BoG Governor: Ghana needs deeper capital market to finance long-term growth

Bank of Ghana Governor, Dr Johnson Pandit Asiama, has advocated for an expanded and more accessible capital market to enable Ghana to secure the necessary long-term financing for sustained economic growth. He emphasized the economy's dependence on short-term bank deposits and conventional bank credit for financing development, stressing the need to broaden access to capital markets and encourage more investors participation.

Dr Asiama made these remarks during the inauguration of the Central Securities Depository's (CSD) investorConnect platform on September 17, 2026.

Although banks would remain crucial to financing the economy, a robust capital market would provide businesses and the government with access to a larger pool of long-term capital, fostering savings and investment, and contributing to sustainable economic growth, he stated. For the capital market to deepen, investors must be able to comprehend, understand, and trust the assets they own.

The launch of investorConnect marks a significant step in digitizing Ghana's financial market infrastructure, allowing investors to access securities information via web and mobile applications, thus minimizing their reliance on intermediaries for basic investment information.

The platform enables investors to establish accounts directly, have their identities verified in real-time using the Ghana Card, view securities in their names, and review their transaction history. Dr Asiama highlighted that this represents a substantial change, as an investor who cannot verify their records solely depends on information provided by others.

However, he clarified that investorConnect would not replace brokers, custodians, or investment advisers, whose roles would remain essential in the market. He also stressed that digital access alone would not automatically lead to increased investment participation, as affordability, product availability, investment advice, trading access, and financial literacy would continue to impact participation.

Digital infrastructure should facilitate reduced geographical barriers to capital market participation, enabling investors in remote areas like Accra, Kumasi, Tamale, and Zabzugu, as well as Ghanaians living abroad, to access information and engage with the market regardless of their location. The digital infrastructure also presents opportunities to strengthen the link between Ghana's capital market and the international investment community.

Dr Asiama urged the CSD to implement robust safeguards to protect investors, emphasizing the need for investor education alongside digital access to ensure understanding of investment products, risks, and responsibilities. He charged the CSD to treat investorConnect as a foundation for developing future investor services and to continuously enhance the platform based on user feedback and international standards.