GSE MD Touts 10-Year Growth of Fixed Income Market, Calls for Stronger Regional Partnerships to Strengthen West Africa’s Capital Markets
The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has reaffirmed the exchange’s commitment to deepening regional capital markets as Ghana’s fixed income market marks its tenth anniversary.
Speaking at a conference hosted by the GSE in collaboration with the International Capital Market Association (ICMA) under the theme “Shaping the Future of West Africa’s Bond Markets: Trends, Opportunities, and Innovations,” Ms Amoah highlighted the significant strides Ghana’s bond market has made over the past decade.
“Ten years ago, in August 2015, we established the Ghana Fixed Income Market in collaboration with key stakeholders, including the Bank of Ghana, the Ministry of Finance, the Central Securities Depository, the Ghana Association of Bankers, the Financial Markets Association, Licensed Dealing Members, and the Stock Exchange itself,” she stated.
She recalled how Ghana had looked to Nigeria’s FMDQ Securities Exchange for insights during the early stages of its fixed-income market, emphasizing the importance of regional partnerships.
“We went, we saw, we came back, and we conquered,” she said, acknowledging Nigeria’s influence on Ghana’s bond market framework.
Ms Amoah announced that Ghana is set to launch its first commercial paper (CP) on the fixed-income market this year, marking a new phase of product diversification.
On the equities front, she revealed that the GSE Composite Index had surged by 27% as of the end of March 2025, positioning Ghana among the better-performing stock exchanges in Africa this year.
However, she pointed to persistent challenges such as attracting new issuers, diversifying products, leveraging technology for market innovation, and increasing retail investor participation.
“At a time when global markets are facing uncertainties, it is crucial for Africa’s capital markets to build strong domestic institutions and empower investors to drive economic growth,” she emphasized.
Ms Amoah concluded her remarks by praising ICMA for its continued support, describing the organization as “a solid pillar” in Ghana’s capital market development.
The event served as a strategic platform for industry leaders to engage on emerging trends and opportunities shaping West Africa’s bond markets.
