Bank of Ghana Governor, Dr. Johnson Asiama, has called on African countries to strengthen their domestic debt markets, arguing that deeper and more diversified capital markets are essential for building resilient economies and sustaining long-term growth.
Addressing the Bank for International Settlements (BIS) Roundtable of Governors from African Central Banks in Basel on Saturday, June 27, 2026, Dr. Asiama said Ghana’s recent economic recovery demonstrates the critical role domestic debt markets can play in helping countries withstand economic shocks while preserving financial stability.
Drawing on Ghana’s experience, he noted that the country’s transition from economic crisis to recovery offers valuable lessons for other African economies seeking to improve their fiscal resilience.
“Ghana’s economic journey from crisis to recovery offers important lessons on the growing role of domestic debt markets in strengthening resilience while safeguarding financial stability,” he said.
Dr. Asiama observed that many African governments are increasingly relying on domestic borrowing to finance development projects and meet fiscal obligations, making it imperative to build stronger and more efficient local debt markets.
According to him, well-developed domestic debt markets provide governments with more sustainable financing options, reduce vulnerability to external shocks, and contribute to macroeconomic stability.
He further stressed that strengthening local capital markets would enhance investor confidence, improve access to long-term financing, and support inclusive economic development across the continent.
The BIS roundtable brought together governors of African central banks to deliberate on key issues affecting the region, including macroeconomic trends, financial sector resilience, and policy measures aimed at promoting sustainable economic growth.
Dr. Asiama’s remarks underscore the growing consensus among African policymakers that stronger domestic financial markets are essential to reducing dependence on external financing and building more resilient economies.
