Panic Selling Rocks GSE as Market Value Plunges GH¢44 Billion in Two Days

The Ghana Stock Exchange suffered its second consecutive day of steep decline on Thursday, with the GSE Composite Index (GSE-CI) shedding an additional 884.49 points to close at 13,556.32, as panic selling swept across the bourse.

Trading data for the 7,179th session, held on March 26, 2026, revealed a market in free fall, with the GSE Financial Stocks Index (GSE-FSI) plunging 443.59 points to settle at 8,641.86.

Market capitalisation contracted sharply to GH¢255.21 billion, down from Wednesday’s GH¢269.90 billion, reflecting the severity of the two-day sell-off that has wiped billions off investor portfolios.

Total volume of shares traded for the session surged to an extraordinary 55,953,400, with aggregate value hitting GH¢300,515,695.15—the highest single-day value in the bourse’s history.

MTN Ghana plunges again, volume explodes

Scancom PLC (MTNGH) bore the heaviest brunt of the selling pressure, plunging by GH¢0.52 to close at GH¢5.39. The telecommunications giant saw an astonishing 55,295,759 shares change hands—accounting for nearly 99 per cent of all trading activity—contributing GH¢298,101,507.57 to total market value.

The massive volume suggests institutional investors are exiting positions after qualifying for dividend payment in the market’s most heavily weighted stock, which has now shed more than 15 per cent of its value over the past two sessions.

Banking and Insurance stocks suffer heavy losses

Standard Chartered Bank Ghana PLC (SCB) tumbled by GH¢7.78 to close at GH¢71.47, leading the decliners in percentage terms. GCB Bank PLC (GCB) plunged by GH¢4.12 to close at GH¢37.08, while Republic Bank (Ghana) PLC (RBGH) shed GH¢0.52 to GH¢4.82.

SIC Insurance Company PLC (SIC) declined by GH¢0.34 to GH¢3.49, while TotalEnergies Marketing Ghana PLC (TOTAL) fell GH¢0.78 to GH¢36.13. Ecobank Transnational Inc. (ETI) dropped GH¢0.20 to GH¢1.80, while Fan Milk PLC (FML) shed GH¢0.26 to GH¢13.35.

Ghana Oil Company Limited (GOIL) declined by GH¢0.19 to GH¢7.67, and Cal Bank PLC (CAL) fell GH¢0.04 to GH¢0.71.

Gainers emerge amid the carnage

Despite the broad-based sell-off, Cocoa Processing Company PLC (CPC) recorded a gain of GH¢0.01 to close at GH¢0.10, providing a rare bright spot in an otherwise bleak session.

Benso Palm Plantation PLC (BOPP) held steady at GH¢100.00 with no price change, maintaining its historic triple-digit level achieved in the previous week.

Unchanged stocks

Several stocks recorded no price movement during Thursday’s session, including Access Bank (ACCESS), Agricultural Development Bank (ADB), AngloGold Ashanti (AGA), Aluworks (ALW), Asante Gold Corporation (ASG), Atlantic Lithium (ALLGH), Clydestone (CLYD), Camelot (CMLT), Dannex Ayrton Starwin (DASPHARMA), Ecobank Ghana (EGH), Enterprise Group (EGL), First Atlantic Bank (FAB), Guinness Ghana Breweries (GGBL), Mega African Capital (MAC), PBC, Societe Generale Ghana (SOGEGH), Trust Bank Gambia (TBL), Tullow Oil (TLW), Unilever (UNIL), and NewGold (GLD).

On the Ghana Alternative Market, Intravenous Infusions Limited (IIL) recorded active trading with 84,000 shares changing hands at an unchanged price of GH¢0.05.

Market summary

The GSE-CI has now gained 54.57 per cent since the start of the year, while the financial stocks index remains up 85.96 per cent, despite the brutal two-day correction that has erased a significant portion of the year’s gains.

Thursday’s session saw the market’s worst single-day decline in recent memory, driven by a massive sell-off in MTN Ghana, which alone accounted for nearly GH¢300 million in trading value. The sharp correction follows an extraordinary rally that had seen the GSE Composite Index more than double since the start of the year.

Gainers

Cocoa Processing Company PLC (CPC): GH¢ +0.01 (closed at GH¢0.10)

Laggards

Standard Chartered Bank Ghana PLC (SCB): GH¢ -7.78 (closed at GH¢71.47)

Scancom PLC (MTNGH): GH¢ -0.52 (closed at GH¢5.39)

Republic Bank (Ghana) PLC (RBGH): GH¢ -0.52 (closed at GH¢4.82)

GCB Bank PLC (GCB): GH¢ -4.12 (closed at GH¢37.08)

TotalEnergies Marketing Ghana PLC (TOTAL): GH¢ -0.78 (closed at GH¢36.13)

SIC Insurance Company PLC (SIC): GH¢ -0.34 (closed at GH¢3.49)

Fan Milk PLC (FML): GH¢ -0.26 (closed at GH¢13.35)

Ecobank Transnational Inc. (ETI): GH¢ -0.20 (closed at GH¢1.80)

Ghana Oil Company Limited (GOIL): GH¢ -0.19 (closed at GH¢7.67)

Cal Bank PLC (CAL): GH¢ -0.04 (closed at GH¢0.71)

Unchanged Stocks

Access Bank Ghana PLC (ACCESS) — GH¢46.62

Agricultural Development Bank (ADB) — GH¢5.06

AngloGold Ashanti PLC (AGA) — GH¢37.00

Aluworks PLC (ALW) — GH¢0.10

Asante Gold Corporation (ASG) — GH¢8.89

Atlantic Lithium Ltd (ALLGH) — GH¢6.52

Benso Palm Plantation PLC (BOPP) — GH¢100.00

Clydestone (Ghana) PLC (CLYD) — GH¢0.99

Camelot Ghana PLC (CMLT) — GH¢0.14

Dannex Ayrton Starwin PLC (DASPHARMA) — GH¢0.41

Ecobank Ghana PLC (EGH) — GH¢50.00

Enterprise Group PLC (EGL) — GH¢12.00

First Atlantic Bank PLC (FAB) — GH¢7.84

Guinness Ghana Breweries PLC (GGBL) — GH¢15.94

Mega African Capital PLC (MAC) — GH¢5.20

PBC Ltd. (PBC) — GH¢0.02

Societe Generale Ghana PLC (SOGEGH) — GH¢7.86

Trust Bank Gambia PLC (TBL) — GH¢1.20

Tullow Oil PLC (TLW) — GH¢11.92

Unilever Ghana PLC (UNIL) — GH¢28.46

NewGold (GLD) — GH¢546.00

Hords PLC (HORDS) — GH¢0.10

Intravenous Infusions Limited (IIL) — GH¢0.05

Digicut Production & Advertising PLC (DIGICUT) — GH¢0.09

Samba Foods PLC (SAMBA) — GH¢0.55

Meridian Marshalls Holding Company (MMH) — GH¢0.10