BoG Governor Asiama Urges African Policymakers to Build Stronger, More Diversified Capital Markets

Bank of Ghana Governor Dr Johnson Asiama has urged policymakers across Africa to make the development of deeper and more diversified capital markets a top priority, arguing that stronger domestic financial markets are essential to withstanding economic shocks.

Speaking at a high-level forum, Dr Asiama shared insights drawn from Ghana's own experience, highlighting the growing importance of domestic debt markets in building economic resilience. He stressed that well-functioning capital markets can reduce a country's dependence on external borrowing and help shield economies from global financial volatility.

The Governor pointed to Ghana's ongoing efforts to restructure its public debt and stabilise its financial sector as evidence of why robust domestic markets matter. He noted that countries with deeper capital markets are better positioned to mobilise local savings, attract long-term investment, and manage fiscal pressures without excessive reliance on foreign creditors.

Dr Asiama also cautioned that financial stability must remain at the centre of any capital market development strategy, warning that rapid expansion without adequate regulation and oversight could introduce new vulnerabilities into the system.

His remarks come as Ghana continues its economic recovery under an IMF-supported programme, with authorities working to restore investor confidence and strengthen the country's financial architecture for the long term.