The Ghana Securities Exchange (GSE) Composite Index has claimed the title of Africa’s best-performing stock market in 2025, leaving Nigeria’s NGX All-Share Index (ASI) and other regional peers behind. Ghana’s equities surged throughout the year, reflecting a combination of sustained investor confidence, capital inflows, and improving macroeconomic conditions.
The GSE Composite Index recorded a remarkable 79.43% return, climbing from 4,888.82 points at the start of 2025 to 8,772.25 points by year-end. By comparison, Nigeria’s NGX ASI gained 51.19%, demonstrating strong growth but not matching Ghana’s consistent momentum. Analysts attribute Ghana’s outperformance to currency reforms, steady capital inflows, and a gradual restoration of confidence in domestic assets.
Monthly data highlights that Ghana’s leadership was built on consistent gains rather than sporadic spikes. The index posted positive returns in nine of twelve months, with notable rallies in March (+10.19%), July (+11.88%), and September (+11.37%). Even a mild April correction (-2.05%) was quickly reversed, reflecting declining inflation expectations and sustained investor appetite for equities.
Despite Nigeria’s stock market recording its strongest performance in nearly two decades, Ghana outpaced it by nearly 28 percentage points. This difference was driven by Ghana’s smaller market base and thinner liquidity, which allowed select large-cap and mid-cap stocks to rally sharply. Nigeria’s gains, though significant, were broader and subject to periodic profit-taking, making them less consistent than Ghana’s methodical advance.
Other African exchanges showed mixed results in 2025. Nigeria’s NGX ASI remained one of the continent’s top performers with a 51.19% return, driven by concentrated sector rallies in consumer goods and insurance stocks. However, intermittent pullbacks in March and November disrupted momentum, highlighting the importance of consistent monthly gains in outperforming peers like Ghana.
source: nairametrics