Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has powerfully declared that after years of economic turbulence, Ghana’s financial credibility was being rebuilt not through chance, but through confidence, coordination, and the steady deepening of its capital markets.

He spoke, marking the 10th anniversary of the Ghana Fixed Income Market (GFIM), describing its journey as “a story not of collapse, but of recalibration”.

From Bold Experiment to ₵1.2 Trillion Milestone

What began in 2015 as an “experiment in confidence” has evolved into one of Africa’s most trusted domestic bond markets, Dr Asiama noted.

“When we launched the Ghana Fixed Income Market, we believed that a transparent, well-regulated bond market could mobilise long-term capital and anchor our financial system,” he recalled.

That belief has paid off. Trade volumes have risen from just ₵5.2 billion in 2015 to a cumulative total exceeding ₵1.2 trillion today — a leap that underscores growing investor confidence and institutional trust.

Measuring Trust, Not Just Trades

Dr Asiama emphasised that the GFIM was more than a trading platform — it is a mirror of national credibility.

“Every auction and every trade whispers something about the credibility of our fiscal policy, the steadiness of our monetary stance, and the confidence investors place in our collective resolve,” he proclaimed.

When trust wavered during Ghana’s debt crisis, the market’s reaction was swift. Trade volumes plunged from ₵230 billion in 2022 to ₵98 billion in 2023. However, as fiscal reforms took hold and credibility was restored, the market rebounded to ₵214 billion by October 2024, signaling renewed investor faith.

Lessons from the Debt Exchange

Reflecting on Ghana’s domestic debt exchange programme (DDEP), the governor described it as “an emotional reckoning” that tested the foundations of the financial system.

“Liquidity froze, yields spiked, and confidence withered,” he admitted.

Yet from that crisis, three enduring lessons emerged, and he underlined them as follows:

* Credibility is capital — no reform can happen without it.

* Predictability builds confidence — stability underpins recovery.

* Coordination is protection — alignment between fiscal and monetary policy is the cornerstone of resilience.

Regular engagement between the Bank of Ghana and the ministry of finance, he said, had become crucial to maintaining that alignment.

A Story of Recovery

Ghana’s macroeconomic turnaround tells a story of restored stability:

* Inflation has fallen from 54% to 8%, now within the target band.

* The cedi has appreciated by over 35% year-to-date.

* Reserves now cover nearly five months of imports.

* Fiscal accounts are back in primary surplus.

“Behind every decline in inflation lies a rise in discipline,” Dr Asiama noted. “Behind every cedi appreciation lies a recovery of trust.”

Building the Market of the Future

Looking to the next decade, the BoG governor outlined an ambitious agenda for the Ghana Fixed Income Market built on three pillars:

* Depth – Implement an active repo and securities lending framework to boost liquidity.

* Diversity – Broaden participation beyond government securities to include corporate, green, and sukuk bonds.

* Digitalisation – Establish a real-time, end-to-end digital bond ecosystem integrated with payment and settlement systems.

“Technology and depth go hand in hand,” he said. “If trading volumes can rebound by over ₵100 billion within two years of crisis, then a deeper, more digital, and more diversified market is not too ambitious — it is our next logical step.”

A Regional Ambition

With turnover reaching ₵2.4 billion this year, Ghana’s bond market now ranks among the most credible in Africa. Dr Asiamah said the next frontier was regional integration, positioning Ghana as a benchmark for transparency and innovation under the AfCFTA financial framework.

“Ghana now has the opportunity to lead, not to follow,” he declared.

A Decade of Partnership

The governor closed his remarks by paying tribute to the key institutions that have supported the market through its highs and lows — the ministry of finance, the Securities and Exchange Commission (SEC), the Ghana Stock Exchange, dealers, custodians, pension trustees, and investors.

“This anniversary is not just a celebration of a platform; it is a celebration of partnership,” he said. “We did not merely build a trading system — we built an institution rooted in trust. And trust remains Ghana’s most valuable national asset.”

As the Ghana Fixed Income Market enters its second decade, Dr Asiama urged all stakeholders to keep pushing for depth, diversity, and resilience.

“Let the next decade be remembered not just for growth in volumes,” he concluded, “but for growth in purpose.”