- GSE plans to increase securities account holders from 2M → 10M
- Corporate bond issuers to grow from 14 → 100+
- GFIM celebrates 10 years of transparent and liquid debt markets
The Ghana Stock Exchange (GSE) has announced an ambitious 10-year roadmap to overhaul the Ghana Fixed Income Market (GFIM), with the goal of increasing retail investor participation and expanding corporate bond issuance.
Speaking at the 10th Anniversary celebration of GFIM in Accra, GSE Managing Director Abena Amoah said the exchange aims to raise the number of Ghanaians holding securities accounts from 2 million to 10 million, and grow the number of corporate bond issuers from 14 to over 100.
“The next decade of GFIM will be defined by greater product innovation, deeper technology integration, stronger retail participation, and Ghana’s rise as West Africa’s fixed-income hub,”
— Abena Amoah, GSE Managing Director
She outlined key priorities for the next phase, including the introduction of infrastructure bonds to support critical sectors such as transport, energy, education, and healthcare, positioning GFIM as a central channel for long-term development financing.
Reflecting on GFIM’s progress since its 2015 launch, Madam Amoah noted that trading volumes have surged from GHS 5.2 billion in 2015 to GHS 214 billion as of October 2025, despite challenges like the 2023 Domestic Debt Exchange Programme.
“That is not just recovery — it reflects the strength of our foundations and the trust our stakeholders continue to place in this market,” she said.
GFIM has grown into one of Africa’s most transparent and liquid debt markets, playing a key role in government financing and private sector capital mobilisation.
Madam Amoah called for stronger policy collaboration, urging the government to:
- Approve the listing of viable State-Owned Enterprises (SOEs);
- Promote bond-backed Public-Private Partnerships (PPPs); and
- Reinstate the zero percent capital gains tax on listed securities to strengthen investor confidence.
She also pointed to Ghana’s pension sector, which now holds assets exceeding GHS 100 billion, as a strategic opportunity to channel long-term funds into productive investments through the capital market.
In closing, Madam Amoah expressed appreciation to key partners — including the Ministry of Finance, Bank of Ghana, and the Securities and Exchange Commission — for their continued support in building one of Sub-Saharan Africa’s most credible financial markets.
“Together, we have proven that Ghana can build world-class financial markets. The next chapter will be one of innovation, inclusion, and shared prosperity,” she concluded.
The event, themed “10 Years of the Ghana Fixed Income Market – Deepening Markets, Expanding Possibilities,” celebrated GFIM’s decade-long contribution to Ghana’s capital market development and its commitment to transparency, resilience, and inclusive growth.
