The First Deputy Governor of the Bank of Ghana and chairman of the Ghana Fixed Income Market (GFIM) Governing Committee, Dr. Maxwell Opoku-Afari has challenged the Ghana fixed income market to strive and create another product that seeks to create a market for capital. Speaking at the launch of the Commercial Paper (CP) Market in Accra on Friday, he underscored the need to develop the market for capital that will attract businesses particularly small and medium-sized businesses.
“In my past life somewhere in South Africa, someone drew my attention to something which I want to throw that challenge to you. He said we have the capital market and we have market for capital. Can you see the difference? What we are talking about here is capital market and most of the time some people, some types of businesses are afraid to approach the capital market. But if you develop the market for capital, you’ll be able to attract some types of businesses, the small businesses, the medium businesses.”, He remarked
Dr. Opoku-Afari applauded the GFIM Technical Committee for the development of the commercial paper market in the country noting that the Ghana Fixed Income Market has recorded exceptional growth since it began in August 2015, until recent market developments. As of April 2024, the cumulative value traded on the market stood at GH¢845 billion as a result of active participation in both government and corporate entities. He was however optimistic about the initiative which he said, “represents a significant milestone in the evolution of our financial markets and the economy at large” and with the development of the commercial paper issuance and admission rules which holds an immense potential to grow the debt market and provide flexible financing and investment platform for businesses and investors alike, a challenge has been thrown to other businesses to come to the market.
The first deputy governor therefore encouraged stakeholders to embrace innovation, promote dynamism and collaborate towards the success of the commercial paper market. A bell was rang to signify the opening of the commercial paper market.