The Ghana Stock Exchange (GSE) in 2013 delivered a sterling performance to be the second best Stock market in Africa after Malawi, both in local currency and dollar terms.

The GES Composite Index, which measures the performance of the entire market, went up by 78.81 per cent, which is obviously one of the best in Africa.

Dr Sam Mensah, Chairman of the Council of GSE, who disclosed this at the 24th Annual General Meeting in Accra on Thursday, said the success was possible notwithstanding recent global economic challenges.

He explained that in United States dollar terms, it went up by 55 per cent, placing second only to Malawi in Africa.

The meeting was, among other things, to review the performance of the Exchange and approve remuneration for Council Members and the Auditors.

Dr Mensah said the exceptional performance of the Exchange was sustained largely by increased investor awareness, and good operating results of many of the listed companies supported by the renewed investor confidence in the Ghanaian market.

Again, the buoyant market performance also impacted positively on the Exchange’s bottom line and the Group which is made up of the Exchange itself and its wholly-owned subsidiary; the GSE Securities Depository, recording a surplus after tax of GH¢ 1.23 million compared with GH¢ 0.42 million in 2012.

The volume of shares traded for 2013 stood at 313 million shares valued at GH¢ 456.14 million, representing 43 per cent and 355 per cent over the volume and value of 218 million shares, while GH¢ 102.2 million was recorded in 2012.

He said the Market capitalisation of listed securities at the end of December 2013 was GH¢ 61.16 billion compared to GH¢ 57.26 billion around the same period in 2012.

On the business outlook, Dr Mensah said the GSE in the year under review, signed a merger agreement to merge the GSE Securities Depository Limited with the Bank of Ghana’s Central Securities Depository, effective January 2014.

He said there was also a secondary listing of Government of Ghana’s 10 year second Eurobond of 1 billion dollars in August 2013 and the GH¢ 101.57 million 17.5 per cent seven year bond, both for the same time.

Dr Mensah explained that on the integration of the West African Markets, the various technical committees were held in Ghana, Cote D’Ivoire and Nigeria to develop the required technical framework for the trading and settlement infrastructure as well as the legal frameworks needed.

He indicated that harmonisation of listing, trading and settlement rules among member countries was essential for the integration efforts of the sub-region.