The Bank of Ghana has called for a deeper and more inclusive capital market, saying the country cannot depend on short-term deposits and conventional bank lending alone to finance its long-term economic growth.
Bank of Ghana Governor, Dr Johnson Pandit Asiama, made the call on Thursday, September 17, at the official launch of the Central Securities Depository’s (CSD) new digital platform, InvestorConnect, at the Ghana Stock Exchange.
According to Dr Asiama, Ghana needs to mobilise longer-term savings and expand access to investment opportunities if businesses and government are to secure the capital required for sustainable growth.
“Ghana cannot finance long-term growth from short-term deposits and conventional bank credit alone,” he said.
While acknowledging the continued importance of banks to the economy, the Governor said a stronger capital market would give businesses and government access to a wider pool of long-term financing while encouraging savings and investment.
InvestorConnect is part of the CSD’s digital transformation programme and is designed to give investors more direct access to their securities accounts and transaction records.
The platform, available on the web as well as iOS and Android devices, allows investors to open securities accounts directly, verify their identities using the Ghana Card, view securities registered in their names and check their transaction histories.
Dr Asiama said the ability for investors to independently verify their holdings would help strengthen confidence in Ghana’s capital market.
He noted that investors who cannot easily access their records often have to depend on information provided by brokers and other intermediaries. InvestorConnect, he said, would make it easier for investors to see what they own and monitor transactions.
The Governor stressed that the platform would not replace brokers, custodians or investment advisers, whose roles remain important within the regulated capital-market system.
He also noted that digital access alone would not address challenges such as the availability and affordability of investment products, financial literacy, access to investment advice and the ability to execute trades.
“What InvestorConnect removes is one real barrier: the difficulty an ordinary investor faces in seeing, promptly and conveniently, what they own,” Dr Asiama said.
He said digital infrastructure could also help reduce the geographical barriers that have traditionally limited participation in Ghana’s capital market.
Investors in Accra, Kumasi, Tamale, Zabzugu and other parts of the country, he explained, should increasingly be able to access market information without having to be physically present in the country’s major financial centres.
The platform could also strengthen connections between Ghana’s capital market and Ghanaians living abroad, as well as international investors.
Dr Asiama, however, stressed that investor confidence would remain central to the development of the market.
“The market will deepen only if investors can see, understand and trust what they own,” he said.
He therefore urged the CSD to place strong emphasis on cybersecurity, investor protection, reliable authentication and account-recovery systems, as well as effective mechanisms for resolving complaints and correcting errors.
The Governor also called for greater financial education, warning that increased digital access must be matched by a better understanding of investment products and their associated risks.
“Financial inclusion must go hand in hand with financial literacy and investor protection,” he said.
InvestorConnect marks another stage in the development of Ghana’s securities-market infrastructure, which dates back more than two decades.
The Bank of Ghana established the country’s first securities depository in November 2004, following the formation of an implementation committee in 2003. The Ghana Stock Exchange later established its own securities depository in 2008 to support automated trading and the dematerialisation of share certificates.
The two systems were subsequently consolidated, with the merger taking effect on January 1, 2014. The current CSD is owned 70% by the Bank of Ghana and 30% by the Ghana Stock Exchange.
Today, the CSD supports the issuance and settlement of government and Bank of Ghana securities, corporate bonds and equities, while also facilitating primary-market auctions, repo transactions and corporate actions.
Dr Asiama urged the CSD to view InvestorConnect as a foundation for further digital development rather than an end point.
He said the platform must remain secure, reliable and accessible while evolving in response to investor feedback and international market standards.
Ultimately, he said, the success of the initiative would be measured by whether improved digital access helps bring more people into Ghana’s capital market and supports the mobilisation of savings for long-term investment.
