The Ghana Fixed Income Market (GFIM) recorded an annual trade volume of GH₵174 billion in 2024.

This represented a 76.8% growth from total trade volumes of GH₵98.4 billion recorded in 2023.

According to the 2024 Financial Stability Review, the GFIM demonstrated remarkable recovery in 2024 with the first quarter trade volumes surging to GH₵40.7 billion, a 64% increase from the GH₵24.8 billion recorded in quarter one 2023.

This surge in activity, which persisted through to the fourth quarter of 2024, signalled renewed investor interest.

The strong performance in the final quarter, with trade volumes of GH₵55.24 billion (+41% year-on-year), contributed to an impressive cumulative annual trade volume of GH₵174 billion, representing a 76.8% growth from total trade volumes of GH₵98.4 billion recorded in 2023.

Foreign Investor Participation was Tepid

Despite the encouraging developments in the domestic market, foreign investor participation was tepid.

Non-resident holdings of outstanding debt securities fell to 4.1%, a notable decline when compared to the 2022 average of 14.4% and the 2023 average of 8.6%.