The Vice President of Debt Capital Markets & Distribution at Stanbic Bank Ghana, Baffour Agyarko Kwakye, has said that the sustainability of Ghana’s capital markets is dependent on a stable macroeconomic environment.

Speaking on a panel at West Africa Bond Market Conference on the topic “The Opportunities and Challenges of Developing Africa’s Bond Market – Demand, Supply, and Liquidity,” he highlighted the importance of coordinated regulatory collaboration and macroeconomic resilience as central pillars for a thriving bond market.

He said that “Restoring and maintaining macroeconomic stability in Ghana is essential to the recovery and sustained development of our capital markets.

"Following the 2022 Domestic Debt Exchange Programme, it is clear that trust and investor confidence are the lifeblood of any successful bond market. Without macroeconomic stability, it becomes increasingly difficult to attract and retain investment.”

Mr. Kwakye pointed out that Ghana’s capital market has undergone significant stress in recent years, particularly during the domestic debt restructuring exercise, but remains a critical vehicle for long-term financing for both the public and private sectors.

He also acknowledged the strides made by key stakeholders, especially the Ghana Stock Exchange (GSE), in rebuilding confidence and creating a more robust and responsive capital market ecosystem.

“I want to take a moment to commend the Ghana Stock Exchange for the tremendous support they continue to provide to market participants,” he said.

He further advocated for enhanced collaboration among regulators, particularly between the GSE, SEC and the Bank of Ghana, to address structural issues and unlock the full potential of Ghana’s bond market.

“Often, we see that regulatory silos can stall progress. But with more strategic collaboration, some of the persistent issues we face could be resolved more efficiently, and this would significantly deepen the resilience and liquidity of our bond market,” Mr. Kwakye explained.

The West Africa Bond Market Conference is a premier industry event jointly hosted by the Ghana Stock Exchange and the International Capital Market Association (ICMA).

This high-level gathering convenes senior market participants, including policymakers, regulators, central banks, financial institutions, and market infrastructure providers, to engage in in-depth discussions on the current state and future direction of West Africa’s bond markets.

The conference serves as a critical platform for knowledge exchange, regional collaboration, and the promotion of deeper, more integrated capital markets across the sub-region.