The Ghana Fixed Income Market (GFIM) has celebrated its 10th anniversary with a renewed call to deepen innovation, expand investor participation, and position Ghana as West Africa’s fixed income hub.

Speaking at the event, themed “10 Years of the Ghana Fixed Income Market – Deepening Markets, Expanding Possibilities,” the Managing Director of the Ghana Fixed Income Market, Ms Abena Amoah, reflected on GFIM’s transformation from a fragmented and opaque bond market into one of Africa’s most dynamic and transparent debt trading platforms.

“On this day 35 years ago, the Ghana Stock Exchange commenced trading, and ten years ago, Ghana’s young capital market took a transformative leap forward, one marked by collaboration, innovation, resilience, and progress,” Ms Amoah noted.

A Decade of Growth and Resilience

Since its inception in 2015, GFIM has experienced remarkable growth — from trading volumes of GHS5.2 billion in its first year to GHS230 billion in 2022, representing a staggering 4,300% increase in just seven years.

Although the 2023 Domestic Debt Exchange Programme (DDEP) disrupted the market, reducing volumes to GHS98 billion, GFIM demonstrated resilience, rebounding by 76% to GHS174 billion in 2024. By October 2025, the market had already recorded GHS214 billion in traded volumes.

“That is not just recovery; it is a testament to the strength of our foundations and the trust our stakeholders continue to place in this market,” Ms Amoah noted.

Financing Ghana’s Development

The managing director underscored GFIM’s contribution to Ghana’s economic development — from supporting government financing needs to creating new funding opportunities for the private sector.

“Every transaction on GFIM tells a story — of a road built, jobs secured, a factory financed, or a business given a lifeline to grow and create value. Through GFIM, we are not only trading bonds; we are financing Ghana’s future,” she said.

Innovation and Expansion

Over the past decade, GFIM has:

* Introduced electronic trading platforms to enhance transparency and market access.

* Diversified its offerings to include corporate bonds, commercial papers, and green and sustainable bonds.

* Strengthened its regulatory framework to boost investor confidence.

Today, GFIM is regarded as one of the most liquid and transparent debt markets in Sub-Saharan Africa — a reputation built on consistency, collaboration, and a relentless pursuit of excellence.

The Road Ahead

Looking to the future, Ms Amoah outlined an ambitious vision for the next decade. The exchange aims to:

* Increase the number of Ghanaians with securities accounts from 2 million to 10 million through technology.

* Grow corporate debt issuers from 14 to over 100.

* Facilitate the issuance of infrastructure bonds to finance critical sectors including transport, energy, education, and healthcare.

* Position GFIM as a primary source of large-scale capital for Ghana’s sustainable development.

A Call to Action

Ms Amoah called for stronger policy support to unlock the full potential of Ghana’s capital markets. She appealed for:

* Cabinet approval for the listing of viable State-Owned Enterprises on GFIM and the Ghana Stock Exchange (GSE).

* Promotion of bond-backed public-private partnerships and municipal bonds.

* Incentives for multinationals to localise ownership through the GSE.

* A review of the capital gains tax on listed securities back to zero to attract more investors and deepen market liquidity.

“Pension funds now hold over GHS100 billion in assets seeking investible opportunities, while businesses need long-term capital. The Ghana Stock Exchange is ready to facilitate this connection,” she emphasised, optimistically.

Looking Ahead

Ms Amoah expressed gratitude to all stakeholders for their contribution to GFIM’s success over the past decade.

“Together, we have shown that Ghana can build world-class financial markets. Together, we will write the next chapter — one of innovation, inclusion, and prosperity for all,” she concluded.