- Corporate Bonds Post Strong Showing as GFIM Records GHS 2.08 Billion Turnover
Trading activity on the Ghana Fixed Income Market closed at GHS 2.08 billion on Thursday, June 11, 2026, as DDEP bonds continued to dominate market turnover.
According to the daily trading report, total market volume stood at GHS 2.08 billion across 373 trades.
DDEP bonds accounted for the largest share of activity, recording GHS 1.19 billion from 73 trades. This represented 57.31 percent of total market turnover.
Treasury bills followed with GHS 470.59 million across 282 trades, accounting for 22.60 percent of total market activity.
Corporate bonds also posted a strong showing, recording GHS 408.77 million from 16 trades. This represented 19.63 percent of total market turnover.
Sell-buy-back trades in Government of Ghana bonds contributed GHS 9.72 million from two trades, accounting for 0.47 percent of total market activity.
There were no trades in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds during the session.
The session again showed strong concentration in sovereign instruments, particularly DDEP bonds and short-term Treasury securities, although corporate bonds made a notable contribution to overall turnover.
The largest DDEP bond traded was the GOG-BD-13/02/29-A6145-1838-8.65, which recorded GHS 308.03 million across nine trades. The bond closed at a yield of 12.97 percent and an end-of-day closing price of 90.42.
It was followed by the GOG-BD-16/02/27-A6143-1838-8.35, which traded GHS 226.55 million across 16 trades, closing at a yield of 9.71 percent and price of 99.09.
The GOG-BD-10/02/32-A6148-1838-9.10 also saw strong activity, trading GHS 187.00 million across nine trades. It closed at a yield of 13.94 percent and price of 81.37.
Other notable DDEP trades included the GOG-BD-07/02/34-A6150-1838-9.40, which recorded GHS 154.90 million, and the GOG-BD-11/02/31-A6147-1838-8.95, which traded GHS 135.01 million.
In the Treasury bill segment, the largest trade was recorded by the GOG-BL-01/02/27-A6964-1992-0, which traded GHS 167.00 million across 37 trades. It closed at a yield of 8.37 percent and price of 94.88.
The GOG-BL-18/01/27-A6954-1990-0 followed with GHS 126.28 million across 16 trades, closing at a yield of 8.03 percent and price of 95.35.
The GOG-BL-07/06/27-A7054-2010-0 recorded GHS 34.48 million across four trades, closing at a yield of 10.74 percent and price of 90.78.
Other active Treasury instruments included the GOG-BL-17/05/27-A7039-2007-0, which recorded GHS 23.59 million, and the GOG-BL-01/03/27-A6984-1996-0, which traded GHS 18.26 million.
Corporate bond activity was heavily concentrated in Ghana Cocoa Board securities.
The CMB-BD-28/08/28-A6301-1675-13.00 dominated the corporate bond segment, recording GHS 408.44 million across 13 trades and closing at a price of 98.42.
Two other Ghana Cocoa Board instruments also traded during the session. The CMB-BD-30/08/27-A6302-1675-13.00 recorded GHS 201,122.00 in one trade, while the CMB-BD-31/08/26-A6303-1675-13.00 recorded GHS 127,927.00 across two trades.
In the sell-buy-back segment, activity was limited to the GOG-BD-15/08/28-A6140-1838-10.00, which recorded GHS 9.72 million across two trades. The security traded at a yield of 12.35 percent and a weighted average closing price of 95.58.
Although DDEP bonds led the market by value, Treasury bills dominated by number of transactions.
Treasury bills accounted for 75.60 percent of all trades executed during the session, while DDEP bonds accounted for 19.57 percent.
Corporate bonds represented 4.29 percent of total trade count, while sell-buy-back transactions accounted for 0.54 percent.
The strong showing by corporate bonds was significant because private-sector and quasi-sovereign debt activity on the GFIM has often been thin compared with government securities.
However, the concentration of corporate bond activity in Ghana Cocoa Board instruments suggests that broader corporate debt participation remains limited.
Overall, Thursday’s session showed a fixed income market still driven largely by sovereign debt, but with a stronger corporate bond contribution than in some previous sessions.
For investors, the continued activity in DDEP bonds points to sustained demand for restructured government securities as portfolio managers search for yield opportunities across the medium and long end of the curve.
Treasury bills, meanwhile, remain central to short-term liquidity positioning and continue to generate the highest number of trades.
The day’s trading pattern also reinforces the importance of price discovery in the post-DDEP bond market, particularly as investors continue to assess yields, maturities and liquidity across the restructured government debt curve.
For market regulators and policymakers, the session highlights both progress and challenge.
Activity in DDEP bonds continues to support secondary market liquidity, while Treasury bills remain actively traded. However, broader market depth will require more consistent participation in corporate bonds and other non-sovereign instruments.
The key market signal is clear: GFIM liquidity remains active, but still concentrated in government-backed instruments, with Ghana Cocoa Board securities providing the main corporate bond activity for the day.
