The Ghana Stock Exchange (GSE) returned -16.99% in dollar term to investors last year as the market suffered from the impact of covid-19 on the global economy as well as recovery from the financial sector crisis.

This is however better than the -20% return in the eight months of 2020.

The Accra Bourse witnessed an improvement in its performance in the last three months to the end of the year, as investor appetite rebounded.  This translated in an improvement in some stock prices.

The stock market had in the greater part of the year gone through some turbulent times, largely because of the negative effect of the coronavirus pandemic which compelled many foreign investors who are active players on Ghana’s stock exchange to shift their investments into gold and other safe assets.

Typically, during periods of pandemics, investors are mindful of large risk exposures of equity markets, and therefore prefer investing in assets such as gold and other minerals.

According to the weekly stock market prior to the end of the year 2020, Standard Chartered Bank, Ecobank Ghana and GCB Bank pushed up the level of the GSE-Composite Index to close the year  with a year-to-date loss of -13.98% in cedi term. This was far better than in the nine months of last year.

Consequently, the Market Capitalization was also boosted to end the year at GH¢54.4 billion, as against about GH ¢56 billion at the beginning of the year.

On the continent, the Nigerian Stock Exchange was surprisingly the best performing stock market with a year-to-date return of 21% in dollar term for investors.

It was followed by the Malawi Stock Exchange and Tunisia’s TUNINDEX with annual return of 2.29% and 0.38% respectively. 

The Lusaka Stock Exchange was however the worst performing stock market on the African continent with a year-to-date of negative 39% in dollar term.

List of stock markets in Africa and their positions for 2020 (dollar term)

Country	Index Name	Y-T-D Return
Nigeria	NGSE ASI	21.17%
Malawi	MASI	2.29%
Tunisa	TUNINDEX	0.38%
South Africa	JSE ASI	0.75%
Cote d’lviore	BRVM CI	-9.60%
Morocco	MASI	-8.21%
Namibia	NSX 01	-9.78%
Botswana	BSE-DCI	-8.21%
Tanzania	DSE ASI	-12.17%
Kenya	NSE ASI	-15.15%
Ghana	GSE CSI	-16.99%
Egypt	EGX 30	-20.80