GFIM Trading Rebounds to GH¢214bn by October 2025 — GSE

By Praisebell Rosemond Larbi

Ghana’s Fixed Income Market (GFIM) has staged a powerful resurgence, posting a trading volume of GH¢214 billion as at October 2025, a signal of renewed investor confidence, deepened liquidity, and sustained reforms in the capital markets. The revelation was made by Ms. Abena Amoah, Managing Director of the Ghana Stock Exchange (GSE), during the 10th Anniversary Celebration of the GFIM in Accra, where industry leaders, regulators and market stakeholders gathered to reflect on a decade of progress.

Ms. Amoah highlighted that the rebound represents not only quantitative growth but also structural strength, noting that the market has recovered decisively from the shocks of the 2023 Domestic Debt Exchange Programme (DDEP). She described the rebound as evidence of the resilience of Ghana’s financial architecture and the growing sophistication of capital market participants.

Tracing the growth trajectory of the fixed-income market, she recalled that GFIM began with a modest GH¢5.2 billion traded in 2015, but grew exponentially to GH¢230 billion in 2022, a record 4,300 percent increase within seven years. The DDEP, however, caused market activity to contract sharply to GH¢98 billion in 2023. “But true to Ghana’s resilience, the market fought back.  By 2024, volumes surged 76 percent to GH¢174 billion, and by October this year, we had already reached GH¢214 billion. That is not just a recovery, it reflects deep market confidence and strong economic fundamentals,” she said.

According to Ms. Amoah, the GFIM has evolved into a central platform for both government financing and private-sector access to debt capital, supporting infrastructure, corporate expansion, and long-term wealth creation. She emphasised that behind every transaction is an economic outcome: “Every trade contributes to a bigger story, roads constructed, factories financed, schools expanded, and businesses sustained. Through the GFIM, we are financing Ghana’s tomorrow.”

She attributed the rebound in demand partly to reforms in market structure and technology over recent years. These include electronic trading infrastructure, enhanced product diversification through corporate bonds, commercial paper, and Green and Sustainable Bonds, and improved regulatory oversight that has strengthened both domestic and foreign investor participation.

Looking to the future, Ms. Amoah called for bold measures to unlock additional market depth. Key proposals included Cabinet approval for listing viable State-Owned Enterprises (SOEs), on both GFIM and the GSE’s equity market; bond-backed public-private partnerships (PPPs) for infrastructure, municipal bond issuance, incentives for multinationals to list locally, and the restoration of zero capital gains tax on listed securities, to boost investor appetite and market liquidity.

“These interventions will position the capital market as the engine of Ghana’s economic transformation, stressing that a deeper capital market is indispensable to achieving sustained development,”she said.

In a statement delivered on behalf of the Finance Minister, Dr. Cassiel Ato Forson, the Ministry acknowledged the strategic role of the fixed income market in improving public debt management and reinforcing fiscal transparency. Dr. Forson noted that the government remains committed to macroeconomic stabilisation through fiscal consolidation, disciplined expenditure, and stronger revenue mobilisation. He assured stakeholders that the government will continue collaborating with the Bank of Ghana, GSE, and regulators to align Ghana’s markets with international standards.

Dr. Forson also tasked market operators with driving product innovation, integrating Environmental, Social and Governance (ESG) instruments, and expanding offerings to support strategic areas such as climate transition financing, agriculture, energy and housing.

With the sharp rebound in 2025 and continued reform momentum, analysts believe the GFIM is positioned to support stronger capital formation, promote private-sector growth, and solidify its status as a vital pillar in Ghana’s long-term economic development strategy.