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MTN Unit’s Rally Gives Ghana Best-Performing Stocks in Africa

  • Scancom shares have almost doubled in best year since 2018 IPO
  • Accra market is sixth-biggest gainer among global benchmarks
A sign advertising the MTN Group Ltd. mobile money payment service in Accra, Ghana.

A sign advertising the MTN Group Ltd. mobile money payment service in Accra, Ghana.

Photographer: Nipah Dennis/Bloomberg
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Shares of MTN Group Ltd.’s Ghanaian unit have almost doubled this year, helping the nation’s main stock index become Africa’s best-performing equity benchmark.

Scancom Plc, which accounts for about a quarter of the Ghana Stock Exchange Composite Index, has surged 94%, the most since its 2018 listing and powering a 42% advance in the Accra market’s key gauge. That’s the sixth-best globally among 92 benchmarks tracked by Bloomberg in local currency terms.