- Fixed Income Trading Rebounds as Government Paper Dominates Market
The Ghana Fixed Income Market recorded a sharp rebound in trading activity on May 6, 2026, with total market turnover rising to GH¢2.15 billion across 363 trades, as investors increased activity in Treasury bills and Domestic Debt Exchange Programme bonds.
The session marked a significant improvement from the previous trading day, when turnover stood at GH¢430.15 million, highlighting renewed liquidity in government securities.
Treasury bills led the market by value and number of trades, recording turnover of GH¢942.05 million from 291 transactions. The segment accounted for about 43.9 per cent of total market turnover, reinforcing the continued preference for short-term government paper among investors seeking liquidity and lower duration exposure.
DDEP bonds followed closely with turnover of GH¢811.41 million from 24 trades, representing about 37.8 per cent of total activity. Sell/buy-back trades in Government of Ghana notes and bonds contributed GH¢380.25 million from 30 trades.
Corporate bonds recorded GH¢6.80 million from 13 trades, while new Government of Ghana notes and bonds posted GH¢5.05 million from two transactions. Old Government of Ghana notes and bonds recorded modest turnover of GH¢528,646 from three trades.
The combined turnover of Treasury bills and DDEP bonds amounted to GH¢1.75 billion, representing more than 81 per cent of total market activity.
In the Treasury bills segment, the largest traded instrument was the GOG-BL-18/01/27-A6954-1990-0, which recorded turnover of GH¢256.19 million from eight trades. The bill closed at a price of 94.4285, making it the dominant security in the short-term government paper market.
The 91-day bill segment also saw activity across several maturities, with yields ranging between roughly 5.06 per cent and 6.65 per cent on listed instruments. This points to continued repricing in the short end of the yield curve as inflation and policy rates ease.
In the DDEP bond segment, activity was heavily concentrated in the GOG-BD-16/02/27-A6143-1838-8.35, which recorded turnover of GH¢747.60 million from 14 trades. The bond closed at a yield of 10.01 per cent and an end-of-day closing price of 98.7512.
The size of the trade shows sustained investor interest in shorter-dated restructured government securities, particularly those with clearer visibility around maturity and pricing.
In the sell/buy-back segment, the largest transaction was recorded in the GOG-BD-10/02/32-A6148-1838-9.10, which posted turnover of GH¢283.20 million from 17 trades. The transaction closed at a yield of 17.51 per cent and a weighted average closing price of 83.1688.
New Government of Ghana notes and bonds recorded limited activity, led entirely by the GOG-BD-29/03/33-A6155-2001-12.50, which traded GH¢5.05 million across two transactions. The 7-year bond closed at a yield of 12.12 per cent and an end-of-day price of 101.7095.
Corporate bond activity remained thin relative to government securities. The largest corporate bond trade was in the CMB-BD-31/08/26-A6303-1675-13.00, which recorded turnover of GH¢5.82 million from nine trades and closed at a price of 100.9576.
The day’s trading pattern reinforces the structural dominance of government securities in Ghana’s fixed income market. While corporate bond activity continues to appear in selected instruments, liquidity remains overwhelmingly concentrated in Treasury bills, DDEP bonds and sell/buy-back transactions involving Government of Ghana paper.
Overall, the session showed a fixed income market firmly anchored in government paper, with Treasury bills and DDEP bonds continuing to set the tone for liquidity, pricing and investor sentiment.
