Domestic investors now account for 70% of holdings in Ghanaian government securities. This marks a significant shift towards local financing after the 2022 Domestic Debt Exchange Programme.
Foreign investors hold the remaining 30% of these securities. Elizabeth Owiredu, Head of the Debt Market Division at the Ministry of Finance, confirmed these figures. This change reduces Ghana’s vulnerability to sudden withdrawals of foreign capital, creating a more stable domestic funding source.
This increased domestic ownership integrates into Ghana's broader economic narrative of rebuilding trust and strengthening local financial markets. The 2022 debt exchange significantly impacted local investors, but the current recovery suggests returning confidence. A stronger domestic base can provide greater stability, as local investors are less likely to exit the entire financial system compared to foreign counterparts. This stability is crucial for channeling domestic savings into vital infrastructure and private sector investments.
Ms. Owiredu stated, “Ghana’s capital market has come a long way since the difficult period of the domestic debt exchange programme in 2022.” She added that activity on both fixed-income and equity markets has improved significantly, with more Ghanaians showing interest in investing. She made these remarks at the Ghana Stock Exchange’s Ring the Bell for Financial Literacy Campaign 2026 at Cedi House in Accra.
Moving forward, policymakers must maintain consistent fiscal policy and transparent debt management to preserve this renewed confidence. They must also protect investors credibly. Avoiding excessive sovereign borrowing is essential to prevent crowding out businesses and concentrating financial assets in government securities. The government's capital market ambitions also coincide with rapid growth in digital asset activity, including an estimated US$21 billion in annual cryptocurrency transactions.
The shift towards domestic ownership reduces Ghana's exposure to global market volatility. However, it also means that any future market disruptions or investment fraud would primarily impact Ghanaian households, pension funds, and banks. This underscores the need for robust regulatory oversight and investor protection measures. The Securities and Exchange Commission estimates GHS 113 billion in digital asset transactions by November 2025, highlighting the scale of activity outside traditional markets. This growth presents opportunities for financial inclusion but also risks from unregulated platforms and scams, as Ms. Owiredu warned.
Preserving investor trust requires continuous effort. The government must balance its financing needs with the health of the domestic capital market. This involves careful management of public debt and fostering an environment where local savings can grow safely. The recovery in market activity is a positive sign, but sustained growth depends on prudent economic policies and strong investor safeguards. The increased domestic participation is a testament to the resilience of Ghana's financial system and its investors.