Ghana’s recovery renews confidence in Gov’t Securities Market – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, says Ghana’s ongoing economic recovery has helped restore confidence in the government securities market, with renewed activity in the domestic bond market and stronger participation from institutional investors.

Dr Asiama cited the reopening of the domestic bond market, declining Treasury bill yields and broader participation by institutional investors as key indicators of the recovery in Ghana’s debt capital market.

He made the remarks on Thursday, August 27, 2026, when he delivered the keynote address at Fidelity Bank’s Debt Capital Market Conference in Accra.

According to the BoG Governor, developments in the government securities market point to improving investor confidence as macroeconomic conditions continue to stabilise.

Ghana’s recovery has renewed confidence in the government securities market, evidenced by the reopening of the domestic bond market, declining Treasury bill yields, and broader participation by institutional investors.”

Looking ahead, Dr Asiama identified three major transformations needed to deepen Ghana’s debt capital market and make it more effective in supporting long-term economic development.

The Governor called for greater diversity in the types of institutions accessing the debt capital market as well as the financial instruments available to investors.

A more diversified market, he said, would provide businesses and other institutions with additional avenues for raising long-term financing while giving investors a wider range of investment opportunities.

Dr Asiama also highlighted the need for increased deployment of technology to improve the efficiency and transparency of the market.

Technology, he suggested, can help strengthen market infrastructure, improve access to information and make transactions more efficient for investors and issuers.

The third priority is stronger mobilisation of savings from both Ghanaians at home and the Ghanaian diaspora into long-term investments.

According to the Governor, effectively channeling these savings into productive investments will be essential to expanding the country's financing capacity and supporting sustainable economic growth.

Dr Asiama stressed that the success of Ghana's debt capital market should not be measured solely by the volume of securities issued or the outcome of government auctions.

He said the real measure of a deeper market should be its ability to provide financing for productive economic activity.

The proof of a deeper debt capital market will not be found only on an auction sheet. It will be found in the power project that was completed, the factory that expanded, the housing development that was financed, and the SME that finds room on a bank’s balance sheet because the right capital reached the right use.”

His remarks underscore the importance of ensuring that capital raised through Ghana's financial markets ultimately supports investment, business expansion, infrastructure development and job creation.

The Governor reaffirmed the Bank of Ghana's commitment to strengthening market infrastructure, investor confidence and financial-sector resilience.

He said these efforts would be important in creating the conditions necessary for sustainable economic growth and long-term prosperity.

The renewed confidence in government securities comes against the backdrop of Ghana's broader economic recovery and efforts to restore stability following the country's recent debt crisis.

For Ghana's debt capital market, the challenge will now be to build on the improving investor confidence by expanding participation, diversifying financing instruments and ensuring that capital mobilised through the market reaches productive sectors of the economy.