Ghana’s Bond Market Set to Drive Africa’s Capital Market Integration – BoG Governor
Ghana’s fixed-income market is emerging as one of Africa’s most credible and resilient bond platforms, with trading volumes reaching GHS214 billion in 2025. Speaking at the 10th Anniversary of the Ghana Fixed Income Market (GFIM) in Accra, Bank of Ghana Governor Dr. Johnson Pandit Asiama described the milestone as a sign of both recovery from recent debt challenges and the beginning of Ghana’s leadership in regional finance.
Dr. Asiama highlighted that Ghana’s bond market is strategically positioned to anchor capital market integration across the African Continental Free Trade Area (AfCFTA) Financial Integration Framework. “Our goal is to make Ghana the reference point for transparency and innovation in African fixed-income markets. We have moved from rebuilding trust to leading by example,” he said.
The transformation follows a turbulent period in Ghana’s financial history. During the domestic debt exchange, GFIM trading volumes fell sharply from GHS230 billion in 2022 to GHS98 billion in 2023 amid waning confidence in fiscal credibility. By October 2025, volumes rebounded to GHS214 billion, reflecting renewed investor confidence and market stability.
The Governor credited this resurgence to coordinated fiscal and monetary policies, market discipline, and broader macroeconomic improvements. Inflation dropped from 54% to 8%, the cedi appreciated by 35%, and reserves now cover nearly five months of imports. “Behind every decline in inflation lies a rise in discipline, and behind every cedi of appreciation lies a recovery of trust,” Dr. Asiama said.
Looking ahead, the GFIM aims to expand depth, diversity, and digitalisation, transforming Ghana’s bond market into a continental benchmark. Dr. Asiama emphasized that this growth is not just about trading bonds, but about building partnerships and strengthening Africa’s financial future: “Together, we can deepen markets, expand possibilities, and secure Ghana’s financial future.”
source: citi newsroom