Mac-Jordan Narteh, Senior Research Analyst at Laurus Africa Securities says they hold a positive base case of at least 30 per cent annual return in the Ghana Stock Exchange’s composite index in 2026 with expectations for inflation within the Bank of Ghana’s target of 6 per cent – 10 per cent. Mac-Jordan Narteh spoke to CNBC Africa.
Key Points:
- Laurus Africa Securities predicts at least a 30% annual return in Ghana’s stock exchange by 2026.
- Ghana’s stock market achieved a 78% growth year-to-date in 2025, with significant gains on the financial stock index.
- In 2025, investors in Ghana’s equities market saw approximately 57 billion Ghanaian cedis in capital gains.
- Macroeconomic factors, including improved inflation rates and a stable exchange rate, have bolstered investor confidence.
- The Ghanaian cedi has appreciated by over 25% in 2025, supported by a favorable external economic position.
- Government efforts to maintain foreign direct investment and economic activity are expected to sustain market stability into 2026.
In a notable forecast that is likely to spark further interest in the Ghanaian stock market, analysts at Laurus Africa Securities have projected a minimum of 30% annual return on the composite index for 2026. With goals aligning with the Bank of Ghana’s inflation target of 6% to 10%, this forecast sets an ambitious yet optimistic tone for the future of Ghana’s equities market.
In a recent interview, Mark Jordanate, a senior research analyst at Laurus Africa Securities, presented an encouraging overview of the current performance and future potential of the Ghanaian equities market. Reflecting on 2025, Jordanate highlighted that the composite index has already achieved an impressive 78% growth year-to-date, with the financial stock index surging by 94%.
According to Jordanate, 2025 has been a robust year for Ghana’s stock exchange, with the market experiencing significant gains and investors capturing a sizeable 57 billion Ghanaian cedis (approximately US$5 billion) in capital gains. This is primarily attributed to a favorable macroeconomic climate that has bolstered investor confidence and participation.
“The performance on the equity market this year has been largely influenced by the uplift in macroeconomic dynamics,” Jordanate stated. Factors such as improved inflation rates, beneficial interest rates for capital raising activities, and a stable exchange rate have all contributed to a thriving investment environment. The Ghanaian cedi itself has appreciated over 25% this year on the official interbank market, further stoking investor optimism.
Jordanate believes that this positive momentum could persist into 2026, albeit without the same level of robust appreciation seen in 2025. Several macroeconomic fundamentals lay the groundwork for sustained market health, including favorable trade balances and a surplus in the current account near 3% of GDP. Additionally, Ghana’s vigorous foreign direct investment inflows and a 1.8% GDP surplus in the financial account are key stabilizers for the cedi.
Government efforts to sustain foreign direct flows and promote economic activity continue to play a vital role in maintaining a conducive environment for enduring market stability and growth. Jordanate emphasized that these strategic pillars will likely support inflation and currency expectations well into the coming year.
This forecast from Laurus Africa Securities, with its candid insights and comprehensive market analysis, paints a promising picture for potential investors eyeing the Ghanaian stock market as a lucrative opportunity in 2026.
As the dialogue around Ghana’s economic trajectory continues, sectors and investors alike are keenly watching to see how these projections will unfold under the confluence of both domestic strategies and external economic influences.
