The total trade volumes on the fixed income market have hit over 1.2 trillion despite the impact of the Domestic Debt Exchange Programme.

This was disclosed by the Governor of the Bank of Ghana, Dr. Johnson Asiama at the 10th anniversary celebration of the Ghana Fixed Income Market (GFIM).

Volumes traded dropped steeply from 230 billion in 2022 to 98 billion in 2023, due to the Domestic Debt Exchange Programme (DDEP).

However, records from the Ghana Stock Exchange (GSE) have revealed that trades have ballooned to 214 billion as of October 2025, signifying improved confidence and a robustly growing financial market.

“From a mere 5.2 billion (in trading volumes), from its inception, cumulative trading has now crossed 1.2 trillion. This means that GFIM has moved from concept to connecting investors with a purpose to finance Ghana’s development.” Dr. Asiama said.

The Governor further bemoaned the dominance of government-dominated bonds. He charged the Ghana Stock Exchange and the Securities and Exchange Commission to consider the implementation of strategies that will encourage corporate bond issuances.

GSE Ready to Expand Market

In her address, Abena Amoah, Managing Director of the GSE detailed her company’s readiness to expand the market.

“We want to increase the number of Ghanaians with investment account for about 2 million today, to about 10 million, using technology. We want grow corporate debt issuers from the 14 who have GHC 24 billion on the market so far to over a hundred issuers.” She remarked.

Ms Amoah also called for speedy cabinet approval to enable state-owned enterprises to raise capital on the fixed income and equity markets. She explained that such reforms expand the activities of the capital market while raising patient capital for capital expenditure.

Established in August 2015, the Ghana Fixed Income Market aims to provide a transparent and efficient platform for trading fixed income securities, broaden and deepen the capital market by encouraging participation from both institutional and retail investors and improve price discovery and liquidity in the bond market.

Additionally, the platform hopes to support government financing through efficient issuance and trading of public debt instruments and the facilitation of private sector access to long-term capital.