Bank of Ghana outlines next-decade agenda for the Ghana Fixed Income Market with repo liquidity tools, issuer diversification and end-to-end digitalisation

The Bank of Ghana marked the 10th anniversary of the Ghana Fixed Income Market (GFIM) with a speech by Governor Dr. Johnson Pandit Asiamah that reviewed the market’s post-crisis recovery and set out priorities for the next decade. The agenda focuses on improving secondary-market liquidity through an active repo and securities-lending framework, broadening issuance beyond government securities, and building a real-time digital bond ecosystem integrated with payment and settlement infrastructure. The Governor noted that cumulative trading has surpassed GHS 1.2 trillion from GHS 5.2 billion at inception, while annual trade volumes fell from GHS 230 billion in 2022 to GHS 98 billion in 2023 before rebounding to GHS 214 billion by October 2025. He linked the recovery to improved macro conditions, citing inflation falling from 54 percent to 8 percent within the target band, cedi appreciation of more than 35 percent year-to-date, reserve cover of nearly five months of imports, and a return to primary surplus. On market development, the speech highlighted limited corporate issuance to date of about GHS 24 billion from a handful of issuers alongside pension-fund holdings of over GHS 90 billion in GFIM assets, pointing to credit-enhancement and guarantee mechanisms as potential enablers, and referenced the Ghana Stock Exchange’s planned academy to prepare companies and boards for market access.