- DDEP bonds lead GFIM turnover as trading volume hits GH¢1.16 billion
Trading activity on the Ghana Fixed Income Market closed at GH¢1.16 billion on Friday, June 26, 2026, with Domestic Debt Exchange Programme bonds emerging as the largest contributor to market volume, even as Treasury bills continued to dominate by number of trades.
According to the GFIM trading report for the day, total market volume stood at GH¢1.16 billion across 264 trades, reflecting sustained investor activity across government securities, sell/buy-back transactions and corporate bonds.
DDEP bonds accounted for the largest share of the day’s activity, with volume of GH¢490.03 million from 21 trades. Treasury bills followed closely with GH¢416.35 million across 215 trades, confirming their continued role as the most frequently traded instruments on the fixed income market.
Sell/buy-back transactions in Government of Ghana bonds also contributed significantly, recording GH¢248.65 million in volume from 21 trades, while corporate bonds posted GH¢5.21 million across seven trades. There were no trades recorded in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds.
The pattern of trading suggests that investors remain active in short-dated government paper, but are also selectively positioning in restructured bonds and sell/buy-back transactions where pricing opportunities and liquidity conditions appear more attractive.
The largest single DDEP bond traded was the GOG-BD-10/02/32, which recorded GH¢404.62 million in volume across six trades. The security closed at a yield of 14.07% and an end-of-day closing price of 81.05, making it the dominant instrument in the DDEP segment.
Other DDEP activity was spread across selected maturities, including the 2027, 2028, 2029, 2031, 2035 and 2038 papers, but none came close to the 2032 bond’s volume.
In the Treasury bill market, the largest volume was recorded in the GOG-BL-04/01/27, which traded GH¢125.20 million across two trades. The bill closed at a yield of 7.50% and a closing price of 96.19.
Treasury bills accounted for the largest number of trades during the session, underlining continued demand for short-term government securities as investors manage liquidity, duration and reinvestment risk in a declining interest-rate environment.
The corporate bond segment remained comparatively thin. The largest corporate bond traded was the CMB-BD-30/08/27, which recorded GH¢3.21 million across six trades and closed at a price of 102.78. Total corporate bond activity for the day stood at GH¢5.21 million, reflecting the still-limited depth of the private debt market compared with government securities.
Sell/buy-back transactions also played an important role in the day’s market activity. The largest transaction in that segment was the GOG-BD-12/02/30, which recorded GH¢240.00 million across two trades. The security closed with a yield of 11.71% and a weighted average closing price of 91.55.
The strength of sell/buy-back activity points to continued use of repo-style transactions by market participants to manage liquidity and short-term funding needs while using government securities as collateral.
Overall, the June 26 trading session showed a market still anchored by government securities, with DDEP bonds, Treasury bills and sell/buy-back transactions accounting for nearly all activity.
While Treasury bills remain the most liquid by trade count, the day’s data showed that larger block trades in DDEP instruments can still determine the direction of total market turnover.
The absence of activity in new and old Government of Ghana notes and bonds also suggests that investors are concentrating liquidity in specific restructured bonds and short-term instruments, rather than spreading activity widely across the curve.
For the fixed income market, the key signal is that investor appetite remains active, but selective. Liquidity is available, yet it is being directed towards instruments with clearer pricing, stronger secondary-market demand and better short-term funding utility.
Source: GFIM Trading Report for Friday, June 26, 2026.
