Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, says Ghana’s fixed-income market has matured into a cornerstone of financial stability, recording cumulative trade volumes of more than GH¢1.2 trillion since its launch a decade ago.
Speaking at the 10th anniversary celebration of the Ghana Fixed Income Market (GFIM) in Accra, Dr. Asiama described the platform’s journey as “an experiment in confidence” that has evolved into a trusted bridge between savings and investment.
“From GH¢5.2 billion in trade volume at inception, cumulative trading has now surpassed GH¢1.2 trillion,” he said. “In one decade, GFIM has moved from concept to cornerstone, connecting savers, investors, and institutions in a shared purpose — financing Ghana’s development with integrity and discipline.”
The Governor noted that the market’s strength reflects collaboration among the Bank of Ghana, the Ghana Stock Exchange, the Ministry of Finance, and market participants, which helped transform what was once a fragmented system into a transparent, centralised platform.
Dr. Asiama acknowledged the turbulence caused by Ghana’s 2022-2023 domestic debt exchange, which sharply reduced trading volumes, but said renewed investor confidence has since driven activity back to GH¢214 billion as of October 2025.
“Credibility is capital. Without it, no reform endures,” he emphasised.
He highlighted that inflation has fallen from 54 percent to 8 percent, the cedi has appreciated by more than 35 percent year-to-date, and reserves now cover nearly five months of imports — evidence, he said, of improved fiscal-monetary coordination.
Looking ahead, Dr. Asiama outlined three priorities for the next decade of GFIM’s growth:
Depth — implementing active repo and securities-lending frameworks to sustain liquidity.
Diversity — widening the issuer base beyond government securities to attract more corporates.
Digitalisation — integrating GFIM with Ghana’s payment systems for real-time processing and settlement.
He revealed that corporates have so far raised about GH¢24 billion through GFIM, while pension funds hold over GH¢90 billion in its assets — a signal of potential for greater private-sector participation.
“Our goal is to make Ghana the reference point for transparency, innovation, and sustainability in African fixed-income markets,” Dr. Asiama said, adding that Ghana could anchor regional capital-market integration under the AfCFTA Financial Integration Framework.
The Governor concluded by praising the resilience of market actors during Ghana’s recent economic challenges.
“We did not merely build a trading platform; we built an institution rooted in trust. And trust, sustained through discipline, transparency, and partnership, remains our most valuable national asset,” he said.
The event, held under the theme “Deepening Markets, Expanding Possibilities,” brought together government officials, financial-sector leaders, and international partners to chart the next phase of Ghana’s capital-market development.
ALSO READ: