The Ghana Stock Exchange (GSE), in collaboration with the International Capital Market Association (ICMA), has hosted the inaugural ICMA West Africa Conference in Accra—an event widely seen as a strategic push to deepen and integrate capital markets across the West African region.
Held for the first time in Ghana, the conference brought together key stakeholders from the region’s capital market ecosystem, including regulators, central banks, commercial banks, policymakers, fintech innovators, and investment institutions. The goal: to chart a new course for the development and resilience of West Africa’s bond markets in the face of global economic uncertainties.
Speaking at the opening session, Managing Director of the Ghana Stock Exchange, Ms. Abena Amoah, described the event as a milestone for regional cooperation and market innovation. “By convening thought leaders and market participants from across the region and beyond, we are creating a platform for collaboration, innovation, and the advancement of efficient, transparent, and resilient capital markets,” she stated.
The conference focused on core themes vital to West Africa’s economic trajectory—such as macroeconomic outlook, regulatory reforms, strategies to boost liquidity, investment in market infrastructure, and the expanding role of fintech and digitalisation in bond markets.
Bryan Pascoe, Chief Executive Officer of ICMA, said the collaboration with the GSE represents a shared vision for economic resilience. “We believe that vibrant and well-functioning bond markets are central to economic resilience and sustainable growth,” he said. “This conference reflects our commitment to supporting the development of deep, transparent, and efficient capital markets across West Africa, and to fostering regional collaboration that can unlock investment and innovation.”
Market observers say the hosting of the maiden conference in Accra highlights Ghana’s growing influence in regional capital market development and underscores its commitment to strengthening financial systems to attract investment. With rising interest in bond market reforms across Africa, Ghana’s leadership role in fostering a modernised and connected financial architecture is receiving renewed recognition.
The event comes at a time when countries in the region are looking to improve market liquidity, attract more domestic and international investment, and build investor confidence through transparency and strong governance. Stakeholders at the conference noted that integrating West Africa’s bond markets could significantly support long-term infrastructure development, job creation, and broader economic transformation.
The GSE has undertaken several strategic initiatives to deepen capital markets within Ghana and across the West African sub-region
Embracing Digital Technologies for Investment and Regional Integration
The GSE has adopted digital technologies to boost investment and strengthen regional ties. The technology focused initiatives have aimed at cross-border capital market integration, including partnerships with fintech firms to facilitate seamless trading across borders.
Establishing an Over-the-Counter (OTC) Market
To support smaller companies in raising capital, the GSE launched a regulated over-the-counter market. This platform allows shareholders to trade equities and other securities not listed on the official market, thereby enhancing access to “patient capital” for growth.
Promoting Cross-Border Trading Initiatives
The GSE has strengthened ties with other regional exchanges, such as the Nigerian Exchange Limited (NGX), to enhance cross-border trading. These efforts aim to facilitate the movement of investments and integrate capital markets across West Africa.
Participation in the African Exchanges Linkage Project (AELP)
As part of the African Exchanges Linkage Project, the GSE is working to connect stock exchanges across the continent. This initiative seeks to enable brokers to execute trades directly across participating markets, fostering market connectivity and increasing liquidity.
These initiatives underscore the GSE’s commitment to enhancing capital market depth, promoting regional integration, and leveraging technology to create a more inclusive and robust financial ecosystem in West Africa.
