Governor of the Bank of Ghana, Dr Johnson Asiama, has noted that current developments in the country’s fixed income market clearly show that Ghana’s financial system has matured.
“The development also shows that this did not come without turbulence, but with tenacity,” the Governor of the Bank of Ghana added.
Dr Asiama made these remarks at a programme to mark the 10th Anniversary of the Ghana Fixed Income Market in Accra.
He also stated that developments in the fixed income market have played a major role in the transformation of Ghana’s economy.
He said, “These markets have helped the bridge between savings and investment, between stability and growth, and we called it the Ghana Fixed Income Market.”
“From GHS 5.2 billion in trade volume at inception, cumulative trading has now surpassed GHS 1.2 trillion, and in one decade it has helped in financing Ghana’s development with integrity and discipline,” the Governor stated.
Ghana’s Fixed Income Market
Before the Ghana Fixed Income Market was established, trading in government and corporate securities was largely bilateral and limited in terms of price discovery and investor participation.
The market was formed by key stakeholders in the financial ecosystem, led by the Bank of Ghana (BoG), the Ghana Stock Exchange (GSE), Central Securities Depository Ghana Ltd (CSD), the Ghana Association of Bankers, the Ministry of Finance, the Financial Market Association (ACI Ghana), and Licensed Dealing Members (LDMs) of the GSE.
The Ghana Fixed Income Market facilitates the secondary trading of all fixed-income securities and other instruments, as determined from time to time.
It allows investors to buy and sell debt securities such as bonds, which represent loans made to government and businesses.
Since its inception, the market has grown from GHS 5.2 billion in trade volume to a cumulative total exceeding GHS 1.2 trillion.
In a decade, GFIM has moved from concept to cornerstone, connecting savers, investors, and institutions in a shared purpose of financing Ghana’s development with integrity and discipline.
Governor on Ghana’s Economy
Speaking at the event, Dr Asiama highlighted how the macroeconomic indicators tell a renewed story about Ghana’s economy.
“Inflation, once at 54 percent, has fallen to 8 per cent within the target band,” he said.
He also noted that reserves now cover nearly five months of imports, while fiscal accounts and primary surpluses have improved significantly.
The Governor added, “But the real story is behavioural, not statistical, as behind every decline in inflation lies a rise in discipline, and behind every cedi of appreciation lies a recovery of trust.”
However, Dr Asiama cautioned that despite the progress, there are still gaps to address.
“Government securities dominate activity, while corporate issuance remains limited,” he said.
To sustain growth, the Bank of Ghana is pushing for greater digitisation of the market toward a real-time, end-to-end digital bond ecosystem that links GFIM with GhIPSS and the RTGS platform for straight-through processing.
“If trading volumes can rebound by over GHS 100 billion within two years of crisis, then a deeper, more digital, and more diversified market is not ambition; it is our next logical step,” the Governor concluded.