GSE aims to whip-up corporate bond market

…as GFIM celebrates decade of impact

The Ghana Stock Exchange’s (GSE) Ghana Fixed Income Market (GFIM) aims to expand the corporate bond market amid low issuance and unlock billions in patient capital for private businesses as it celebrates its 10^th anniversary.

This pledge was made at the GFIM@10 Media Launch, where Managing Director-GSE Abena Amoah noted that larger government debt markets are a global norm but called for greater participation in the corporate bond market.

“Globally, governments’ Treasury securities are really huge relative to the private sector. So the Ghana trend is not deviating from what global trends are,” she stated. “On the back of that, yes, we want to see corporate issuances grow relative to where they are today.”

Ms. Amoah, revealed that since its inception in 2015, the GFIM has facilitated corporates to raise GH¢24billion for business growth. These ranged from a 150-day Commercial Paper to a 10-Year Corporate Bond.

According to her, the market has been dominated by a small pool of only about twelve companies of which 4 recently exited, leaving just eight active issuers.

However, a significant disparity remains between government and corporate issuance. Government securities continue to dominate the market. Ms. Amoah revealed that pension fund assets on the GFIM have grown to over GH¢90billion, comprising about 90 percent of assets under management.

To this end, Ms. Amoah indicated that GSE is set to launch an academy to provide a preparatory programme – designed to demystify the capital markets for companies and their boards and guide them through requirements for listing and accessing finance.

“It will be a preparatory programme for identified companies to facilitate easy access to any of our markets, including the Ghana Fixed Income Market,” she explained, adding that the economy’s improving fortunes have strengthened the pipeline of potential corporate issuers.

As the anniversary’s theme – ’10 Years of the Ghana Fixed Income Market – Deepening markets, expanding possibilities’ – suggests, Ms. Amoah noted, the exchange is committed to improving access to the market and deepening collaboration with media to promote awareness and financial literacy.

Head-GFIM Augustine Simons echoed the same sentiment, detailing ongoing efforts to attract companies that traditionally rely on bank financing.

“Many people know that the first place they want to look for funding is banks. We are now working with the banks to help corporates understand that, yes, banks can support them to a certain extent. However, when it comes to expansion and raising capital to grow their businesses, they should turn to the capital market,” Mr. Simons said.

“This year, we’ve visited almost about 20 issuers and potential issuers to talk to them. Don’t just sit with the banks, come to the capital market and get cheaper, patient capital to help you grow your business,” he added.

Mr. Simons stressed that investors are ready and waiting for corporate investment opportunities.

“The buy side is so ready for them. The pension funds have almost                           GH¢100billion sitting idle, waiting for corporate issuers to take advantage,” he stated.

Looking ahead, GSE aims to see 100 companies admitted to the GFIM and empower 10 million Ghanaians to participate in the capital market.

The GFIM market rebounded in 2024, with trading volume rising by 76 percent over the 2023 figure to reach GH¢174billion. According to Ms. Amoah, the market’s recovery has continued into 2025 – with cumulative trading volume from January to October surpassing GH¢200billion.

From its humble beginnings when only 5.2 billion securities were traded from August to December 2015, the GFIM market enjoyed smooth sailing to peak at GH¢230billion in volume traded in 2022. The total number of securities traded on the market reached one trillion.

However, the market dipped in 2023 following the Domestic Debt Exchange Programme (DDEP). Total value traded dropped from GH¢230billion in 2022 to GH¢98billion in 2023.

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