The Ghana Stock Exchange (GSE) recorded a steep decline this week, shedding GH¢12.5 billion in market capitalisation as a broad-based selloff swept through the Accra bourse in the trading week ended Friday, May 8, 2026.

Market capitalisation collapsed from GH¢281.36 billion at the close of trading on Monday, May 4, to GH¢268.91 billion by Friday afternoon, representing a loss of nearly 4.4 per cent in just five trading sessions. The GSE Composite Index, the benchmark measure of equity performance, tumbled by 546 points or 3.6 per cent over the same period, closing the week at 14,567.57.

The losses were relentless. Each day brought fresh declines: Monday's index level of 15,113.90 gave way to 15,061.38 on Tuesday, then 15,053.00 on Wednesday, followed by 14,887.92 on Thursday before Friday's close at 14,567.57. The index has now lost 2.5 per cent of its value in the past month alone, though it remains marginally positive for the year with a gain of 0.66 per cent since January.

The bloodletting was led by telecommunications giant Scancom PLC, trading as MTN Ghana, which accounts for roughly a third of total market capitalisation. 

The stock shed GH¢0.24 to close the week at GH¢6.53, down from GH¢6.77 at the start of the period. Trading volumes were enormous, with more than 2.47 million shares changing hands on Friday alone, generating value of GH¢16.2 million. The stock's year-to-date high of GH¢6.80 now looks increasingly distant.

Ecobank Transnational Incorporated suffered the most dramatic collapse of the week. The pan-African banking counter crashed by GH¢0.17 in Friday's session alone, closing at GH¢1.60 from a previous close of GH¢1.77 – a one-day loss of nearly 10 per cent. The stock had already been under pressure, and Friday's plunge brings its year-to-date decline to more than 27 per cent from its 2026 high of GH¢2.82.

Cal Bank continued its downward spiral, falling GH¢0.07 to close at GH¢0.81 on Friday. The banking stock traded heavily, with 364,433 shares changing hands, generating value of GH¢295,117. The stock has now lost 14 per cent of its value from its year high of GH¢0.94 and has been sliding steadily since the bank's renounceable rights issue in late 2025.

ZEN Petroleum Holdings provided one of the few bright spots. The oil marketing company surged GH¢0.66 to close at GH¢7.36, up from GH¢6.70, representing a near 10 per cent gain for the day. The stock traded on volume of 4,000 shares, generating GH¢29,440 in value. The sharp rise came even as other energy counters like GOIL drifted lower.

Fan Milk PLC also bucked the trend, climbing GH¢1.26 to close at GH¢13.93, up from GH¢12.67. The dairy products manufacturer saw 5,610 shares trade, generating GH¢77,919. The stock has now gained nearly 16 per cent from its year low of GH¢8.00 and appears to be regaining investor confidence after a difficult 2025.

Enterprise Group PLC and Guinness Ghana Breweries PLC both posted marginal declines, losing GH¢0.01 each to close at GH¢10.64 and GH¢14.96 respectively. GCB Bank held steady at GH¢40.00 on volume of 3,651 shares, offering a rare port of stability in a turbulent week.

The Ghana Alternative Market saw unusual activity, with Hords PLC recording 398,641 shares traded at GH¢0.10, generating GH¢39,864. The stock's price held steady, but the volume was notable for a counter that typically sees little interest.

Total trading volume for the week reached 11.76 million shares, with a total value of GH¢66.16 million. Friday was the busiest session of the week, with 4.06 million shares traded worth GH¢18.37 million, as investors appeared to rush for the exits.

The weekly decline erases some of the gains made in the first quarter of 2026 and raises questions about the sustainability of the two-year rally that had carried the GSE Composite Index to record highs. Traders point to profit-taking after the index's extraordinary 79 per cent surge in 2025 combined with interest in the recent announcement of the Kasapreko IPO.