Africa’s stock markets are becoming a big part of the continent’s growth story. The Ghana Stock Exchange Composite Index surged by 56% in local currency terms—the highest since 2013.
Africa’s stock markets are becoming a big part of the continent’s growth story. What used to be seen as small and underdeveloped is now grabbing attention as a hotspot for investments and business growth.
Ghana’s benchmark stock index, which led the continent as the top performer last year, is a prime example. With investor confidence soaring in President John Mahama’s incoming government and its promises to restore economic stability, the market is poised for even greater gains in 2025.
According to Bloomberg, the Ghana Stock Exchange Composite Index surged by 56% in local currency terms—the highest since 2013—driven by a $3 billion International Monetary Fund bailout expected to boost growth this year.
In the first nine months of 2024, Ghana’s GDP grew at an average of 6.3%, a sharp rise compared to 2.6% during the same period in 2023. Mahama, elected last month, has committed to policies to reclaim Ghana’s position as the region’s second-largest economy.
In neighbouring Ivory Coast, the BRVM Composite Share Index—representing companies from the eight-member West African Economic and Monetary Union—rose by 29% in 2024, marking its largest gain in three years.
This growth coincided with a $3.5 billion loan agreement from the IMF in April to support the world’s largest cocoa producer.
In Nigeria, the benchmark stock index advanced 38%, driven by President Bola Tinubu’s sweeping economic reforms, including allowing the naira to float freely, ending fuel subsidies, and lifting government control over power tariffs.
Below are the top 5 stock market performers in Africa:
| Rank | Country | Stock gains |
|---|---|---|
|
1 |
Ghana’s GSE Composite Index |
56% |
|
2 |
Zambia’s Lusaka All Share Index |
44.1% |
|
3 |
Nigeria’s NGX All Share |
37.7% |
|
4 |
Kenya’s Nairobi All Share |
33.7% |
|
5 |
BRVM Composite Share Index |
29.0% |
