The Ghana Stock Exchange (GSE) is set to launch an academy to prepare companies and boards to access the market and raise long-term finance.
Bank of Ghana Governor Dr Johnson Asiama disclosed this at the 10th anniversary of the Ghana Fixed Income Market (GIFM) on Wednesday, pledging the Central Bank’s support for the initiative.
Speaking at the event, Dr Asiama said the academy demonstrates that market deepening is moving from plan to practice.
“To support this shift, the GSE is taking a proactive step and set to launch an academy to prepare companies and boards to access the market and raise long-term finance. For us at the Central Bank, you can count on our support,” he stated.
The Governor noted that so far, corporates have raised about GH₵24 billion through GIFM, describing it as a commendable start, but from only a handful of issuers.
He explained that pension funds now hold over GH₵90 billion in GIFM assets, representing patient capital in search of productive use.
“The opportunities are there. Link long-term funds with new issuers through credit enhancement tools and guarantee mechanisms,” Governor Asiama said.
Dr Asiama called for the operationalization of an active repo and securities lending framework to ensure continuous liquidity in the market.
He explained that the framework aims to turn static holdings into circulating collateral, citing South Africa’s example where similar stability was achieved in 2005.
“In South Africa, Airborne Exchange achieved similar stability in 2005 by turning static holdings into circulating collateral. Ghana cannot and must do the same,” he stated.
The Governor noted that having survived its first great test over the past decade, the focus must now be on resilience by design going forward.
Dr Asiama announced that Ghana aims to lead Africa’s fixed-income markets under the African Continental Free Trade Area (AfCFTA) financial integration framework.
He said the goal is to make Ghana the reference point for transparency, innovation, and sustainability in Africa’s fixed-income markets.
“Our goal is to make Ghana the reference point for transparency, for innovation, and for sustainability in Africa’s fixed-income markets, linking pension funds, banks, and sovereign issuers in a network of trust,” he declared.
The Governor stated that Ghana’s bond market now ranks among Africa’s most credible domestic platforms, with cumulative trading surpassing GH₵1.2 trillion, up from a mere GH₵5.2 billion in 2015.
He noted that GIFM can anchor regional capital market integration, citing Nigeria’s FMPQ partnership with AfriExim Bank and Morocco’s Casablanca Finance City as examples of what is possible.
“Ghana now has a credible opportunity to lead, not to follow,” Governor Asiama stated.
Dr Asiama proposed building towards a real-time, end-to-end digital bond ecosystem, linking GIFM with the Ghana Interbank Settlement (GIFS) and the Real-Time Gross Settlement (RTGS) platform for straight-through processing.
He explained that the technology will reduce settlement risk and increase investor participation.
“Brazil’s Zedek and India’s NTS Oil systems show how technology reduces settlement risk and increases investor participation,” he said.
The Governor noted that if trading volumes can rebound by over GH₵100 billion within two years of crisis, then a deeper, more digital, and more diversified market is not too ambitious but the next logical step.
He emphasized that leadership will depend not on ambition alone but on execution, transparency, and continued coordination within all market actors.
Dr Asiama revealed that inflation has fallen sharply from 54% to 8% within the target band, the cedi has appreciated more than 35% year-to-date, and international reserves are now nearing 5 months of imports.
He stated that the Ghana Fixed Income Market has turned over around GH₵214 billion by October this year, rebounding from GH₵98 billion in 2023 following the debt crisis.
Richard Aniagyei, ISD
