Ghana’s bond market has rebounded – Dr. Asiama

Bank of Ghana Governor, Dr. Johnson Pandit Asiama, has declared that Ghana’s bond market has rebounded strongly, marking a renewed phase of investor confidence after years of turbulence.

Delivering an address at the 10th anniversary celebration of the Ghana Fixed Income Market (GFIM) in Accra, Dr. Asiama said the recovery in trade volumes and market activity underscores a restoration of trust in Ghana’s fiscal and monetary policies.

He revealed that trade volumes, which slumped from GHS 230 billion in 2022 to GHS 98 billion in 2023 due to the domestic debt exchange, have surged again to GHS 214 billion as of October 2025.

“The market spoke when confidence faltered, and it spoke again when credibility began to rebuild,” he stated.

Dr. Asiama credited the turnaround to disciplined policy coordination and stronger market governance.

“Behind every decline in inflation lies a rise in discipline. Behind every cedi of appreciation lies a recovery of trust,” he said, pointing to macroeconomic improvements that include inflation falling from 54 percent to 8 percent and foreign reserves now covering nearly five months of imports.

He described the Ghana Fixed Income Market as a bridge between savings and investment, which has evolved from a “concept to cornerstone” over a decade. From GHS 5.2 billion in trade volume at inception, cumulative trading has now exceeded GHS 1.2 trillion.

The Governor outlined three priorities to consolidate the gains, depth, through an active repo and securities-lending framework to sustain liquidity; diversity, by widening corporate participation; and digitalisation, to build a real-time, end-to-end bond trading ecosystem linked to GhIPSS and the RTGS platform.

“With turnover of GHS 214 billion this year, Ghana’s bond market ranks among Africa’s most credible domestic platforms,” Dr. Asiama noted.

He added that Ghana now has the opportunity to anchor regional capital-market integration under the AfCFTA’s Financial Integration Framework.

He expressed appreciation to the Ministry of Finance, the Ghana Stock Exchange, and market participants for their role in sustaining the platform.

“We did not merely build a trading platform; we built an institution rooted in trust,” he said, urging continued transparency, coordination, and purpose in the next decade of growth.