Capital Markets

The authorities have worked in recent years to increase the depth and breadth of the country’s capital markets, introducing fixed-income, commodity and small business-focused exchanges. Although trading activity was suppressed in 2020, as investors shifted from equities to comparatively lower-risk options such as government bonds, it experienced a healthy rebound in 2021 as the wider economy entered the recovery stage. The sector faces several challenges – including low equities trading, a lack of awareness among the public about the benefits of capital market investment and constrained innovation. However, the government is working on outreach and education initiatives, and introducing new products to bolster participation.

This chapter contains interviews with Ekow Afedzie, Managing Director, Ghana Stock Exchange; and Kwabena Boamah, Managing Director, Stanbic Investment Management Services.