ICMA CEO Highlights Role of Bond Markets in Driving Sustainable Economic Growth in West Africa
Bryan Pascoe, the Chief Executive Officer of the International Capital Market Association (ICMA), has underscored the pivotal role of resilient and liquid bond markets in promoting sustainable economic growth in West Africa during an event held in collaboration with the Ghana Stock Exchange (GSE) on April 10, 2025.
The forum, themed Shaping the Future of West Africa’s Bond Markets: Trends, Opportunities, and Innovations, brought together key stakeholders in the region’s financial ecosystem.
Mr Pascoe speaking at the event highlighted the growing pressures on both international and domestic bond markets, particularly in financing the green transition, which is becoming an increasingly urgent priority.
With a view to addressing the significant funding gaps, he stressed the need for strong, well-functioning bond markets to facilitate economic growth and ensure capital access, both for public and private sector participants.
“The demand for capital in today’s macroeconomic and geopolitical environment has never been higher. It is critical that we build self-reliance through robust regional capital markets that can provide consistent access to financing,” he stated.
ICMA, which represents over 600 members globally, is focused on advancing best practices in the debt capital markets. Mr Pascoe elaborated on the association’s role in establishing regulatory frameworks and industry standards that ensure market efficiency and transparency. This includes key initiatives such as the Green Bond Principles and the Global Master Repurchase Agreement (GMRA), which underpins international repo activity.
ICMA’s footprint in Africa, while still developing, has expanded significantly in recent years, with members in seven jurisdictions, including Ghana. Mr Pascoe pointed out that there is considerable potential to further strengthen the bond market infrastructure in the region.
Despite the global bond market’s size, valued at over $140 trillion, emerging markets, including many in Africa, remain underdeveloped, contributing only a small share of total issuance. The ICMA CEO therefore called for urgent reforms to nurture these markets, focusing on building regulatory capacity, enhancing infrastructure, and ensuring greater investor participation.
“Emerging markets need to urgently address the lack of depth and infrastructure in their bond markets. This includes nurturing a broader base of issuers and ensuring that foreign investors are able to participate responsibly,” he remarked.
The CEO also emphasized the growing role of technology in transforming capital markets, noting that emerging markets in particular, with less entrenched legacy infrastructure, are well-positioned to leverage innovations such as tokenization, artificial intelligence, and distributed ledger technologies. These technologies, he argued, could drive efficiencies and enhance the global competitiveness of local bond markets.
Concluding his remarks, Mr Pascoe reiterated the importance of collaboration between regulators, investors, issuers, and market participants in the region to ensure the development of a robust and resilient bond market infrastructure.
“With the right frameworks, the region’s bond markets have the potential to become a cornerstone of broader economic stability and growth,” he quipped.
