BoG hails Ghana Fixed Income Market as pillar of financial trust

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has described the Ghana Fixed Income Market (GFIM) as a “bridge between savings and investment” that has become a cornerstone of financial stability over the past decade.

Addressing dignitaries at the 10th anniversary celebration of the GFIM in Accra, Dr. Asiama said the platform has grown from GHS 5.2 billion in trade volume at inception to over GHS 1.2 trillion cumulatively.

He observed that the gains reflected the market’s role in mobilising long-term capital and financing Ghana’s development.

“The Ghana Fixed Income Market began as an experiment in confidence,” he said. “It was built on the belief that a transparent, well-regulated bond market could anchor our financial system. That belief has endured.”

The Governor noted that the market’s evolution mirrors Ghana’s economic resilience, especially through recent crises.

Trade volumes, he said, plummeted from GHS 230 billion in 2022 to GHS 98 billion in 2023 during the domestic debt exchange but rebounded to GHS 214 billion by October 2025, an indication of renewed investor trust.

He emphasised three key lessons from the turbulence: “Credibility is capital, predictability is confidence, and coordination is protection.”

Dr. Asiama highlighted Ghana’s macroeconomic turnaround, citing inflation’s drop from 54 percent to 8 percent, a 35 percent appreciation of the cedi year-to-date, and reserves covering nearly five months of imports.

“Behind every decline in inflation lies a rise in discipline. Behind every cedi of appreciation lies a recovery of trust,” he remarked.

He outlined a three-pronged agenda for the market’s next phase—depth, through an active repo and securities-lending framework; diversity, by expanding corporate issuers beyond the current few; and digitalisation, to build a real-time bond ecosystem integrated with payment systems like GhIPSS and RTGS.

“With turnover of GHS 214 billion this year, Ghana’s bond market now ranks among Africa’s most credible domestic platforms,” he said, adding that it can anchor regional integration under the AfCFTA’s Financial Integration Framework.

Dr. Asiama praised the collaboration among the Bank of Ghana, the Ministry of Finance, the Ghana Stock Exchange, and market participants for sustaining the platform.

“We did not merely build a trading platform; we built an institution rooted in trust,” he said.

He urged continued partnership and discipline, stressing, “Let the next decade be remembered not just for growth in volume, but for growth in purpose, where Ghana’s market transforms the economy and sets the benchmark for Africa.”