Brigadier-General Paul Seidu Tanye-Kulono, Acting Director-General of GPHA

The Acting Director-General of the Ghana Ports and Harbours Authority (GPHA), Brigadier General Paul Seidu Tanye-Kulono, has urged employees to uphold discipline, fairness, and teamwork to enhance the Authority’s growth and efficiency.

Speaking at a staff durbar organized to officially welcome him, Brigadier General Tanye-Kulono emphasized the importance of punctuality, commitment, and collaboration among employees.

“Let’s be disciplined. We must be punctual at work, and we must all lead by example. The second principle is fairness. I will treat everyone here fairly. This is the time to build this institution so that in 50 years, you can return and be proud,” he stated.

The event, attended by management and staff, marked the beginning of his tenure and provided an opportunity for him to engage with the workforce. He was warmly received by employees, who expressed their support for his leadership.

The outgoing Director-General, Michael Achagwe Luguje, expressed gratitude for the support he received during his tenure and urged staff to rally behind the new leadership for GPHA’s continued growth.

“I just want to take this opportunity to thank all of you for the experiences we’ve shared at GPHA. I also urge you to give the new Director-General your full cooperation. If you supported me, I encourage you to increase that support tenfold for him because, at the end of the day, every single step forward that GPHA takes benefits us all,” he said.

Earlier, Brigadier General Tanye-Kulono held a preliminary meeting with GPHA management and staff union leaders. The engagement allowed both parties to familiarize themselves and reaffirm their shared commitment to advancing the Authority’s mandate.

As part of his broader engagement with employees, the Acting Director-General also paid a familiarization visit to the Port of Takoradi.

During his visit, he met with management, staff unions, and the workforce to reiterate his leadership vision, anchored on discipline, fairness, and teamwork.

Brigadier General Tanye-Kulono brings extensive leadership, defense, and legal expertise to his new role.

Before his appointment, he served as the Deputy Commandant of the National College of Defence Studies (NCDS) at Burma Camp, Accra.

Randy Nunoo is a Ghanaian highlife musician

Randy Nunoo, a highlife musician, has claimed that the royalties paid to musicians are nothing to write home about.

The musician lamented that if Ghanaian musicians had to rely on royalties from the Ghana Music Rights Organisation (GHAMRO) to support themselves and their families, they would not survive.

He asserted that the royalties paid to Ghanaian musicians should be investigated, as they are simply an insult. He made this statement during an interview with Papa Taste on Rainbow Radio 87.5FM’s midmorning program.

“This is a multimillion-dollar question. It’s not that I can’t answer it, but everyone knows I am an industry advocate for GHAMRO and MUSIGA. If musicians relied solely on royalties paid in Ghana to support themselves and their families, they would have died by now. It’s terrible and nothing to write home about. If you travel the world, you will realize that royalties are a big deal. When I compare the amount I’ve received to my twenty albums, it’s an insult to me.”

When asked to specify the amount he received, he refused, stating, “The amount I received is an insult.” He continued, “That’s what’s happening. Musicians are still working, but there are people who benefit from their sweat and toil.”

He recounted the various efforts he and others have made to ensure that musicians are not cheated, but nothing seems to be working.

“Musicians are suffering. Look at how they are dying. This is a matter that, in my opinion, should be addressed by the president. We’ve done a lot of advocacy on this issue, but nothing has changed,” he said.

By Hafsa Obeng

Accra, Feb. 22, GNA – Nestlé Ghana, a food and beverage company, has emphasised the crucial role of iron fortification in child nutrition, which helps in developing learning capacity, creativity, and problem-solving skills. 

Mrs Salome Azevedo, the Business Executive Officer for Dairy at Nestlé Ghana, said iron was a cornerstone for building a future-ready generation in Ghana.   

She underscored the growing recognition of iron’s importance during school-age years, noting that this period was pivotal for developing qualities essential for navigating the complexities of the modern world. 

 Mrs Azevedo said this during the re-launch of the newly designed packaging for NIDO, a cherished milk powder brand.  

The product highlights Nestlé’s commitment to providing nutritious products and efforts to minimise environmental impact.  

The repackaged NIDO features a visually appealing design and easier-to-recycle plastic. 

Mrs Azevedo highlighted the availability of fortified foods and formulas tailored for school-aged children as a practical step toward addressing nutritional gaps. 

“Iron deficiency is a significant concern, and its impact on cognitive development can not be overstated. We are talking about fatigue, impaired concentration, and delayed cognitive growth, all of which can severely hinder a child’s ability to thrive academically and socially,” she said.   

Adequate iron intake supported neural development and energy levels, equipping children to fully engage in education and extracurricular activities, she noted. 

“This is not just about academic performance; it’s about fostering resilience and curiosity in a world where adaptability will be key to success.” 

The relaunched product aligned with global health recommendations to combat micronutrient deficiencies, Ms Azevedo said. 

She urged parents and caregivers to prioritise holistic health, encompassing physical, cognitive, and emotional well-being.  

She emphasised its role as the foundation for raising children capable of innovating and leading in a dynamic world.   

Mr Tweneboah-Koduah, the Category Manager for Dairy at Nestlé Ghana, said NIDO retained the same nutritious and creamy taste loved by consumers. 

 He explained that alongside the new packaging, Nestlé Ghana was advancing sustainability initiatives, including waste management programmes and the adoption of renewable energy sources in its operations. 

GNA  

Samira Abdul-Azeez is Deputy CEO of Ghana Enterprises Agency

President John Dramani Mahama has appointed Samira Abdul-Azeez, a distinguished legal practitioner, as the Deputy Chief Executive Officer (CEO) of the Ghana Enterprises Agency (GEA).

The announcement, made on Friday, February 21, 2025, reaffirms the president’s commitment to strengthening Ghana’s Micro, Small, and Medium Enterprises (MSME) sector an essential pillar of the country’s economic development.

Samira Abdul-Azeez, a Barrister and Solicitor of the Supreme Courts of Ghana and The Gambia, brings a wealth of expertise in business law, corporate transactions, and intellectual property law. Her reputation in legal advisory, compliance, and business risk management positions her as a strategic addition to the GEA’s leadership.

Her appointment follows Margaret Ansei’s designation as Acting CEO in January 2025, further fortifying the agency’s leadership as it champions entrepreneurship and business development across Ghana.

The GEA, established under the Ghana Enterprises Agency Act, 2020 (Act 1043), is responsible for supporting MSMEs through business development programs, financial access, and entrepreneurship training.

Abdul-Azeez’s extensive background in corporate governance, contract management, and strategic leadership is expected to enhance the agency’s mission.

Before her appointment, she served as Head of Legal at the Melcom Group of Companies, where she played a pivotal role in establishing and leading the legal department.

She oversaw corporate compliance, regulatory affairs, and risk management across the company’s six subsidiaries, making her well-versed in addressing the practical challenges faced by businesses, particularly MSMEs.

Abdul-Azeez holds an Executive Master’s in Business Administration and a Bachelor of Laws (LL.B.) from the Ghana Institute of Management and Public Administration (GIMPA). She has also earned certifications in FIDIC Construction Law, Corporate Compliance, Intellectual Property, and Public Speaking.

Her international training in the USA and Switzerland provides her with a global perspective, which will be invaluable as the GEA collaborates with international partners, including the World Bank and the Mastercard Foundation, on projects like the Ghana Economic Transformation Project (GETP) and the Business in a Box (BizBox) initiative.

Her legal career spans roles as a trainee lawyer at Puozuing & Associates, where she advised on business and commercial matters, and as an International Associate at Ayine & Partners, managing transnational corporate transactions and intellectual property enforcement.

These experiences have refined her skills in negotiation, compliance assessment, and risk management key attributes for her new role at GEA.

Beyond her professional achievements, Abdul-Azeez is an active member of the Ghana Bar Association, the African Bar Association, and the African Women Lawyers Association.

She has also held leadership roles, including serving as Chief Justice of the GIMPA SRC Judicial Council and speaking at the Model United Nations.

Her participation in high-profile events, such as the World Bank Ghana Fiduciary Workshop and the United Nations Commission on the Status of Women, highlights her influence as a thought leader in legal and business development circles.

As Deputy CEO, Abdul-Azeez will collaborate with Acting CEO Margaret Ansei to drive the GEA’s initiatives, with a focus on youth and women entrepreneurship programs and post-COVID recovery efforts.

By Solomon Gumah

Tamale, Feb 22, GNA – Civil Society Organizations (CSOs) in the Northern Region have participated in a day’s consultative forum to assess the impact of the recent US Government stop work order to strategize on resource mobilization for sustainable development. 

The forum, held in Tamale, provided a platform for community voices, showcasing their resilience and innovative responses to the funding halt on United States Agency for International Development (USAID) projects in Ghana. 

The event, titled “CSO Convening on the Impacts of the US Government Stop Work Order,” was organized by Norsaac and brought together representatives from various CSOs and NGOs, including the Catholic Relief Services, Ghana Developing Communities Association, SEND Ghana, Songtaba, Savannah Women Integrated Development Agency (SWIDA-Ghana), and Regional Advisory Information and Network Systems (RAINS), among others. 

The theme for the event was “Community Voices on US Government Stop Work Order: The Effects, New Pathways, and Opportunities.” 

The US Government issued the stop work order on USAID projects on January 20, 2025, as part of a 90-day pause in foreign development assistance for review and assessment, aimed at ensuring alignment with American interests. 

Alhaji Mohammed Awal Alhassan, Executive Director of Norsaac, explained during his presentation that the convening was intended to raise awareness among key actors, emphasizing that understanding the situation was crucial for developing a comprehensive response and exploring alternative funding mechanisms. 

He stressed the importance of building solidarity among Ghanaian CSOs and leveraging the Ghana Beyond Aid agenda to diversify funding initiatives, and called on the government to allocate a percentage of the country’s Gross Domestic Product (GDP) to support development cooperation. 

Alhaji Hamza Ahmed Tijani, Anglophone Africa Programme Lead at the Hague Institute for Innovation of Law, delivered the keynote address, and said the funding suspension underscored the need to build robust local systems.  

He advocated investment in community-based solutions to foster resilience and ensure the continuity of essential services amid global funding uncertainties. 

Hajia Alima Sagito Saeed, Executive Director of SWIDA-Ghana, shared her experience on the impact of the stop work order, and revealed that some agricultural projects had been suspended, exacerbating vulnerabilities in communities, especially for women and children. 

Participants at the forum agreed on the need for enhanced policy advocacy to push for increased government resource allocation to social services, emphasizing local ownership and sustainable development pathways. 

GNA 

Daniel Agbesi Latsu

Kadjebi (O/R), Feb 22, GNA – A rainstorm accompanied by strong winds on February 20 and 21 destroyed houses in Kadjebi township and other communities in the Kadjebi District of the Oti Region. 

Mr. John Dumor, a victim from Cocoa Market, a suburb of Kadjebi, told the Ghana News Agency (GNA) that he was devastated by the disaster and needed money for roofing sheets and wood to re-roof his structure. 

Mr. Dumor, also known as Azakpo, stated that in his over forty years of living in Kadjebi township, he never witnessed such a rainstorm and that the disaster would affect his livelihood and investments.  

Mr. Francis Kudzor, a Carpenter and another victim at Cocoa Market, told GNA that he was confused and did not know, how to raise about GH¢4,000.00 to re-roof the building. 

He appealed for support to re-roof his structure. 

Mr. Joseph Ahiawota, a victim at Tadzewu Kpodzi, a suburb of Kadjebi, told GNA that he was shocked by the disaster as he had lived in the affected building for over 25 years. 

He appealed to the government to come to their aid by providing them with relief items to lessen their plight. 

Mr. Evans Akoto, a victim from Kosamba, a farming community in the Kadjebi District, whose three-bedroom house was ripped-off by the storm, told GNA that he needed GH¢4,800.00 to buy four bundles of roofing sheets to re-roof the building.  

Mr. Akoto, who is also the Assemblyman for the Kosamba Electoral Area, said that obtaining such an amount of money, plus the cost of workmanship, would be difficult for him.  

He appealed to the government and philanthropists to assist them in re-roofing their buildings.  

Buildings belonging to three other individuals in the Kosamba community were also damaged by the rainstorm. 

The GNA’s attempt to speak with the National Disaster Management Organisation (NADMO) officials on the disaster was unsuccessful. 

GNA  

Cryptocurrency firm Bybit logo

Cryptocurrency firm Bybit said hackers stole $1.5bn (£1.1bn) worth of digital currency in what could be the biggest crypto theft in history.

The Dubai-based company’s founder told users that their funds were “safe” and that it would refund any of those affected.

It said hackers stole from its Ethereum coin digital wallet. Ethereum is the second largest cryptocurrency by value after Bitcoin.

Bybit’s founder Ben Zhou said the money could be covered by the firm or by a loan from partners. Bybit holds $20bn (£15bn) in assets.

Bybit said the hackers exploited security features, then transferred the money to an unidentified address.

After the theft, the value of Ethereum fell by around 4% on Friday, leaving it worth $2,641.41 (£2,090) per coin.

The scale of the theft would exceed a previous record, which was a $620m (£490m) heist of Ethereum and USD Coin from the Ronin Network in 2022.

Bybit was founded in 2018. US President Donald Trump and former Paypal chief Peter Thiel were reportedly among its early investors.

Bybit says it has more than 60 million users worldwide and offers access to various cryptocurrencies.

“Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,” Mr Zhou added.

The company said in a post on X that it had reported the case to authorities and that it was working “quickly and extensively” to identify the hackers.

Cryptocurrencies, which have become popular with investors, have sparked division as many criticise their value for being based purely on speculation, allowing their value to be easily manipulated.

Most recently, Donald Trump has been criticised for launching his own digital coin while saying he “doesn’t know much” about the cryptocurrency.

The digital coin called TRUMP appeared on his social media accounts ahead of his inauguration and quickly became one of the most valuable crypto coins, but has since fallen significantly in value.

It highlights security concerns within the digital currency market, which was hoping for renewed trust after Mr Trump launched his coin. His adviser and multi-billionaire owner of Tesla, Elon Musk, has also in the past talked up Bitcoin.

In 2014, crypto exchange Mt Gox filed for bankruptcy after $350m (£210m) worth of digital currency had been stolen due to a loophole in its security.

In 2019, hackers stole stolen $41m worth of Bitcoin from the Binance exchange in another major crypto-currency heist.

Renowned economist, Prof. Godfred Bokpin, has lamented the decline of Ghana’s cocoa sector, warning that the country’s mainstay is losing its dominance, with even the apparel industry now generating more foreign exchange (FX) than cocoa.

He attributed this worrying trend to illegal mining, poor policies, and lack of support for cocoa farmers.

Speaking on The Big Issue on Channel One TV, Prof. Bokpin stressed that the nation’s over-reliance on cocoa without proper investment and protection of farmlands has led to a sharp drop in output.

Meanwhile, other critical sectors, like apparel, have surged ahead in FX earnings, he stated.

“When I say we should not be known for cocoa now, other critical aspects of the economy are actually bringing in much more FX than cocoa. Even apparel is bringing more than what cocoa is bringing now,” he revealed.

Prof. Bokpin pointed to illegal mining and irresponsible land use as key factors eroding the cocoa sector’s viability. He criticized the government’s failure to safeguard farmlands and provide adequate support for farmers.

“We’re talking about food inflation, but look at what illegal mining and irresponsible mining have done to our farmlands. Our farmers are trading off their cocoa farmlands for illegal mining, for other cash crops, and all that. We don’t have a clear national policy to preserve farmlands,” he stated.

He also highlighted the contrast between Ghana and other cocoa-producing nations, arguing that while South America and other regions are boosting their cocoa yields, Ghana’s output continues to decline.

Legal practitioner and member of the New Patriotic Party (NPP) Legal Directorate, Kingsley Amoakwa-Boadu, has called on government to take decisive action against illegal mining, popularly known as galamsey, rather than merely raising concerns.

Speaking on the issue of illegal mining and its devastating impact on Ghana’s environment, Mr Amoakwa-Boadu criticised President Mahama for what he described as a passive approach.

“When in opposition, the NDC was quick to highlight issues like galamsey to create public aversion against us. Now they are in government; it’s time to act, not complain,” he stated.

“The President should tell us, ‘I came to meet this problem, and these are the steps I’m taking to solve it.’ That’s what leadership is about—offering solutions, not just identifying problems,” he added.

Read also: 44 of Ghana’s Forest Reserves under siege by armed illegal miners – Lands Minister

Mr Amoakwa-Boadu stressed that there is a clear distinction between legal and illegal miners and that illegal activities should be met with strong government intervention. “If it’s illegal mining, there’s no legal basis whatsoever for its continuation. The government must act decisively to stop it rather than bringing it to public attention without taking action,” he asserted.

He also urged President Mahama to transition fully into his role as a governing president rather than maintaining the posture of an opposition leader, adding that “now they wield executive power, so they must operationalise their policies to fight galamsey.”

His remarks come after the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah disclosed that 44 of the country’s forest reserves are under severe threat from heavily armed illegal small-scale miners, commonly known as galamsey operators.

He explained that forest guards and the Forestry Commissions rapid response team are unable to confront these miners effectively because they lack the advanced weaponry the galamsey operators possess.

Addressing Parliament on Thursday, February 20, the minister highlighted the growing crisis, stating, “Ghana’s forests are facing serious threats of deforestation and degradation due to well-known factors.

“The country is experiencing an unprecedented assault on its forest resources and water bodies, largely driven by illegal mining activities.”

He warned that the situation has escalated into a national emergency with severe security and public health implications, requiring urgent intervention.

Highlighting the complexities of addressing illegal mining, Mr Amoakwa-Boadu suggested a mixed approach combining strict enforcement with education and policy support.

He also referenced past efforts to regulate small-scale mining, noting that the allure of sudden wealth makes it difficult to eradicate galamsey solely through enforcement.

Read also: Mahama instructs anti-galamsey team to seize, not burn excavators

“A command-and-control approach should be blended with education and regulation. In places like South Africa, strict measures have been taken, but there’s also a need to regulate and support small-scale miners. Ghana should adopt a similar balanced strategy,” he explained.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

The Ghana Stock Exchange (GSE) has recorded a bullish performance in 2024, emerging as the best stock exchange in Africa with a 56.17 percentage gain during the period, an exploit that industry experts are optimistic would continue in 2025.

Ghana’s stock index led Africa with a remarkable 56.17 percent return, the highest since 2013. This was bolstered by a US$3 billion IMF bailout and an average GDP growth of 6.3 percent over the year.

Going into 2025, investors anticipate further gains under President John Dramani Mahama’s administration, which has prioritised economic stability and fiscal consolidation. With this backdrop, analysts forecast a 45 percent gain in 2025, underpinned by an improving economy and strengthening cedi currency.

The exchange’s composite index rose from 3,130.23 to 4,888.53, marking its strongest performance in 11 years – since 2013’s 78.8 percent return.

Also, the GSE-CI recorded a stellar 56.17 percent year-to-date (YTD) return, marking the highest in eleven years and more than doubling its five-year average of 20.31 percent.

The outstanding growth is also linked to consistently demonstrating a commitment to driving economic growth and supporting sustainable development in Ghana and beyond.

The 71% Increase in Traded Shares

In 2024, The GSE witnessed a surge in trading activity with 992 million shares traded, representing a 71 percent year-on-year increase. Turnover also rose sharply to GH¢2.15billion, up by 163 percent compared to the previous year. This growth in market activity underscores the increasing appeal of equities among investors seeking higher returns.

The top-five gainers of 2024 included Unilever which posted an impressive 140.44 percent YTD gain and Ecobank Transnational Inc. rose by 106.67 percent. MTN Ghana also featured prominently with a 78.57 percent increase in its share price, closing the year at GH¢2.50.

GSE’s Forward-Looking Strategy

With the GSE’s forward-looking strategy reflective of an ambitious vision of creating a robust, inclusive capital market that drives both corporate and economic transformation in Ghana, experts tip the market to sustain the bullish performance in 2025 unabated.

By aligning with regional and continental initiatives, the GSE’s intended target to channel domestic savings into productive local projects, positioning itself as a significant player within Africa’s evolving financial landscape would not only impact growth in the local economy but continue as the most responsive market.

CFi.co in a statement said through strategic innovation and resilience, GSE has made notable advancements, including the introduction of over-the-counter (OTC) trading services, designed to provide a simplified entry point for companies seeking capital.

It highlighted GSE’s expansion of product offerings which also feature a commercial paper market, enabling companies to access short-term financing, and a dedicated sustainable market segment launched in line with international environmental, social, and governance (ESG) standards.

The GSE is projected to deliver another strong performance in 2025, with Data Bank research forecasting a 45 percent gain in the GSE composite index, closing the year at 6,850 points. This follows a 26.13 percent return in dollar terms in 2024, with the Accra Bourse ranking as the best-performing market in Africa in cedi terms.

Key sectors like banking, telecommunications, and fast-moving consumer goods (FMCG) are expected to drive growth.

MTN Ghana remains a top pick due to strong earnings and dividend yields averaging 12 percent since its 2018 listing. FMCG leaders such as Unilever Ghana, Fan Milk, and Guinness Ghana Breweries are poised for recovery, supported by favorable operating conditions and stronger earnings.

Other analysts anticipate that the Composite Index (GSE-CI), which tracks the performance of the main market, will surpass the 5,000-point mark in this year – extending its remarkable performance from 2024.

An analyst at Fincap Securities, John Nani, on his part, highlighted a growing confidence in the equities market as a key driver for sustained growth.

“The equity market’s broad-based performance is expected to persist, with MTN Ghana continuing to play a leading role due to its consistent dividend payouts, rising revenues and growing profitability,” he said in an interview with B&FT.

The Role of T-Bills & Cedi Depreciation

The Treasury bill market experienced significant undersubscription, with a GH¢20billion shortfall in the third quarter alone. This scarcity of traditional fixed-income options, combined with the cedi’s 19 percent depreciation against the US dollar, redirected investor attention to equities.

The exchange’s Financial Index gained 25.2 percent, recovering from a 7.36 percent decline in 2023. This rebound followed a challenging period after the restructuring of domestic cedi bonds, cocoa bills and domestic dollar bonds had impacted bank balance sheets and dampened investor sentiment.

Equity Market Outperforming T-Bills

The equity market significantly outperformed Treasury bill returns in 2024, as 91-day T-bills stood at 28.24 percent. Similarly, the 182-day and 364-day bills stood at 28.68 percent and 30.07 percent respectively. This reinforced the equity market’s attractiveness as an investment option.

Analysts observed that this trend is likely to continue in 2025, with the broader market expected to deliver stronger returns compared to short-term debt instruments.

Again, this underscores Databank Research forecasted that the GSE-CI could climb to 6,850 points by year-end, representing a projected annual gain of 45 percent (±500 basis points).

MD-GSE, Abena Amoah

The CEO of the GSE, Abena Amoah, recently shared insights on the market’s performance and future plans, in line with analysts and market experts are optimism about the sustainability of this growth in 2025.

She emphasized the importance of engaging the market, executing financial literacy programs, diversifying products, and attracting profitable companies that share information with investors.

In the context of the African Continental Free Trade Area (AfCFTA), Mrs. Amoah emphasized the pivotal role of capital markets in supporting economic transformation and business expansion. By enabling companies to raise capital and encouraging individual African investors to participate in wealth generation, stock exchanges like the GSE are poised to contribute to the success of AfCFTA and drive growth across the continent.

As the GSE gears up for another year of opportunities and challenges, Abena Amoah’s strategic vision and commitment to market development position the exchange for continued success in 2025.

In conclusion, the Ghana Stock Exchange’s outlook for 2025 reflects confidence in broad-based sector growth, underpinned by improved corporate earnings and market conditions.

The Continental Level Competition

Whilst Ghana came top on the continent in the year under review, other African markets also posted strong performances.

The country’s 56.17 percentage gain recorded was followed closely by the Malawi Stock Exchange with 55.06 percentage gain, continuing its upward trajectory from 2023 when it returned 78.85 percent.

Zambia’s index ranked third, gaining 44.1 percent in 2024 as investors responded to rising copper prices and ongoing economic reforms. The country’s focus on debt restructuring and infrastructure development has attracted international attention. With global demand for critical minerals increasing, Zambia’s stock market could sustain its momentum in 2025. This could pose strong competition to Ghana.

Nigeria’s stock market surged 37.7 percent, supported by President Bola Tinubu’s economic reforms, including currency liberalisation and the removal of fuel subsidies. The energy sector was a standout, with Oando Plc and Seplat Energy Plc posting exceptional gains.

However, ongoing inflationary pressures and a cost-of-living crisis may temper investor enthusiasm in 2025.

The Uganda Securities Exchange recorded a 36.94 percent appreciation, with its All-Share Index rising from 872.5 to 1194.8. Notable listings included Airtel Uganda, British American Tobacco and Stanbic Bank Uganda.

Kenya’s market demonstrated a remarkable recovery, posting a 34.06 percent gain in local currency and leading the continent in USD terms with a 65.3 percent return. This performance marked a significant turnaround from 2023, when currency depreciation had made it the world’s worst-performing market in dollar terms.

The BRVM, serving Francophone West Africa, returned 29.7 percent as its composite index moved from 212.82 to 276.02. In USD terms, the market achieved a 34.9 percent return – second only to Kenya among African exchanges.

Morocco’s Casablanca Stock Exchange advanced 22.16 percent, with its All-Share Index rising from 12,092.88 to 14,773.19. Construction firm Jet Contractors, Residences Dar Saada and Alliances were among the market’s top performers.

The Dar es Salaam Stock Exchange in Tanzania gained 20.85 percent, with its All-Share Index closing at 2,139.73. Major listings included East African Breweries, KCB Group, Tanzania Breweries, Vodacom Tanzania and Tanzania Cigarette.

Egypt’s exchange rounded out the top performers with a 19.47 percent increase in its EGX-30 index. The broader EGX100 EWI gained 42.40 percent, while market capitalisation increased by US$8.85billion despite the Egyptian pound’s depreciation.

These performances exceeded the MSCI Frontier Emerging Markets Index’s 7.43 percent gain. The index tracks several African markets including Ivory Coast, Morocco, Egypt, Mauritius, Kenya and Tunisia.