The Ghana Fixed Income Market (GIFM) has recorded cumulative trading of over GH₵1.2 trillion since its establishment in 2015.
Bank of Ghana Governor, Dr Johnson Asiama disclosed this at the 10th anniversary celebration of the Ghana Fixed Income Market on Wednesday, noting that the market started with a mere GH₵5.2 billion in trade volumes.
Speaking at the event, Dr Asiama described the achievement as a testament to how Ghana has moved from concept to common tool in one decade, connecting savings, investors and institutions in a shared purpose of financing Ghana’s development with integrity and discipline.
“What that means is that in one decade, GIFM has moved from concept to common tool. It is connecting savings, investors, and institutions in a shared purpose. And what are they doing in this purpose? Financing Ghana’s development with integrity and discipline,” he stated.
The Governor revealed that the market has rebounded to GH₵214 billion by October 2025, recovering from the impact of the debt crisis.
He explained that trade volumes fell sharply from GH₵230 billion in 2022 to GH₵98 billion in 2023 during the domestic debt exchange crisis, but the rebound reflects renewed investor confidence.
“When that trust faltered during the recent debt crisis, the market spoke, and it spoke loudly. Trade volumes fell sharply from GH₵230 billion in 2022, within a year, down to GH₵98 billion in 2023. And of course, when credibility began to rebuild, the market spoke again. This time, rebounding to GH₵214 billion by October this year,” Governor Asiama said.
He noted that the domestic debt exchange was more than a financial operation but an emotional test that saw liquidity freeze, yields spike, and confidence wither.
Dr Asiama stated that three key lessons emerged from the crisis: credibility is capital, predictability is confidence, and coordination between fiscal and monetary policy is protection.
“Without credibility, no reform will occur. Markets price stability before they price returns. So it’s all about stability, it’s all about predictability, it’s all about credibility,” he emphasized.
The Governor revealed that macro indicators now tell a renewed story, with inflation falling sharply from 54% to 8% within the target band, the cedi appreciating more than 35% year-to-date, and international reserves nearing 5 months of imports.
He explained that fiscal accounts are back in primary surplus, adding that the real story is behavior, not statistics.
“Behind every decline in inflation lies a rise, and a rise in discipline. Behind every cedi appreciation lies a recovery, a recovery of trust. And behind every stable reserve figure that we announce lies better coordination between fiscal policy and market operations,” Governor Asiama stated.
He noted that as conditions improved, the GIFM responded instinctively, with dealers returning, secondary trading deepening, and yields beginning to normalize.
Dr Asiama described the Ghana Fixed Income Market as a collective project born out of collaboration between the Bank of Ghana, the Ghana Stock Exchange, and the Ministry of Finance.
He stated that the aim was to transform a fragmented bilateral system into a transparent, centralized platform, adding that the partnership remains at the heart of its success 10 years on.
The Governor emphasized that fixed income markets do more than raise funds, explaining that they measure trust, and every transaction speaks about the credibility of fiscal policy, the steadiness of monetary policy, and the confidence investors hold in the nation’s collective resolve.
He stated that Ghana’s bond market now ranks among Africa’s most credible domestic platforms, positioning the country to anchor regional capital market integration under the African Continental Free Trade Area financial integration framework.
The Governor expressed gratitude to the Ministry of Finance for maintaining predictable issuance schedules and transparent communication, and thanked dealers, custodians, pension trustees, and investors for their resilience and belief in Ghana’s long-term promise.
Richard Aniagyei, ISD
