Accra, Ghana//-Companies listed on the Ghana Stock Exchange’s equities market are cashing in as about GH¢14.50 billion in dividends have been paid to investors on their Ghanaian register in 22 months.
The Managing Director of Ghana Stock Exchange (GSE), Madam Abena Amoah, revealed this at the listing ceremony of Cocoa Capital PLC, a subsidiary of the Ghana Cocoa Board (COCOBOD) on Wednesday, 14, October, 2026.
According to her, since January 2025, companies listed on the GSE’s equities market have paid about GH¢14.50 billion in dividends to investors on their Ghanaian register.
“From January 2024 to September 2026, the GSE Composite Index has recorded a cumulative return of 352%, consistently ranking as one of the highest-performing equity markets globally.
Together with dividend income, these gains show the opportunities in Ghana’s equity market and the importance of sustaining investor confidence through transparency, sound governance and effective regulation”, she told investors at the event.
Madam Amoah was quick to add that investor accounts at the Central Securities Depository increased from 1.5 million in December 2024 to 1.8 million by September 2026.
This expanding participation strengthens the pool of domestic capital, but it must be matched by investor education, financial literacy and effective regulation, she said.
To this end, the MD revealed that GSE is preparing to introduce the GSE Academy to help companies become investment-ready, enhance issuers’ investor relations and improve public understanding of investment products, opportunities and risks.
“We are also encouraged by the gradual expansion of retail and institutional participation in our market”.
Capital markets ultimately depend on trust.
Good corporate governance and compliance with continuing listing obligations are fundamental to investor confidence. Timely reporting, transparent disclosure, responsible board oversight and effective investor engagement help issuers maintain credibility and sustain access to capital.
Investor confidence will depend on strong governance, transparent operations and the capacity to meet all financial and regulatory obligations, Madam Amoah noted.
“We therefore encourage both institutions to prioritise timely disclosure, effective investor relations and consistent compliance as Cocoa Capital PLC develops its presence in the market.
The Ghana Stock Exchange stands ready to support this effort through the GSE Academy and our broader market-development initiatives, helping issuers strengthen governance, investor relations and capital-market readiness”.
For the managers of the local bourse, the opportunity before them extends beyond a single transaction.They encouraged businesses, state-owned enterprises and other institutions with viable financing needs to explore the GSE’s six markets and the opportunities available through equity, corporate bonds, commercial paper and other eligible instruments.
The GSE, she assured, remains committed to providing a trusted and efficient platform that mobilises capital, creates investment opportunities and supports the growth and development of Ghana’s economy.
The capital market is solid
For Dr Randy Abbey, CEO of COCOBOD, the whopping GH¢3.59 billion raised by the Cocoa Capital PLC in 266-day Senior Unsecured Commercial Paper on the Ghana Fixed Income Market (GFIM) of the GSE representing the first series issued under its GHS16.3 billion Domestic Cocoa Notes Programme, is a testament that the country’s capital market is solid.
The broader programme provides for up to GHS14.0 billion in Commercial Paper to support cocoa purchases and up to GHS2.3 billion in bonds to refinance existing Domestic Debt Exchange Programme (DDEP) Cocoa Bonds.
In his own words: “Today’s listing is also an important milestone for Ghana’s capital market. The ability of the domestic market to mobilise approximately GHS3.4 billion for an inaugural Commercial Paper issuance, the largest cash raise by any quasi-government-sponsored Special Purpose Vehicle (SPV), demonstrates the growing depth, sophistication and relevance of Ghana’s institutional-investor base.
It shows that the capital market can serve not only as an investment platform, but also as an effective mechanism for directing domestic savings towards productive activity in sectors of strategic national importance.
For the Ghana Stock Exchange and the Ghana Fixed Income Market, the listing expands the range and scale of fixed-income instruments available to investors. For Ghana, it demonstrates the capacity of our institutions to use domestic capital to support domestic production and economic activity.
“We are hopeful that this transaction will encourage other Ghanaian companies and public-sector institutions to consider the capital market as a credible and sustainable source of funding. It should also reinforce the importance of sound governance, credible transaction structures, appropriate disclosure and sustained engagement with investors”.
