- DDEP bonds drive GFIM turnover to GH¢1.22bn as T-bill activity slows
Trading activity on the Ghana Fixed Income Market closed at GH¢1.22 billion on Monday, June 29, 2026, with Domestic Debt Exchange Programme bonds driving market turnover through a few large block trades.
Total market volume stood at GH¢1.22 billion across 75 trades, according to the GFIM trading report for the session.
DDEP bonds accounted for the largest share of activity, with total volume of GH¢610.24 million from 14 trades, representing about 50.12% of total market turnover.
Treasury bills followed with GH¢387.31 million across 59 trades, accounting for 31.81% of total turnover but nearly 78.67% of all trades executed on the day. Sell/buy-back transactions in Government of Ghana bonds contributed GH¢220.00 million from two trades, representing 18.07% of market volume.
There were no trades recorded in new Government of Ghana notes and bonds, old Government of Ghana notes and bonds, or corporate bonds.
The session showed a market still anchored by government securities, but with liquidity concentrated in selected restructured bonds and short-term Treasury bills. While Treasury bills remained the most frequently traded instruments, DDEP bonds carried the larger value of activity.
The largest traded instrument was the GOG-BD-10/02/32, a 2032 DDEP bond, which recorded volume of GH¢528.24 million across nine trades. The bond closed at a yield of 14.46% and an end-of-day closing price of 80.43.
The 2032 bond alone accounted for about 43.39% of total market turnover and 86.56% of all DDEP bond trades by value, underlining how a single large security can shape the direction of daily GFIM activity.
Other DDEP activity was comparatively modest. The GOG-BD-16/02/27 recorded GH¢52.00 million in volume from two trades, closing at a yield of 10.72% and a price of 98.55. The GOG-BD-07/02/34 traded GH¢20.00 million in one trade, while the GOG-BD-02/02/38 recorded GH¢10.00 million across two trades.
In the Treasury bill market, the largest volume came from the GOG-BL-05/04/27, which traded GH¢200.00 million in a single transaction. The bill closed at a yield of 10.37% and a price of 92.61.
Other notable Treasury bill trades included the GOG-BL-04/01/27, which recorded GH¢93.04 million in one trade, and the GOG-BL-26/10/26, which traded GH¢31.12 million across two trades. The GOG-BL-18/01/27 also recorded GH¢19.30 million from 11 trades, while the GOG-BL-14/06/27 traded GH¢16.61 million in one transaction.
The structure of Treasury bill trading suggests that investors remain active in short-term securities, but activity was spread across several maturities rather than concentrated entirely at the very short end of the curve.
The closing yield on the latest 91-day bill stood at 5.73%, while the latest 182-day bill closed at 7.73%. The latest 364-day bill closed at 12.69%, maintaining the yield premium available on longer-dated Treasury bills.
Sell/buy-back activity was concentrated in one DDEP-linked bond. The GOG-BD-15/02/28 recorded the full GH¢220.00 million in volume across two trades, closing at a yield of 10.49% and a weighted average closing price of 97.05.
The strength of sell/buy-back activity shows continued use of government securities for short-term funding and liquidity management. Such repo-style transactions remain important for market participants looking to raise liquidity while retaining exposure to underlying securities.
Overall, the June 29 session reinforces a familiar pattern on the fixed income market. Liquidity is available, but it remains highly selective. Investors continue to favour Treasury bills for trade frequency and liquidity management, while large block transactions in DDEP bonds determine the value direction of the market.
The absence of activity in new and old Government of Ghana bonds, as well as corporate bonds, also highlights the narrow base of secondary-market trading. Government securities continue to dominate fixed income activity, while the corporate debt market remains thin and episodic.
For investors, the day’s trading showed renewed appetite for selected DDEP maturities, particularly where yields remain attractive and pricing offers room for secondary-market positioning.
For the broader market, the key signal is that Ghana’s fixed income market is active but uneven. Treasury bills remain the most liquid instrument by number of trades, but value is increasingly shaped by a few large restructured bond transactions.
As yields continue to reset in a lower inflation environment, the next test will be whether liquidity gradually broadens across the curve or remains concentrated in selected T-bills and DDEP instruments.
Source: GFIM Trading Report for Monday, June 29, 2026.
