Despite the challenges posed by the macroeconomic environment, the GSE has shown resilience and growth, with the Composite Index returning 28.08% in 2023 and a further 40% in 2024. 

However, the exchange's Managing Director, Abena Amoah, has highlighted the need for greater stability and policy direction to further boost the domestic capital market.

One critical aspect of achieving this stability is encouraging more Ghanaian companies to list on the GSE.

With only 50 companies currently listed, the exchange is far from reaching its full potential. 

Every critical industry affecting the country's economic growth must be present on the local bourse. 

This will not only provide a platform for companies to raise capital but also create a supply side for potential investors. Listing on the GSE offers numerous benefits, including access to capital, improved governance and increased transparency. 

It also provides an opportunity for companies to diversify their ownership structure, allowing Ghanaians to participate in the growth and success of local businesses.

Furthermore, listing on the GSE can help to promote financial inclusion, with more Ghanaians able to participate in the stock market. 

This, in turn, can help to reduce poverty and income inequality as more people have access to investment opportunities. In addition, the current high interest rate environment in Ghana makes the stock market an attractive alternative for investors seeking higher returns. 

With interest rates hovering around 30%, investors are looking for alternatives that can provide higher yields. 

The stock market offers this opportunity, with listed companies offering attractive dividend yields and potential capital appreciation.

Moreover, the third-tier pension funds of about $6 billion available for investment on the Ghana Stock market present a significant opportunity for listed companies to access long-term capital. 

Companies looking to raise capital for expansion, modernisation or diversification can tap into this pool of funds.

The government and policymakers must create an enabling environment to encourage more companies to list on the GSE. 

This can be achieved through policies such as tax incentives, relaxed listing requirements and investor protection.

The success of the MTN Ghana listing, which made over 200,000 Ghanaians shareholders, is a testament to the potential of the GSE to drive financial inclusion.

In conclusion, the Ghana Stock Exchange has the potential to play a critical role in driving economic growth, promoting financial inclusion and providing alternative investment opportunities in a high-interest-rate environment. 

We urge policymakers and companies to take advantage of the opportunities offered by the GSE and work towards creating a more stable and vibrant domestic capital market.