GSE listed market cap
GH₵93.89B
33 tracked tickers
Valuation context
Ghana Buffett Indicator
Total Ghana Stock Exchange listed market cap divided by nominal GDP. Warren Buffett called this the “single best measure of where valuations stand at any given moment.” In Ghana, the long-run band differs from the US — the GSE is much smaller relative to the economy — so we anchor the verdict against Ghana's own history, not US thresholds.
Ghana nominal GDP
GH₵1.4T
April 2026 WEO release (IMF)
Buffett ratio
6.7%
Significantly undervalued
How to read this
The bands below reflect Ghana's own decade of history, where listed-cap-to-GDP has spent most years between 11–20%. The ratio rose briefly above 25% during the 2015 banking-stock peak.
- < 50% (Ghana band)
Sub-historical: market cap small relative to GDP. Often coincides with low GSE liquidity.
- 50–80%
Modestly undervalued vs longer-run frontier-market benchmarks.
- 80–110%
Fair value zone — equity valuations roughly tracking economic output.
- > 110%
Stretched relative to GDP. Listed equities pricing in growth that hasn't yet shown up in output.
Historical context (Ghana)
| Year-end | Listed mcap / GDP |
|---|---|
| 2018 | 19.4% |
| 2019 | 12.0% |
| 2020 | 11.7% |
| 2021 | 16.1% |
| 2022 | 15.0% |
| 2023 | 14.2% |
| 2024 | 14.6% |
Source: World Bank indicator CM.MKT.LCAP.GD.ZS (market capitalization of listed domestic companies, % of GDP — Ghana series). Editorial snapshot; not yet wired live.
Decision-support context only. Not investment advice. The Buffett Indicator is one input among many — see /methodology for how Nkosuo composes valuation views.