GFIM @10: A Decade of Deepening Ghana’s Capital Markets
Ten years ago, the Ghana Fixed Income Market (GFIM) was established to improve transparency, liquidity and efficiency in the trading of government and corporate debt.
Today, it has become a critical pillar of Ghana’s financial system, influencing how the state and private sector raise funding and how investors build long-term wealth.
Speaking at a media launch to mark the Market’s 10th anniversary in Accra, Managing Director of the Ghana Stock Exchange, Ms Abena Amoah, described the GFIM as “a transformative platform that has strengthened confidence and deepened Ghana’s capital markets.”
A Market Built on Collaboration
Before 2015, fixed-income trading took place largely through bilateral dealer arrangements, with limited transparency and restricted access for investors. GFIM was developed through collaboration involving the Ministry of Finance, Bank of Ghana, Ghana Stock Exchange, Central Securities Depository, the Ghana Association of Banks and licensed market dealers.
This resulted in a centralized electronic market structure that improved price discovery, accelerated trading and enhanced regulatory oversight, paving the way for wider participation and stronger market discipline.
Growth Through a Decade of Change
Traded volumes grew from GHS 5.2 billion in 2015 to a peak of GHS 230 billion in 2022, supported by investor confidence and participation from banks, pension funds and institutional investors.
The Domestic Debt Exchange Programme in 2023 led to a decline in volumes to GHS 98 billion. However, confidence has been gradually restored and volumes in 2025 have risen above GHS 200 billion, showing renewed engagement from both local and foreign players.
Supporting Government and Private Sector Financing
GFIM has provided a reliable source of capital for government financing. Beyond that, corporations have raised more than GHS 24 billion through corporate bonds and commercial paper to support sectors such as agro-processing, manufacturing, housing and SME lending.
Pension funds now hold over GHS 90 billion in GFIM instruments, making the market a key channel for long-term savings and retirement security.
Strengthening Market Credibility
GFIM has earned a reputation for transparency and orderly market operations. Its alignment with global principles through association with the International Capital Market Association has positioned Ghana as one of the leading bond market jurisdictions in West Africa.
Challenges Over the Past Decade
Despite progress, several challenges remain.
• Trading activity is still heavily concentrated in government securities, leaving limited space for the corporate bond market to expand
• Macroeconomic volatility, including inflation and currency pressures, affects investor appetite
• Institutional investors dominate market activity, limiting broader retail participation
• Continued investment is required in trading, settlement and clearing systems
These issues highlight the need to diversify issuers and sustain a stable policy environment.
Lessons Learned
A number of lessons have emerged in the market’s first decade.
• Transparency is essential for building confidence among market participants
• Coordination among regulators improves resilience during periods of stress
• Investor education is necessary to broaden market access and participation
• Long-term market development depends on policy consistency and stability
These lessons are shaping ongoing reforms and future strategy.
Looking Ahead
GFIM’s next phase of development aims to:
• Expand corporate bond issuance, particularly for manufacturing, housing and infrastructure
• Support the introduction of green and sustainability-linked bonds
• Strengthen linkages with African capital markets under the AfCFTA framework
• Increase investor accounts from 2 million to 10 million
• Grow the number of corporate issuers from 7 to at least 100
The focus is to build a deeper, more diversified market that supports national development and enables more Ghanaians to participate in wealth creation.
