Ghana’s Fixed Income Market (GFIM) has recorded a trading volume of GH¢214 billion as of October 2025, reflecting a strong rebound in market activity and renewed investor confidence, Ms Abena Amoah, Managing Director of the Ghana Stock Exchange (GSE), has announced.
Speaking at the 10th Anniversary Celebration of the GFIM in Accra, she said the market’s recovery from the shocks of the 2023 Domestic Debt Exchange Programme (DDEP) showed both resilience and the deepening sophistication of Ghana’s capital markets.
Ms Amoah recalled that GFIM began with a modest GH¢5.2 billion traded volume in 2015 before rising sharply to GH¢230 billion in 2022, a 4,300 percent growth in seven years.
The DDEP, however, caused a steep decline to GH¢98 billion in 2023. “But true to Ghana’s resilience, the market fought back,” she said. “By 2024, volumes rebounded 76 percent to GH¢174 billion, and by October this year we had already reached GH¢214 billion. This is more than recovery and it is a testament to strong market fundamentals and investor trust.”
She said GFIM had, over the past decade, become a critical platform for government financing and private-sector access to long- and short-term debt capital, supporting infrastructure, business expansion, and wealth creation.
“Every transaction tells a story of roads built, factories financed, and businesses sustained. Through GFIM, we are financing Ghana’s future,” she added.
Ms Amoah noted that the GSE had deployed electronic trading systems, diversified products to include corporate bonds, commercial paper, and Green and Sustainable Bonds, and strengthened regulations to boost domestic and foreign investor confidence.
To further deepen the market, she called for Cabinet approval to list viable State-Owned Enterprises (SOEs) on the GFIM and GSE equity platforms to raise capital and enhance corporate governance.
She also proposed bond-backed public-private partnerships for infrastructure financing, municipal bond issuance, incentives for multinational firms to localise ownership on the GSE, and the restoration of zero capital gains tax on listed securities to attract more investors.
“These interventions will position the capital market as the engine of Ghana’s economic transformation,” she said.
In a statement delivered on behalf of the Finance Minister, Dr Cassiel Ato Forson said the fixed income market had improved public debt management, supported private-sector financing, and strengthened transparency, liquidity, and investor confidence.
He said the government is committed to restoring macroeconomic stability through fiscal consolidation and enhanced revenue mobilisation, and would continue to work with the Bank of Ghana, GSE and other stakeholders to align Ghana’s markets with global standards.
Dr Forson urged regulators and market operators to drive innovation, expand product offerings, and integrate environmental, social and governance (ESG) principles to support climate transition, housing, agriculture and energy priorities.
