Ghana’s Fixed Income Market (GFIM) has officially surpassed GH¢1 trillion in cumulative traded value since its establishment, marking a major turning point in the country’s capital market development and signalling renewed confidence after the shocks of the Domestic Debt Exchange Programme (DDEP).
The milestone was confirmed by the Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, during the launch of activities to commemorate the GFIM’s 10th Anniversary in Accra on Wednesday, November 5, 2025.
Data presented by the GSE shows that between January and October 2025 alone, over GH¢200 billion worth of fixed income securities have been traded — pushing activity close to the peak levels seen before the DDEP in 2022, when trading volumes reached GH¢230 billion.
GFIM began in August 2015 with GH¢5.2 billion traded in its first five months. Growth was relatively steady until 2023, when the DDEP resulted in a significant market contraction — trading volumes dropped sharply to GH¢98 billion. However, this began to recover in 2024, increasing by 76% to GH¢174 billion under the IMF-supported stabilisation programme.
According to Ms. Amoah, the rebound is not only a market recovery story but also a reflection of improving macroeconomic stability, stronger fiscal discipline, and investors gradually regaining trust in fixed income instruments after the debt restructuring.
Corporate issuers have raised more than GH¢24 billion on the GFIM to date — with funds going into agriculture, manufacturing, SMEs, commercial financing and other productive sectors of the Ghanaian economy. However, government securities still dominate the market, and corporate bond issuance remains relatively limited compared to peer markets.
Ms. Amoah noted that although the market has achieved major milestones, major structural issues remain: weak corporate participation, macroeconomic volatility, and the need to improve operational systems and settlement infrastructure to align with global standards.
Looking forward to the next decade of the GFIM, the GSE has outlined four priority areas for reform and expansion:
• increasing participation of private-sector issuers
• scaling up green, sustainability and social bond instruments
• promoting cross-border investment opportunities under AfCFTA
• using fintech and blockchain solutions to improve transparency, clearing and settlement efficiency
She also set an ambitious target of increasing the number of Ghanaians with investment accounts from the current 2 million to 10 million — driven by digital onboarding, mobile platforms and simplified investment products suitable for retail investors.
Ms. Amoah further emphasised that the overall goal is to build a fixed income market that can fully support Ghana’s long-term infrastructure needs — including roads, energy, education and health — through domestic capital formation and deeper public-private partnerships.
Source:Africa Publicity
