The Ghana Stock Exchange (GSE) is poised to deliver another sterling performance in 2025.

The market returned 26.13% for investors in dollar terms in 2024. In cedi terms, the Accra Bourse was however the second-best-performing market on the continent

There was significant rally in the second half of 2024 with MTN Ghana remaining investors' favourite on sustainably solid financial performance.

“We expect the ongoing rally in equities to continue into 2025, driven by more favourable market conditions and continued recovery in corporate earnings. From a technical analysis viewpoint, we forecast the GSE Composite Index to close 2025 at 6,850 points, marking an annual gain of 45% (±500 basis points). We expect this performance to be broad-based across the various sectors, particularly banking, telecommunications, and fast-moving consumer goods (FMCG) sectors”, it pointed out.

FMCG to Continue Recovering

It mentioned that it expects the FMCG sector to continue recovering, with Unilever Ghana, Fan Milk, and Guinness Ghana breweries leading the charge, supported by stronger earnings growth and a more favourable operating environment.

While Fan Milk’s stock to do better in 2025 on improved earnings outlook, Guiness Ghana Breweries Limited would build on the 2024 financial results, fueled by price hikes, thereby enhancing dividend prospects, attracting income-focused investors, and supporting strong stock performance in 2025

TotalEnergies Poised for Earnings Growth

TotalEnergies Ghana is also poised for earnings growth amidst market challenges.

Databank Research said “We remain optimistic about the earnings outlook for Total, with an expected upside of 18%”.

This positive outlook is driven by the company's aggressive strategies, including product renovation, advertising, and quality enhancement, all aimed at improving customer experience in light of an anticipated recovery in the mining sector.

“In the short term, we expect increased demand for oil fuel products driven by election-related activities. However, the OPEC+ announcement of crude oil production cuts could pose near-term challenges for OMC [Oil Marketing Companies]”, it explained.

MTN Ghana Likely to be Top Investment Choice

MTN Ghana is also likely to be Top Investment Choice for 2025 with strong earnings growth and dividend potential.

“We continue to favour MTN Ghanaas a strong pick for 2025. We believe MTNGH offers a combination of growth potential and reliable income through dividends, making it an attractive option for both growth-focused and income-seeking investors”, Databank Research said.

Since listing in 2018 to date, the telecom giant has generated an average dividend yield of 12%, fueled by robust growth in net profit.