BoG Governor urges stronger Capital Markets as Africa turns to domestic borrowing

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has called on African policymakers to strengthen and diversify capital markets as countries increasingly rely on domestic borrowing to finance development and manage fiscal pressures.

He made the remarks while presenting Ghana’s experience of economic recovery at the BIS Roundtable of Governors of African Central Banks, held on Friday, June 27, 2026, in Basel, Switzerland.

The high-level forum brought together central bank governors from across the continent to discuss macroeconomic trends, financial sector resilience, and key policy challenges shaping African economies.

Dr Asiama noted that the growing dependence on domestic debt markets presents both opportunities and risks, stressing the need for well-developed capital markets that can support sustainable growth while preserving monetary policy effectiveness and financial stability.

“As African economies increasingly relied on domestic borrowing, the focus must be on building deeper and more diversified capital markets that supported sustainable growth without compromising monetary policy transmission or financial stability,” he said.

He added that Ghana’s recent economic experience, moving from crisis toward recovery, offers useful lessons on how domestic debt markets can help strengthen resilience when properly managed.

According to him, sound financial systems and effective market structures are essential to ensuring that domestic borrowing contributes positively to long-term economic stability rather than creating new vulnerabilities.

The roundtable served as a platform for central bank leaders to share insights on managing evolving fiscal and monetary challenges across the region.