Trading on the Ghana Stock Exchange reached GH¢26.78 million on Wednesday, September 2, but the headline figure masked a market heavily dependent on one stock.
A total of 4,107,315 shares and units changed hands during the exchange’s 7,288th trading session, generating GH¢26,784,084.71 in value.
MTN Ghana accounted for GH¢24.21 million of that amount after trading 3,526,320 shares. The telecom company therefore represented about 90.39% of total market value traded.
Without MTN Ghana, turnover across the rest of the market would have stood at roughly GH¢2.57 million.
Heavy Trading, Lower Closing Price
MTN Ghana closed at GH¢6.86, down from GH¢6.92 previously. The 0.87% decline came despite the stock’s overwhelming contribution to trading activity.
The counter ended with a closing bid of GH¢6.98 and an offer of GH¢6.99. Its 2026 trading range remains between GH¢4.20 and GH¢7.15.
The combination of heavy volume and a lower closing price suggests that liquidity in the stock did not translate into upward price momentum.
GCB Bank recorded the second largest contribution, with 40,495 shares worth GH¢1.60 million changing hands. The bank closed unchanged at GH¢39.55.
Together, MTN Ghana and GCB Bank accounted for more than 96% of the session’s turnover.
Trading values dropped sharply outside the two dominant counters.
Kasapreko traded 94,321 shares valued at GH¢178,328.05 and slipped from GH¢1.90 to GH¢1.89. Trust Bank Gambia fell from GH¢1.22 to GH¢1.20, while CalBank declined from GH¢0.73 to GH¢0.71.
Some of the steepest percentage losses came from smaller counters. Clydestone dropped 9.87% to GH¢5.39, while Dannex Ayrton Starwin fell 9.76% to GH¢1.48.
Access Bank Ghana declined 4.68% to GH¢29.50 on only 2,125 shares worth GH¢62,687.50. The limited volume makes the movement difficult to treat as a broad repricing of the bank.
SIC Insurance also weakened by 2.76% to GH¢5.29.
GAX Activity Remains Thin
Ecobank Transnational Incorporated was among the notable gainers, advancing 2.79% to GH¢1.84 on 29,859 shares.
On the Ghana Alternative Market, Digicut Production and Advertising posted the strongest percentage gain, rising 10% to GH¢0.33. Only 25,000 shares worth GH¢8,250 were traded, however.
The GAX generated GH¢75,443.13 in total value, representing about 0.28% of overall exchange turnover.
Several major listed companies recorded no price movement, including Ecobank Ghana, Enterprise Group, Guinness Ghana Breweries, GOIL, TotalEnergies Marketing Ghana, Unilever Ghana and Standard Chartered Bank Ghana.
NewGold recorded just 16 units worth GH¢7,398.24.
The September 2 session delivered strong aggregate turnover, but participation remained narrow.
With more than nine out of every GH¢10 traded passing through MTN Ghana, the exchange continues to rely heavily on a small number of liquid counters.
For the Ghana Stock Exchange, the bigger task is not simply attracting higher transaction values. It is broadening trading activity across banks, consumer companies, industrial stocks, energy firms and smaller listings.
The day’s figures showed a market capable of producing significant turnover, but not yet one where that liquidity is widely distributed.
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