Ghana’s Financial Markets Face Turbulent Week: GSE Sheds Billions Amid Gold Reserve Controversy and Banking Reforms

Ghana’s financial landscape experienced significant volatility during the final week of March 2026, characterized by a steep sell-off on the Ghana Stock Exchange (GSE) and growing scrutiny over the Bank of Ghana’s gold reserve management. The GSE Composite Index (GSE-CI) plummeted for four consecutive sessions, dropping 566.53 points to close at 12,989.79 by March 27. This followed an even sharper decline earlier in the week where panic selling caused the market capitalization to shed approximately GH¢44 billion in just two days. The downturn was largely driven by institutional sell-offs in Scancom PLC (MTNGH), which accounted for over 90% of trading activity, and significant losses in major banking stocks like GCB Bank and Standard Chartered. Despite the correction, the market maintains a year-to-date gain of over 48%, and the local downstream sector saw a boost with ZEN Petroleum Holdings PLC launching a fully subscribed GH¢640 million IPO to list on the exchange.

Simultaneously, the Bank of Ghana (BoG) faces intense criticism following an analytical review by the Institute of Political Studies–Ghana (IPS-Ghana) regarding its gold reserve policy. The report highlights a controversial sequence of transactions where the central bank liquidated 18.5 tonnes of gold at USD 3,500/oz in late 2025, only for the government to propose repurchasing the same quantity under the Ghana Accelerated National Reserve Accumulation Policy (GHANRAP) at USD 5,500/oz just months later. This policy reversal implies a financial discrepancy of roughly USD 1.27 billion. Critics are calling for urgent parliamentary inquiries and greater transparency in reserve management to protect the nation's macroeconomic credibility and restore public trust in the central bank’s disciplinary oversight.

On the regulatory front, the financial sector is undergoing structural transformations aimed at long-term stability. The Financial Stability Advisory Council (FSC) recently reaffirmed its commitment to risk management and consumer protection, while Dr. Daniel Osabutey of Accra Technical University has lauded the BoG’s directive for all rural banks to convert to community banks by March 31, 2026. This mandate is expected to address structural weaknesses and enhance financial inclusion for small enterprises. Additionally, the Controller and Accountant-General’s Department has transitioned government transactions to a fully integrated Electronic Funds Transfer (EFT) system, partnering with 24 commercial banks to replace manual cheque systems with the Ghana Interbank Payment and Settlement System (GHIPSS), thereby improving accountability in public finance.

The business community also marked several milestones in leadership and social responsibility. Boatemaa Barfour-Awuah, CEO of Star Assurance, was sworn in as a member of the GETFund Board of Trustees, while Felix Tamattey of CFY Partners was inducted into the Corporate Ghana Hall of Fame for his contributions to the accounting profession. Furthermore, the Ghana Investment Promotion Centre (GIPC) and MASLOC have entered a partnership to match diaspora investors with local micro-businesses. These initiatives, alongside corporate social responsibility efforts like the Insurance Brokers Association of Ghana’s (IBAG) donation of water facilities to St. Peter’s SHS, reflect a resilient private sector continuing to invest in Ghana’s development despite the prevailing market fluctuations and policy debates.