- DDEP Bond Activity Drops 54.06% as Ghana Fixed-Income Trading Shifts to T-Bills
Trading activity on the Ghana Fixed Income Market declined by 19.58% in the week ended July 31, 2026, as a sharp contraction in Domestic Debt Exchange Programme bond transactions outweighed stronger demand for Treasury bills and short-term liquidity trades.
Total market turnover stood at GH¢6.80 billion, down from GH¢8.45 billion in the preceding week, representing a reduction of approximately GH¢1.65 billion.
The decline was driven principally by DDEP bonds, where turnover fell by 54.06% to GH¢2.28 billion from GH¢4.96 billion.
Despite the contraction, restructured government bonds remained the second-largest segment of the market, accounting for 33.52% of weekly turnover.
Treasury bills emerged as the dominant asset class, with trading increasing by 25.59% to GH¢4.26 billion from GH¢3.39 billion.
That represented 62.65% of total market activity, highlighting investors’ continued preference for shorter-dated government instruments amid uncertainty over longer-term yields, liquidity and refinancing conditions.
The shift towards Treasury bills may reflect the greater flexibility offered by shorter maturities and the relative ease with which institutional investors can manage liquidity and reinvestment risks.
It also illustrates how the secondary market remains dependent on government securities, with corporate debt representing only a small portion of overall activity despite recording strong percentage growth.
Corporate securities turnover more than doubled to GH¢44.56 million from GH¢20.88 million, an increase of 113.42%.
However, the segment accounted for only 0.66% of total turnover, showing that Ghana’s corporate bond market remains comparatively shallow and has yet to provide a significant alternative to sovereign debt.
Sell-buy-back transactions recorded the strongest growth, climbing by 593.83% to GH¢215.40 million from GH¢31.05 million.
The surge suggests increased use of fixed-income securities for short-term financing and liquidity management among market participants.
Sell-buy-back activity accounted for 3.17% of weekly turnover, compared with less than 1.00% in the previous period.
Trading in old Government of Ghana bonds declined by 76.12% to GH¢310,385.00, while no transactions were recorded in the new Government of Ghana bond category. The preceding week had registered GH¢48.60 million in new government bond activity.
Within the DDEP market, trading was concentrated in the seven-year and nine-year maturities.
The seven-year DDEP bond recorded GH¢832.85 million, while the nine-year security generated GH¢827.36 million. Together, the two maturities accounted for about 72.89% of the turnover recorded across the listed bond tenors.
The eight-year DDEP bond followed with GH¢405.55 million, while the four-year maturity generated GH¢76.86 million.
Activity in other securities remained comparatively limited. The 14-year bond recorded GH¢50.44 million, the 11-year maturity generated GH¢30.00 million and the 15-year bond attracted GH¢13.09 million.
No trades were recorded in the five-year and 13-year DDEP maturities or the seven-year new government bond.
The concentration of trading in a small number of maturities indicates that headline bond turnover does not necessarily represent broad liquidity across Ghana’s restructured yield curve.
Market yields generally moved higher at the longer end of the curve, suggesting some upward pressure on the returns required by investors.
The nine-year yield rose to 15.10% from 14.59%, while the 10-year yield increased to 15.00% from 14.13%.
The 12-year yield climbed to 15.90% from 14.58%, the largest weekly increase among the reported maturities, while the 14-year and 15-year yields advanced to 15.41% and 15.75%, respectively.
The 11-year yield increased moderately to 15.79% from 15.57%.
Movements were more mixed at the shorter end. The four-year yield declined to 10.43% from 10.85%, while the six-year yield fell to 13.37% from 13.92%.
The five-year and seven-year new-bond yields were unchanged at 13.05% and 12.96%, respectively.
The seven-year DDEP yield edged higher to 15.09% from 15.06%, while the eight-year yield declined to 14.06% from 14.50%.
The latest weekly performance shows a market increasingly divided between strong Treasury bill activity and selective demand for particular DDEP maturities.
Although total turnover remained substantial, the sharp reduction in bond transactions and the absence of new government bond trades point to persistent liquidity constraints in the longer-term market.
Broadening corporate issuance, restoring consistent trading across the sovereign yield curve and reducing reliance on short-term Treasury instruments will remain important for deepening Ghana’s fixed-income market and strengthening its role in financing productive investment.
