Accra, Ghana//-Ghana Fixed Income Market (GFIM) of the Ghana Stock Exchange (GSE) has chalked up major achievements 10 years of establishment.
According to senior executives of GSE, GFIM’s evolution could be traced through several key milestones.
These included market infrastructure development, deployment of electronic bond trading platforms that enhanced transparency, centralised price formation, and improved efficiency in trade execution.
One of the key achievements of the GFIM, which is a secondary market for trading of all fixed income securities, including Government of Ghana notes and bonds, is product diversification.
Speaking at the media launch of the 10th anniversary of the GFIM, Managing Director of GSE, Madam Abena Amoah, added that while government securities remain dominant, the market includes corporate bonds, commercial papers and Green &Sustainable Bonds, providing alternative financing channels for the private sector.
“The introduction of clear GFIM Rules, SEC’s Capital Market Master Plan, and a robust oversight framework has boosted investor confidence”, she told the journalists at the launch held in Accra.
On liquidity and secondary market growth, Madam Amoah was confident to report that turnover grew significantly, with Ghana’s bond market becoming one of the most liquid in Sub-Saharan Africa outside South Africa and Nigeria.
She also disclosed: “The GFIM’s volume traded has been phenomenal, with over One Trillion securities traded since inception.
From its humble beginnings in 2015, when 5.2 billion securities traded from August to December, the market enjoyed a positive growth trajectory peaking at 230 billion in volume traded in 2022”.
She however noted: “GFIM suffered its first dip after seven years of sterling performance in 2023, following the implementation of the Domestic Debt Exchange Programme (DDEP).
Volume traded dropped steeply from 230 billion in 2022 to 98 billion in 2023, indicating that GSE’s markets can be a good barometer for what’s happening in the economy”.
2024 saw a cautious rebound in the market: with volume traded of 174 billion, up 76% over 2023, with the worst of the DDEP behind us and the country under an IMF programme, Madam Amoah stated.
The market recovery continues in 2025: cumulative volume traded January to October 2025 has crossed the 200 billion mark putting us on track to achieve pre-DDEP levels.
Corporates according to her had raised over GHS24 billion in capital on the GFIM, ranging from a tenor a short as a150-day Commercial Paper to as long as a 10-Year Corporate Bond.
The funding raised has contributed to growth in the real sectors of the economy, from providing loans to households and SMEs and supporting cocoa farmers to producing the fast-moving consumer goods Ghanaians love.
Growth in the number of dealers, fund managers, pension funds, and retail investors accessing the market. Pension Fund assets on the GFIM have grown to over GHS90 billion, comprising about 90% of the Assets Under Management.
Ghana’s bond market has been consistently highlighted in African bond market surveys as one of the most innovative and transparent.
Touching on global recognition, Madam Amoah said: “Under the GSE, we are part of the International Capital Market Association (ICMA), aligning Ghana’s fixed income market with global best practices and strengthening its visibility on the international stage”.
Activities for the Anniversary
She announced that a series of activities had been lined up for the celebration of the GFIM @10.
“We have started with a media launch today. This will be followed by the commissioning of a community project on November 7th.
The main event is scheduled for November 12, 2025, which includes a Conference and Panel Discussion from 2 pm and then an Awards and Dinner at 6 pm. We will wrap it up with a Thanksgiving service in December”.
The event was also used to unveil the theme for the GFIM@10 Anniversary, which is: ’10 Years of the Ghana Fixed Income Market – Deepening Markets, Expanding Possibilities’.
On his part, the Head of GFIM, Augustine Simons, urged businesses to come to the GFIM to raise long-term capital for investment, emphasising that the GFIM is the right place for businesses which need capital for investment.
