- GFIM Turnover Hits GH¢943.64 Million as DDEP Bonds and Treasury Bills Command 93.40% of Trading
Trading on the Ghana Fixed Income Market reached GH¢943.64 million on Friday, September 11, 2026, with post-Domestic Debt Exchange Programme bonds and Treasury bills accounting for 93.40% of total turnover as investors concentrated activity in government securities.
The session recorded 290 transactions, with DDEP bonds leading turnover at GH¢464.17 million across 26 trades, representing 49.19% of the market. Treasury bills followed with GH¢417.23 million across 233 transactions, or 44.22% of total activity, while sell/buy-back transactions in Government of Ghana securities contributed GH¢59.29 million, equivalent to 6.28%.
Corporate bonds remained a small part of the session, generating GH¢2.19 million across eight trades, or 0.23% of total turnover. New Government of Ghana notes and bonds accounted for GH¢750,000 across three trades, representing 0.08%, while no activity was recorded in the old Government of Ghana notes and bonds segment.
The concentration of DDEP turnover in relatively few transactions points to sizeable institutional block trades. The February 11, 2031 DDEP bond carrying an 8.95% coupon was the most actively traded security in that segment, recording GH¢214.37 million across 11 transactions. That represented 46.18% of all DDEP turnover and 22.72% of total GFIM activity for the day.
The bond closed at a yield of 13.80%, down 15 basis points from an opening yield of 13.95%, with an end-of-day price of 84.27.
The February 10, 2032 DDEP bond was the second-largest contributor, attracting GH¢107.25 million across four trades, equivalent to 23.10% of DDEP turnover. Its closing yield eased by 12 basis points to 14.11% from 14.23%, while the closing price stood at 81.40.
Activity was also significant in the February 13, 2029 bond, where GH¢60.00 million changed hands across two trades. The instrument’s yield edged one basis point higher to 13.01%. The February 7, 2034 DDEP bond recorded GH¢51.13 million in outright turnover, with its yield declining seven basis points to 14.66%.
Other DDEP transactions included GH¢11.23 million in the February 12, 2030 maturity at a closing yield of 13.06%; GH¢8.32 million in the August 17, 2027 bond, where the yield closed at 10.10%; GH¢7.76 million in the February 3, 2037 security at 14.85%; and GH¢4.11 million in the February 15, 2028 bond at 11.75%.
Treasury-bill trading showed an even stronger maturity preference. The 364-day segment generated GH¢393.49 million, accounting for 94.31% of all Treasury-bill turnover. By comparison, 91-day bills recorded GH¢16.09 million, or 3.86%, while 182-day bills generated GH¢7.65 million, equivalent to 1.83%.
The January 18, 2027 364-day bill was the most actively traded Treasury bill, attracting GH¢56.25 million across 25 transactions and closing at a yield of 5.60% and a price of 98.05.
Other heavily traded 364-day maturities included the June 7, 2027 bill at GH¢48.36 million, the February 15, 2027 bill at GH¢45.73 million, the May 31, 2027 bill at GH¢44.92 million and the March 15, 2027 bill at GH¢37.86 million. The June 7 maturity closed at a yield of 8.75%, while the May 31 instrument ended at 8.58%.
The maturity distribution suggests investors were prepared to extend duration within the Treasury-bill curve rather than concentrate principally in the shortest 91-day instrument. Nearly all bill turnover went into maturities originally issued as 364-day securities, indicating stronger secondary-market demand for the longer end of the money-market spectrum during the session.
Sell/buy-back activity was similarly concentrated. Total transactions in the segment stood at GH¢59.29 million across 20 trades, with the February 7, 2034 DDEP bond alone accounting for GH¢51.13 million across two transactions, or 86.24% of the segment. The security carried a yield of 14.40% in the sell/buy-back market.
The February 8, 2033 DDEP bond contributed GH¢2.91 million, while the February 2, 2038 bond accounted for GH¢2.14 million. Smaller transactions were recorded across the 2027 to 2030 DDEP maturities.
Trading in the new Government of Ghana bond segment was limited to the September 2, 2030 four-year bond, which recorded GH¢750,000 across three trades. Its closing yield rose to 12.04% from 11.91%, with an end-of-day price of 99.87.
Corporate bond activity remained subdued and heavily concentrated in Ghana Cocoa Board securities. The August 30, 2027 COCOBOD bond recorded GH¢2.05 million across six trades, representing 93.47% of corporate turnover, with its closing price rising to 102.42 from 101.38.
A second COCOBOD bond maturing in August 2028 recorded GH¢48,200, while Petrosol Platinum Energy’s August 2030 bond attracted GH¢95,000. The latter closed at 104.83, down from an opening price of 105.48.
The September 11 session therefore showed a market still overwhelmingly driven by sovereign instruments, with DDEP bonds and Treasury bills absorbing more than nine-tenths of total activity. The contrast between 26 DDEP trades generating GH¢464.17 million and 233 Treasury-bill trades producing GH¢417.23 million also points to different trading patterns: larger institutional tickets in the bond market and more fragmented activity in bills.
With outright DDEP turnover concentrated in the 2031 and 2032 maturities and Treasury-bill demand skewed decisively towards the 364-day segment, the day’s trading suggests investors were selectively extending maturity while remaining anchored in government-backed instruments. Corporate debt, by contrast, remained peripheral, underscoring the continuing depth gap between Ghana’s sovereign and non-sovereign fixed-income markets.
