guinness Ghana Breweries Limited (68.85%) and MTN Ghana (59.09%).
The worst-performing stocks were however CalBank (-26.15%), Enterprise Group (-25.31), SIC (-22.58%), Ecobank Ghana (-17.17%) and Access Bank (-15.21%).
Meanwhile, Egypt EGX (35.39%) was the best-performing stock market on the African continent in 2023.
It was followed by Morocco MASI (17.71%) and Ivory Coast BVRM (10.89%) in 2nd and 3rd respectively.
The worst-performing stock market was Kenya NSE with a year-to-date return of -43.06%.
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