- DDEP Bonds Dominate GFIM as Daily Turnover Reaches GH¢2.83bn
Trading on the Ghana Fixed Income Market reached GH¢2.83 billion on Monday, August 10, 2026, with restructured government bonds accounting for the largest share of activity as investors concentrated heavily on the post-debt-restructuring segment of the market.
The trading report shows total market volume of GH¢2.831 billion across 745 transactions, with Domestic Debt Exchange Programme bonds contributing GH¢1.697 billion from 37 trades. That represented approximately 59.95% of all securities traded during the session, making DDEP bonds the dominant source of secondary-market activity.
Treasury bills followed with turnover of GH¢865.70 million across 676 transactions, equivalent to about 30.58% of the day’s total volume. The significantly larger number of transactions in the Treasury-bill segment compared with DDEP bonds suggests activity was more fragmented across shorter-term government instruments, while the bond market was driven by fewer but considerably larger trades.
Sell-and-buy-back transactions involving government notes and bonds added GH¢267.32 million through 30 trades, representing another 9.44% of total market activity. Corporate bonds contributed GH¢742,600, while newly issued government notes and bonds recorded only GH¢282,624 in turnover.
The distribution underlines the continuing importance of Ghana’s restructured government securities in the fixed-income market. Although the DDEP fundamentally altered the maturity structure and cash-flow profile of domestic government debt, the securities have increasingly become an important source of liquidity for institutional investors repositioning portfolios and managing duration.
The largest DDEP security traded during Monday’s session was the GOG bond maturing February 15, 2028, which recorded GH¢308.77 million across three trades. The instrument traded at a yield of 13.35% and a closing price of approximately 93.51, indicating that investors continued to transact the bond below par.
Treasury-bill activity was led by a government bill maturing on July 26, 2027, which generated GH¢267.93 million across seven transactions. The instrument traded at a yield of about 12.56% and closed at approximately 89.22.
The market’s largest sell-and-buy-back transaction involved the government bond maturing February 8, 2033. The security generated GH¢156.22 million across two trades, at a yield of 14.45% and closing price of about 77.27.
The concentration of activity in DDEP bonds is important because secondary-market liquidity affects how efficiently investors can adjust portfolios without waiting for securities to mature. A market in which government bonds can be actively bought and sold gives pension funds, banks, asset managers and other investors more flexibility in managing liquidity and interest-rate exposure.
At the same time, the comparatively modest trading in new government notes and bonds provides a useful contrast. Only one transaction worth GH¢282,624 was recorded in that segment, involving a government bond maturing in March 2033 with a 12.50% yield and a closing price close to par at 99.96.
Corporate bond trading remained negligible relative to sovereign securities, with just one transaction worth GH¢742,600 recorded. That continuing imbalance illustrates the challenge facing Ghana’s capital market in developing a deeper corporate debt segment capable of providing companies with an alternative to traditional bank financing.
Government securities continue to absorb the overwhelming majority of fixed-income liquidity. While this provides a functioning market for sovereign debt, a broader corporate bond market would help channel long-term capital towards productive private-sector investment and reduce dependence on bank credit.
Monday’s trading also reinforces the distinction between market turnover and new government borrowing. Secondary-market transactions involve investors buying and selling existing securities among themselves and do not necessarily represent fresh financing raised by the government.
The GH¢2.83 billion turnover should therefore be read primarily as an indication of market liquidity and investor activity rather than additional public debt issuance. For policymakers, however, a more liquid secondary market can indirectly support future government financing by improving price discovery and giving investors greater confidence that securities can be sold before maturity when necessary.
With DDEP securities alone contributing nearly 60.00% of Monday’s trading, Ghana’s post-restructuring bonds have clearly become central to that liquidity.
The broader question is whether the improvement can extend beyond government instruments. A deeper fixed-income market ultimately requires not only active trading in sovereign securities but also stronger issuance and secondary-market activity from companies, municipalities and other credible borrowers.
For now, however, the government bond market remains overwhelmingly dominant. Monday’s GH¢2.83 billion session demonstrates that the restructured debt instruments that emerged from Ghana’s domestic debt crisis have moved from being primarily instruments of fiscal adjustment to becoming some of the most actively traded assets in the country’s fixed-income market.
