The Ghana Fixed Income Market (GFIM) has crossed a major milestone, recording more than GH₵1.2 trillion in cumulative trades since its inception in 2015.
Bank of Ghana Governor, Dr. Johnson Asiama, announced the feat during the 10th anniversary celebration of the market on Wednesday, noting that GFIM began with a modest GH₵5.2 billion in trade volumes in its first year.
Describing the achievement as remarkable, Dr. Asiama said the market has evolved from a simple idea into a critical national tool linking savers, investors, and financial institutions.
“In one decade, GFIM has moved from concept to common tool,” he said. “It is connecting savings, investors, and institutions in a shared purpose, financing Ghana’s development with integrity and discipline.”
Market Rebounds Strongly After Debt Crisis
Dr. Asiama disclosed that the market has recovered impressively, reaching GH₵214 billion in trade volumes by October 2025. This rebound follows the sharp downturn caused by the domestic debt exchange programme.
He recalled that the crisis led to a steep fall in trading activity, with volumes dropping from GH₵230 billion in 2022 to GH₵98 billion in 2023.
“When trust faltered during the recent debt crisis, the market spoke, and it spoke loudly,” he noted. “But when credibility began to rebuild, the market spoke again, rebounding to GH₵214 billion by October this year.”
He described the debt exchange as not only a financial event but “an emotional test” that froze liquidity, triggered yield spikes, and weakened investor confidence.
From the crisis, he said, three lessons became clear:
“Credibility is capital, predictability is confidence, and coordination between fiscal and monetary policy is protection.”
Economic Indicators Show Renewed Strength
The Governor highlighted major improvements in Ghana’s macroeconomic indicators. Inflation, he revealed, has dropped from 54% to 8%, while the cedi has appreciated by more than 35% year-to-date. International reserves have also risen to nearly five months of import cover.
He emphasized that behind every positive figure lies the discipline and policy coordination that restored market confidence.
“Behind every decline in inflation lies a rise in discipline. Behind every cedi appreciation lies a recovery of trust. And behind every stable reserve figure lies better coordination between fiscal policy and market operations,” he said.
With conditions improving, he noted that the market naturally responded, dealers returned, secondary trading deepened, and yields began to normalize.
A Decade-long Collaboration
Dr. Asiama described GFIM as a collective project, built through collaboration between the Bank of Ghana, the Ghana Stock Exchange, and the Ministry of Finance. The goal was to move from a fragmented bilateral trading system to a transparent, centralized platform.
He said that partnership remains the core of the market’s success ten years on.
The Governor also stressed that fixed income markets are more than fundraising platforms, they are reflections of national credibility.
“They measure trust. Every transaction speaks about the credibility of fiscal policy, the steadiness of monetary policy, and the confidence investors hold in our collective resolve,” he said.
He added that Ghana’s bond market now stands among the most trusted domestic markets in Africa, positioning the country to support regional capital market integration under the AfCFTA framework.
Dr. Asiama expressed appreciation to the Ministry of Finance for maintaining predictable issuance calendars and transparent communication. He also thanked dealers, custodians, pension trustees, and investors for their resilience and belief in Ghana’s long-term future.
