Africa-Press – Ghana. Ghana’s Fixed Income Market as of October 2025, reached 214 billion from the 174 billion in 2024, Ms Abena Amoah, the Managing Director (MD) of the Ghana Stock Exchange (GSE) says.
“That is not just recovery, it is a testament to the strength of our foundations and the trust our stakeholders continue to place in this market,” she added.
Ms Amoah gave the figures at the celebration of the 10th anniversary of the Ghana Fixed Income Market (GFIM) in Accra on the theme: “10 Years of the Ghana Fixed Income Market – Deepening Markets, Expanding Possibilities.”
She said: “The story of GFIM is indeed one of resilience. From a modest 5.2 billion volume traded in 2015, we soared to 230 billion in 2022 – a remarkable 4,300 per cent growth in seven years. Then came 2023 – our greatest test – when the Domestic Debt Exchange Programme shook the market, and volumes dropped to 98 billion.
“But true to the spirit of Ghana and the resilience that defines this market, we fought back. By 2024, trading volumes rebounded by 76 per cent to 174 billion. And as of October 2025, we had already reached 214 billion
The MD said GFIM over the past decade had supported Government in meeting its financing needs, while opening pathways for private sector to access both long and short-term debt capital.
“Every transaction on the GFIM platform tells a story – a story of a road built, jobs secured, a factory financed, a tale of financial inclusion or a business being given the lifeline to grow, turn profitable and pay more taxes.
“Through GFIM, we have not only been trading bonds — we have been financing Ghana’s future, creating wealth for the nation and we shall continue to do so,” she noted.
On GFIM, the GSE had also deployed electronic platforms that ensured transparency and market access; diversified its product offerings to include corporate bonds, commercial papers, and pioneered Green and Sustainable Bonds, she said, adding: “And we have strengthened our regulatory framework to build the confidence of domestic and international investors.”
To facilitate the connection for patient long-term capital for government and businesses, Ms Amoah called for cabinet approval for the listing of viable State-Owned Enterprises on GFIM and other GSE platforms to raise capital, and for improved corporate governance.
It also called for the promotion of bond-backed Public-Private Partnerships for infrastructure financing, and issuance of municipal bonds
The GFIM also required incentives for Multi-nationals to localise their ownership using the GSE and a review of capital gains tax on listed securities back to zero, to attract more investors and deepen market liquidity.
“With these interventions, the capital market can truly become “the Market for Capital” – the engine that powers Ghana’s transformation,” she added..
Dr Casiel Ato Forson, in a statement delivered on his behalf, said it was worth noting that participation had diversified and training technology had advanced while marketing infrastructure had strengthened.
Collectively, he said these developments had enhanced transparency, liquidity, and credibility across countries against markets.
Over the past decade, he said the data-facing income market had performed three vital functions in shaping Ghana’s financial system and supporting national development by improving public debt management.
Dr Forson said the market now offered a reliable and transparent trust platform for issuing trading price, government securities, thereby improving yield, care, and trade investor confidence.
Moreover, he said it had promoted private sector finance through the fiscal market and that state-owned enterprises and corporations could now access long-term funding for infrastructure, housing, and industrial properties.
The Finance Minister said they were restoring macroeconomic stability through fiscal consolidation, efficient expenditure management, and improved domestic revenue mobilization.
The Ministry, he said would continue to collaborate with the Bank of Ghana, GSE and other key stakeholders to enhance the economic system, promote interoperability, and align with global-based practices.
Government would also continue to support the GSE’s efforts towards regional integration through the West African Capital Market integration
“Looking ahead, we need to redefine defence role as a mechanism for national recruitment by asking ourselves these questions. How can we then help align the market with national priorities – Climate-based transition, housing, agriculture, and energy?
“How can we unite the fiscal intermarket to sustainably finance infrastructure through green, social, and social-based reforms? He asked.
Dr Forson urged GSE, Securities and Exchange Commission, and all market operators to lead in innovation, develop new products, and embrace data transformation while integrating environmental data, social, and government standards into the economy’s markets.
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