Top Dividend Stocks on the Ghana Stock Exchange (March 2026)

What This Report Covers

This report ranks 15 Ghana Stock Exchange (GSE) stocks by dividend yield using quoted prices available during the March 2026 research window, with some thinly traded names relying on the latest recent trade rather than a synchronized market-wide closing snapshot. It draws on company filings and secondary data sources, and explains what the yield figures actually mean for investors watching the market.

Here is the plain-language version: a dividend yield tells you how much cash a company paid out relative to its current share price. A 10% yield means that for every GHS 100 invested at the current price, the company paid GHS 10 in dividends over the past year. That sounds straightforward. However, on the GSE, particularly for small-cap stocks with thin trading volumes, yields can shift dramatically on a single transaction. That context matters before reading any figure in this report.

Why it matters now: Several Ghanaian companies resumed dividend payments in 2024 after years of suspension during the post-2022 economic stress period. Investors tracking income opportunities on the GSE have more options than at any point in recent years. However, the quality of those dividends varies considerably across the list.

Data in this report are drawn from GSE announcements, company filings, AfricanFinancials, Graphic Online, HighStreetJournal, NorvanReports, and market aggregator StockAnalysis.com. Share prices used in yield calculations span a range of dates from December 2025 to March 2026. This is not a single synchronized pricing window. See the Methodology section and table notes for date-specific context.

Methodology and Data Sources

Three core inputs were used to construct this ranking.

Dividend data came from company announcements as republished by AfricanFinancials, which reprints official GSE and company investor-relations releases. Secondary sources include Graphic Online, HighStreetJournal, ModernGhana, and NorvanReports. Where possible, figures were traced to the original company circular or board resolution.

Share prices and market capitalizations were drawn primarily from StockAnalysis.com, cross-referenced against official GSE market data where accessible. StockAnalysis.com is a secondary data aggregator. For institutional-grade research, figures should be verified directly against the Ghana Stock Exchange official website. Market capitalizations from aggregators can carry float-adjustment errors for African exchange listings, so figures such as CAL Bank and Ecobank Ghana should still be treated with caution until confirmed against current issuer filings or GSE reports.

Yield calculations follow a trailing 12-month cash-paid method wherever that distinction materially affects interpretation. For semiannual payers like TotalEnergies Ghana and Benso Oil Palm Plantation, the figure used reflects dividends actually paid in the trailing 12 months. For annual payers with a single declared dividend, the trailing and annualized yields are identical. All stocks were ranked with no market-cap filter.

Top 15 GSE Dividend Stocks – Ranked by Yield

The table below covers all 15 stocks. Yield figures are calculated from quoted prices used during the March 2026 research window and are highly sensitive to price movements, particularly for small-cap names. See the yield sensitivity section further below for important context on the most volatile entries.

* Yields marked with an asterisk are highly price-sensitive. See the Yield Sensitivity section below for important context.
TOTAL “TTM Dividend Used” shows trailing 12-month cash dividends paid as of March 2026: the 2024 final dividend (GHS 2.5665, paid Dec 2025) plus the 2025 interim dividend (GHS 0.8870, paid earlier in 2025), totaling GHS 3.4535. The FY2024 annual dividend declared by the company was GHS 3.2245 (interim GHS 0.658 + final GHS 2.5665).
** MTN Ghana’s TTM yield (5.05%) uses dividends actually paid in the trailing 12 months to March 2026: the 2024 final dividend of GHS 0.24 and the 2025 interim dividend of GHS 0.08, totaling GHS 0.32, divided by the GHS 6.34 price. The annualized yield (4.81%) is based on the most recent declared full-year payout (GHS 0.305) divided by the same price.
CLYD, SCB, BOPP, CAL, and TOTAL were refreshed using March 2026 quote data where available. Several stocks such as CMLT, GGBL, and FML still rely on earlier recent trades because of infrequent trading. SCB, CAL, MTNGH, and ACCESS moved sharply during March 2026, so those yields are point-in-time estimates only.
Sources: Dividend amounts and dates from AfricanFinancials, HighStreetJournal, Graphic Online, and NorvanReports. Prices and market caps from StockAnalysis.com (secondary aggregator) cross-referenced with GSE data.

Sustainability Notes by Stock

Not all dividends on this list carry the same quality. A high yield is not inherently a signal to buy. It can also signal a depressed share price, a one-off payout, or a payout ratio that is unlikely to be sustained.

Camelot Ghana (CMLT) is a small printing firm. Its 44.4% yield is the product of a low share price rather than a large dividend. The GHS 0.0676 dividend per share was the first payout in several years. The company generated a modest profit in 2024, and the payout ratio of approximately 28% is manageable, but there is no established track record of consistent payments. Investors should treat this as an irregular high-yield rather than a reliable income stock.

CAL Bank (CAL) resumed dividends in 2024 after a three-year pause. The bank had reported losses of GHS 809.8 million in 2022 and GHS 671.1 million in 2023, both driven by Ghana’s Domestic Debt Exchange Programme. Profit after tax for 2024 was GHS 267.7 million, a turnaround from the prior-year loss. Against that, the board declared GHS 0.182 per share. The payout ratio relative to 2024 profit is approximately 18%, which is conservative. The risk here is regulatory: Ghanaian banks remain subject to Bank of Ghana capital adequacy requirements, which can restrict dividend payments if capital buffers fall below thresholds. CAL Bank’s Capital Adequacy Ratio was negative 6.4% in 2024, though this was later addressed via a GHS 900 million rights issue in 2025.

TotalEnergies Ghana (TOTAL) is the most reliable large-cap dividend payer on the GSE. The company has paid semiannual dividends consistently for at least eight years. The FY2024 declared dividend was GHS 3.2245 per share, comprising an interim of GHS 0.658 and a final of GHS 2.5665, against reported net profit of GHS 290.6 million. The trailing 12-month cash figure used in the yield calculation, approximately GHS 3.4535, reflects dividends actually paid in that window. The payout ratio exceeds 100% relative to standalone Ghanaian earnings, which most likely reflects upstream cash transfers from the parent group. Oil price and currency volatility remain the primary risks.

MTN Ghana (MTNGH) has the strongest dividend track record on the exchange, with consistent annual payouts since at least 2017 and both interim and final components. The 2024 total dividend of GHS 0.305 per share represented a 35.6% increase year-on-year, backed by GHS 5.03 billion in profit after tax. The payout ratio was 80.26% of profit after tax, in line with MTN Ghana’s stated dividend policy. The telecom sector in Ghana is maturing, so earnings growth is likely to moderate, but the business has demonstrated sustained cash generation across the economic cycle.

Clydestone Ghana (CLYD) remains highly sensitive to single-trade price movements. Even after the March 13, 2026 quote update, the stock’s market capitalization remains small by GSE standards, and any yield figure for CLYD should be treated as a snapshot rather than a stable income measure.

Benso Oil Palm (BOPP) carries a high payout ratio of approximately 80%, making it one of the more vulnerable large-cap payers if palm oil margins contract. The company remains profitable, but a softer earnings cycle could narrow dividend headroom.

Fan Milk (FML) and TotalEnergies (TOTAL) both show payout ratios above 100% in the data. Fan Milk’s 118% figure suggests the company is drawing down retained earnings to fund the dividend. That approach is not indefinitely sustainable.

Enterprise Group (EGL) stands out in the opposite direction, with a payout ratio of roughly 5% on GHS 149 million in 2024 profit. The company is clearly retaining capital rather than distributing it. The low yield reflects that conservatism, but it also means the balance sheet is building strength.

Dividend Payout History – Top 5 Stocks

The table below summarizes dividend payment continuity for the five highest-yielding stocks on the list. The pattern is important: several of the highest yielders are either first-time or recently resumed payers, which affects how much weight investors can place on past consistency as a predictor of future payouts.

Table: Dividend Payout History Summary – Top 5 Stocks by Yield (as of March 2026).

Yield Sensitivity and Price Risk

This section addresses a specific structural feature of the GSE that affects how yield figures should be read for small-cap stocks.

The Camelot (CMLT) yield of 44.4% is calculated using a share price of GHS 0.14 recorded on December 8, 2025. That is a historically low price for CMLT. Based on Camelot’s typical trading range of approximately GHS 0.20 to GHS 0.40, the same GHS 0.0676 dividend would produce a yield of between 17% and 33% at those prices. The 44.4% figure is therefore a snapshot of one particular price point, not a reliable ongoing yield estimate.

The same logic applies to Clydestone (CLYD). With a market capitalization of just over GHS 28 million and infrequent trading, a handful of transactions in either direction can change the share price materially, altering the yield figure accordingly. The current 3.86% yield reflects the March 13, 2026 quote and should still be treated as point-in-time.

For context, CAL Bank at GHS 0.88 and a GHS 0.182 dividend produces a yield of roughly 20.7%. If the share price recovers to GHS 1.10, the yield falls to approximately 16.5%. A price of GHS 1.30 would bring it to about 14.0%.

The practical takeaway: yields for CMLT, CLYD, and CAL should be understood as a range rather than a fixed number. The figures in the table represent specific price dates, and the GSE’s limited liquidity means those prices can be unrepresentative of broader market value.

Methodology and Assumptions

Date of data: Dividend declaration dates in the dataset range up to mid-2025. Share prices used for yield calculations are quoted prices available during the March 2026 research window, with older recent trades retained for some thinly traded names such as CMLT, GGBL, and FML. This is not a synchronized market-wide pricing snapshot.

Yield calculation detail: Annual dividends were summed where a company paid both an interim and a final dividend in the same year. Semiannual payers were treated similarly. For stocks where the distinction matters, the table uses a trailing 12-month cash-paid method rather than a simple annual dividend field from a secondary data vendor.

Market capitalization source: Figures are from StockAnalysis.com. This aggregator is used for convenience, but its float-adjustment methodology for African exchange listings may not always reflect the actual public float. Users requiring precise figures should consult company filings or the GSE directly.

Selection criteria: All GSE-listed stocks with any declared or paid dividend relevant to the trailing 12-month analysis window were considered. No market-cap filter was applied. This means some very small and illiquid stocks appear near the top of the ranking.

Data gaps: Where ex-dividend or payment dates were not published or easily traceable, the most recently announced figures were used and that limitation is reflected in the notes.

Sustainability comments: All observations on payout sustainability are based on publicly reported profit figures and standard payout ratio analysis. They do not constitute financial advice.

Sources

• AfricanFinancials: “Camelot Ghana Limited declares a final dividend 0.0676 GHS per share” (2025)
• High Street Journal: “CAL Bank Joins MTN, Access Bank in Early 2025 Dividend Payout Wave” (2025)
• StockAnalysis.com: CalBank PLC (GHSE:CAL) Quote Page
• StockAnalysis.com: TotalEnergies Marketing Ghana PLC (GHSE:TOTAL) Quote Page
• StockAnalysis.com: TotalEnergies Marketing Ghana (GHSE:TOTAL) Dividend History
• Graphic Online: “MTN Ghana reports over GH5 billion profit after tax, declares 24 pesewas final dividend” (2025)
• NorvanReports: “Clydestone Ghana Declares Final Dividend of GH0.032 Per Share for 2024” (2025)
• StockAnalysis.com: Clydestone Ghana (GHSE:CLYD) Quote Page
• Graphic Online: “Standard Chartered Bank Ghana declares GH1.67 per share final dividend for 2024” (2025)
• StockAnalysis.com: Standard Chartered Bank Ghana PLC (GHSE:SCB) Quote Page
• Graphic Online: “Benso Oil Palm Plantation declares GH2.13 dividend per share as 2024 profits soar” (2025)
• StockAnalysis.com: Benso Oil Palm Plantation (GHSE:BOPP) Quote Page
• StockAnalysis.com: Benso Oil Palm Plantation (GHSE:BOPP) Dividend History
• AfricanFinancials: “Unilever Ghana PLC declares a final dividend of 0.60 GHS per share” (2025)
• AfricanFinancials: “Guinness Ghana Breweries declares a final dividend of 0.098 GHS per share” (2025)
• AfricanFinancials: “Enterprise Group Limited Ghana declares a final dividend of 0.126 GHS per share” (2025)
• AfricanFinancials: “Access Bank Ghana declares a final dividend of 0.3645 GHS per share” (2025)
• High Street Journal: “GOIL Proposes Final Dividend of GH0.056 Per Share for 2024” (2025)
• High Street Journal: “Ecobank Ghana Declares GH0.34 Final Dividend for 2024” (2025)
• AfricanFinancials: “Fan Milk Limited Ghana declares a final dividend of 0.08 GHS per share” (2025)
• Ghana Stock Exchange – Official Market Data

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