- DDEP Bonds Record GH¢286.38m Turnover as 2030 Bond Dominates
Trading activity on the Ghana Fixed Income Market crossed GH¢1.00 billion on Friday, July 31, 2026, as investors concentrated heavily on Treasury bills and selected Domestic Debt Exchange Programme bonds.
Total securities traded reached GH¢1.01 billion across 1,235 transactions, with Treasury bills accounting for GH¢665.98 million, equivalent to 65.84% of total market turnover.
DDEP bonds generated another GH¢286.38 million, representing 28.31% of trading, while sell-buy-back transactions in Government of Ghana securities contributed GH¢41.62 million, or 4.11%.
Corporate securities accounted for GH¢17.50 million, equivalent to 1.73% of turnover, while activity in old Government of Ghana bonds remained negligible at GH¢35,385.00. No trades were recorded in new Government of Ghana notes and bonds.
The composition of trading underscores continued investor preference for short-duration government instruments, with Treasury bills alone accounting for almost two-thirds of activity during the session.
The single largest Treasury bill transaction was concentrated in the instrument maturing on July 26, 2027, which recorded GH¢244.09 million across 35 trades. The security closed at a yield of 12.78% and a price of 88.78.
That instrument alone represented 36.65% of all Treasury bill turnover and 24.13% of the entire GH¢1.01 billion traded across the fixed-income market.
Other heavily traded Treasury bills included the January 18, 2027 maturity, which recorded GH¢72.83 million, and the May 31, 2027 bill with GH¢64.74 million in turnover.
The February 1, 2027 instrument attracted GH¢47.73 million, while a September 7, 2026 bill recorded GH¢27.39 million.
The yield structure reflected the sharp difference between near-term and longer-dated Treasury bills. Very short maturities were trading at single-digit yields, while bills extending into the second half of 2027 carried yields above 12.00%.
The July 26, 2027 bill, for example, closed at 12.78%, compared with 5.86% on the October 26, 2026 maturity and 6.66% on the August 31, 2026 instrument.
Activity in the DDEP segment was even more concentrated.
Of the GH¢286.38 million traded in DDEP securities, GH¢215.79 million was recorded in the 2023-GC-4 bond maturing in February 2030. The bond generated 21 trades and closed at a yield of 15.09% and price of 83.18.
The security accounted for 75.35% of all outright DDEP bond trading during the session, indicating that liquidity in the restructured bond market remained concentrated around a small number of maturities.
The 2031 DDEP bond was the second-most active, recording GH¢51.55 million, equivalent to 18.00% of DDEP turnover, while the 2027 GC-1 instrument generated GH¢11.09 million.
The concentration means the 2030 and 2031 instruments together accounted for more than 93.00% of DDEP turnover.
Yields across the traded DDEP curve remained elevated relative to Treasury bills. The actively traded 2030 bond closed at 15.09%, while the 2031 instrument closed at 14.06%. The longer-dated 2038 security closed at 15.75%, although only GH¢5.85 million changed hands.
Sell-buy-back transactions added GH¢41.62 million to market turnover, with the 2037 DDEP instrument accounting for GH¢24.97 million in a single transaction. Another GH¢16.33 million was recorded in the 2030 DDEP security.
Corporate bond activity was limited to GH¢17.50 million, all of which came from two transactions in a Ghana Cocoa Board bond maturing on August 31, 2026. The security closed at 99.86.
Trading in the legacy Government of Ghana bond market was almost absent, with only GH¢35,385.00 recorded in a six-year bond maturing in January 2027. The instrument closed at an unusually high yield of 64.02%, reflecting the characteristics and limited liquidity of the residual old-bond market rather than the broader government yield curve.
The July 31 session therefore showed a fixed-income market dominated by liquidity management and short-term government paper, even as substantial volumes continued to move through selected restructured bonds.
Treasury bills remain the market’s primary liquidity anchor, while the concentration of DDEP activity in a few instruments suggests that secondary-market depth across the full post-restructuring yield curve remains uneven.
For investors, the widening yield progression from shorter Treasury bills into longer government instruments continues to provide a choice between liquidity and duration. For policymakers, the trading pattern also shows how heavily Ghana’s fixed-income market still revolves around government securities, with corporate debt accounting for only a small fraction of overall secondary-market activity.
