The Ghana Stock Exchange (GSE) was the second best performing stock market in Africa after Malawi’s on the back of strong full year results posted by many of its listed companies and effective demand from institutional investors especially local 2nd tier private pension fund managers, Kofi Yamoah, managing director of the Exchange has said.

Last year, the GSE Composite Index, which measures the overall market performance, went up by 78.81% to 2,145.20 points as against the 23.81% market growth in 2012.

In 2013, total trades in shares were 313 million valued at GHC465.14 million as against 218.19 traded shares valued at GHC102.20 million in 2012.

“The volume and value of shares traded in 2013 were significantly up from the previous year,” he said.

Total market capitalization and the domestic market capitalization went up 6.8% and 76.6% respectively in 2013 to close at GHC61.16 billion and GHC11.69 billion respectively.

The Chairman of the Governing Council of the stock market, Dr. Sam Mensah, noted that the performance of the market was buoyed largely by increased investor awareness and good operating results of listed companies.

He said stocks on the market navigated through challenges in the macroeconomic environment last year, which saw the cedi depreciated 15% against the US dollar, increased in Bank of Ghana’s policy rate to 16% and hike in inflation rate to 13.5%.

“These macroeconomic difficulties notwithstanding, your exchange delivered a sterling performance to be the second best stock market in Africa after Malawi both in local currency and dollar terms,” he added.

Dr. Mensah said the buoyant market performance also impacted positively on the Exchange’s bottom line with the Group, made up of the Ghana Stock Exchange and its wholly-owned subsidiary- the GSE Securities Depository, recording a surplus after tax of GHC1.23 million compared to GHC418, 000 in 2012.

He said significant efforts have been made to push through the west Africa stock market integration agenda.