The Ghana Stock Exchange (GSE) has unveiled an ambitious plan to transform the Ghana Fixed Income Market (GFIM) over the next ten years, aiming to boost retail participation and expand corporate bond issuance.
Speaking at the 10th Anniversary of GFIM in Accra, GSE Managing Director Abena Amoah outlined the exchange’s goal to increase the number of Ghanaians holding securities accounts from two million to 10 million, while raising the number of corporate bond issuers from 14 to over 100.
“The next decade of GFIM will be defined by greater product innovation, deeper technology integration, stronger retail participation, and Ghana’s emergence as West Africa’s fixed-income hub,” Madam Amoah said.
She highlighted priorities for the coming years, including issuing infrastructure bonds to finance sectors such as transport, energy, education, and healthcare, positioning GFIM as a central source of long-term capital for national development.
Reflecting on GFIM’s journey since its 2015 launch, Madam Amoah noted that trading volumes have surged from GHS 5.2 billion in 2015 to GHS 214 billion as of October 2025, despite challenges like the 2023 Domestic Debt Exchange Programme.
“That is not just recovery; it is a testament to the strength of our foundations and the trust our stakeholders continue to place in this market,” she added.
GFIM has become one of Africa’s most transparent and liquid debt markets, driving government financing and creating opportunities for private sector growth.
Madam Amoah called for stronger policy collaboration to sustain market growth, urging the government to approve the listing of viable State-Owned Enterprises (SOEs), promote bond-backed Public-Private Partnerships, and reinstate the zero percent capital gains tax on listed securities to boost investor confidence.
She also highlighted Ghana’s pension reforms, which have grown fund assets to over GHS 100 billion, as an opportunity to channel long-term capital into productive investments through the market.
Concluding her remarks, Madam Amoah expressed gratitude to stakeholders, including the Ministry of Finance, Bank of Ghana, and Securities and Exchange Commission, for helping make GFIM one of Sub-Saharan Africa’s most trusted financial markets.
“Together, we have shown that Ghana can build world-class financial markets. Together, we will write the next chapter — one of innovation, inclusion, and prosperity for all,” she said.
The anniversary, themed “10 Years of the Ghana Fixed Income Market – Deepening Markets, Expanding Possibilities,” marked a milestone in Ghana’s capital market development and reaffirmed a commitment to making GFIM a continental benchmark for transparency, resilience, and inclusive growth.
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