Ghana's Best 5 Stocks of 2013

The Ghana Stock Exchange's performance reflects vibrant Accra

Ghana investors will probably pinch themselves after reviewing their portfolios’ 2013 performance.

In spite of a breathtaking 19% drop in the value of the local currency, the market still surged almost 45% in US dollar terms, ranking it among the world’s best.

Which companies notched the most impressive performances? Let’s take a look-see.

The Ghana Stock Exchange Is Crushing It (And Here's Why)

Photo by Adam Cohn

What’s gotten into the Ghana Stock Exchange?

The MSCI Ghana Index has soared of late. It’s now 37% higher than it was at the beginning of the year. Think about that. That’s 37% in just over two months!

Let’s see what’s behind the rally and which stocks have done the most to drive the market higher. The following is a countdown of the top seven performing Ghanaian stocks and their US Dollar-adjusted gains.

Where to Invest Now: Africa's Cheapest Stock Market

Photo by World Bank

Much has been made of Africa’s rapid economic growth. And it truly is remarkable. The IMF projects that seven African economies will grow faster than 8% this year, and six of the top ten fastest-growers economies in the world will come from the continent.

Unfortunately, investing solely on the basis of growth forecasts often ends in disappointment. Rapid economic growth doesn’t necessarily translate into awesome stock market returns.

To get a true sense of where investment opportunity lies, we need to combine growth’s yang with the yin of value.

How to Invest on the Ghana Stock Exchange


I opened a trading account through a Ghanaian stockbroker about five years ago. While the broker has executed all trades that I’ve asked them to complete, I have reservations about referring them to my clients here. Their service has been adequate, but far from outstanding.

So I compiled a list of stockbrokers who trade on the Ghana Stock Exchange and emailed each of them. I asked them if they catered to foreign investors and, if so, how much they required in order to open an account. Of the 20 brokers that I contacted, I found the following four brokers to be especially helpful and responsive.