BoG Governor Dr. Johnson Asiama Urges African Nations to Strengthen Domestic Debt Markets Following Ghana's Recovery

Dr. Johnson Asiama, the Governor of the Bank of Ghana, has called on African central banks to prioritize the development of resilient and diversified domestic debt markets as a cornerstone for economic stability. Speaking at the Bank for International Settlements (BIS) Roundtable of Governors from African Central Banks on June 27, 2026, Dr. Asiama underscored that Ghana's recent journey through an economic crisis and its subsequent path to recovery serve as a critical blueprint for the continent. He argued that developing deep, liquid capital markets is no longer merely a policy preference but a strategic necessity to ensure financial stability and support long-term development goals. The Governor highlighted that as African nations increasingly pivot toward domestic borrowing to fund infrastructure and manage fiscal deficits, the vulnerabilities of shallow markets have become more pronounced. He emphasized that the lessons learned from Ghana’s economic recovery demonstrate how a robust domestic debt infrastructure can effectively mitigate risks associated with external shocks and volatile global capital flows. By fostering more sophisticated market environments, countries can better absorb economic pressures while providing a stable foundation for sustainable growth and investor confidence across the region. Looking ahead, Dr. Asiama advocated for comprehensive structural reforms across the African continent to enhance the transparency and efficiency of domestic capital markets. He noted that the shift toward self-reliance in debt management requires intentional collaboration among central banks to share best practices and harmonize regulatory frameworks. The Governor’s remarks reflect a growing consensus among African financial leaders that domestic resource mobilization and strong internal financial architectures are the most viable paths toward achieving long-term economic independence and resilience in an increasingly unpredictable global economic landscape.