GFIM@10: Government Reaffirms Commitment to Deepening Capital Markets; Strengthen Role in National Development
The Director of the Financial Sector Division at the Ministry of Finance, Mr. Louis Amoo, speaking on behalf of the Minister for Finance, Dr. Cassiel Ato Forson, has reaffirmed government’s commitment to deepening Ghana’s capital markets and strengthening its role in national development.
Addressing the commemoration of GFIM @10 on the theme “10 Years of Ghana Fixed Income Market — Deepening Markets, Expanding Possibilities,” Mr. Amoo lauded the Ghana Fixed Income Market (GFIM) for its decade-long contribution to macroeconomic stability, investment growth, and financial inclusion.
“Over the past decade, the Ghana Fixed Income Market has performed three vital functions in shaping our financial system and supporting national development. Firstly, it has improved public debt management by providing a reliable and transparent platform for issuing, trading, and pricing government securities, thereby bolstering investor confidence.
“Secondly, it has promoted private investment by enabling banks, state-owned enterprises, and corporations to access long-term funding for key projects. And thirdly, it has enhanced domestic savings mobilisation by attracting a wider and more diverse investor base, including pension funds, insurance firms, mutual funds, and retail investors,” he noted.
Mr. Amoo acknowledged the resilience demonstrated by the market during the Domestic Debt Exchange Programme (DDEP), describing it as “a difficult but defining period that tested and ultimately strengthened Ghana’s financial ecosystem.”
He outlined four key policy pillars underpinning government’s economic and financial agenda: fiscal sustainability, private investment mobilisation, market diversification, and regional integration.
Under fiscal sustainability, he noted that government is restoring macroeconomic stability through fiscal consolidation, efficient expenditure management, and improved revenue mobilisation, supported by greater debt transparency and predictable issuance.
On catalysing private investment, he disclosed that the Ministry of Finance, working with the Securities and Exchange Commission (SEC), Ghana Stock Exchange (GSE), and National Pensions Regulatory Authority (NPRA), is implementing a Capital Market Master Plan to channel institutional capital into green instruments, SME financing, and infrastructure projects, with GFIM serving as a key enabler.
He further stated that technology and diversification remain central to Ghana’s market development. “The Ministry will continue collaborating with the Bank of Ghana, GSE, and other key stakeholders to enhance trading systems, promote interoperability, and align market operations with global best practices,” he said.
“The next phase must prioritise retail inclusion through simplified bond issuance, mobile-based trading platforms, and innovative products such as inflation-linked, green, diaspora, and youth fund bonds,” he added, stressing the need for consistent policy reforms to expand participation and reduce barriers.
Mr. Amoo reaffirmed government’s support for GSE’s regional integration agenda through the West African Capital Markets Integration Initiative, positioning Accra as a financial hub for the sub-region.
He urged all market actors to align GFIM’s role with national development priorities, including climate transition, housing, agriculture, and energy, through sustainable financing tools such as green, social, and sustainability bonds.
Reflecting on GFIM’s performance, Mr. Amoo said the market has grown from GH¢5.2 billion in 2015 to over GH¢1 trillion in cumulative trades by September 2025. After a sharp decline in 2023 due to the DDEP, trading volumes rebounded by 76% to GH¢174 billion in 2024, and have since strengthened, supported by advanced trading technology and diversified participation.
He concluded by reaffirming government’s vision for the next decade — to build a more inclusive, innovative, and globally competitive market by sustaining macroeconomic stability, deepening liquidity, promoting sustainable finance, enhancing investor education and protection, and accelerating cross-border investment flows.
