- DDEP Securities Account for GH¢982.01m of Fixed Income Market Trading
Trading activity on the Ghana Fixed Income Market moderated sharply on Thursday, July 23, 2026, with total market turnover settling at GH¢1.17 billion across 392 trades, as restructured government bonds dominated activity while Treasury bill turnover slowed significantly.
According to the latest GFIM trading report, DDEP bonds accounted for GH¢982.01 million of total turnover, representing 84.15% of market activity. Treasury bills followed with GH¢177.18 million, or 15.18% of turnover, while corporate bonds, old Government of Ghana notes and bonds, and sell/buy-back trades together contributed less than 1.00% of total market value.
The session marks a notable change in market structure from the previous day, when turnover stood at about GH¢2.05 billion. Thursday’s GH¢1.17 billion market activity therefore represents a 43.02% decline in turnover, while the number of trades fell by 9.26% from 432 to 392.
The decline was driven largely by a sharp pullback in Treasury bill activity. In the previous session, T-bills accounted for GH¢950.96 million in turnover, but this fell to GH¢177.18 million on Thursday. By contrast, DDEP bond turnover remained comparatively strong, easing only modestly from about GH¢1.09 billion to GH¢982.01 million.
That shift pushed re GH¢1.09 billion to GH¢982.01 million.
That shift pushed restructured bonds back to the centre of market activity, reinforcing the growing importance of the post-debt exchange bond curve in secondary market trading.
The most actively traded security was the 2023-GC-6 DDEP bond, GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢415.00 million in turnover across two trades. The bond closed at a yield of 14.75% and an end-of-day closing price of 79.00.
Its dominance was substantial. The instrument alone accounted for 42.26% of all DDEP bond turnover and 35.56% of total GFIM market activity for the session.
The 2023-GC-4 bond, GOG-BD-12/02/30-A6146-1838-8.80, followed with GH¢209.21 million across eight trades, closing at a yield of 15.04% and price of 83.22. The 2023-GC-5 bond, GOG-BD-11/02/31-A6147-1838-8.95, recorded GH¢178.00 million across two trades, closing at a yield of 14.50% and price of 81.88.
Together, the top three DDEP bonds generated GH¢802.21 million in turnover, representing 81.69% of DDEP trading and 68.74% of total market turnover. This shows that while the broader market slowed, liquidity remained heavily concentrated in selected medium-to-longer dated restructured bonds.
Other DDEP securities that traded included the 2023-GC-3 bond with GH¢89.00 million, the 2023-GC-8 bond with GH¢75.00 million, the 2023-GC-2 bond with GH¢10.49 million, the 2023-A-2 bond with GH¢3.84 million, and the 2023-GC-1 bond with GH¢1.47 million.
The pattern suggests investors continue to show appetite for selected DDEP instruments, particularly those offering double-digit yields and deeper discounts to par. The market remains selective, however, with several DDEP securities recording no trades during the session.
At the short end of the market, Treasury bills remained the most active segment by number of trades, recording 352 transactions out of the market’s total 392 trades. That represented 89.80% of all trades, even though T-bills contributed only 15.18% of turnover.
This contrast indicates that the Treasury bill market remains broad and active in ticket count, but Thursday’s large-value activity was firmly concentrated in bonds.
Within the T-bill segment, the 364-day bill dominated trading. Turnover in 364-day bills amounted to GH¢159.45 million, representing 89.99% of all Treasury bill activity. The 91-day bill accounted for GH¢10.18 million, or 5.75%, while the 182-day bill recorded GH¢7.55 million, or 4.26%.
The most actively traded Treasury bill was GOG-BL-01/02/27-A6964-1992-0, which recorded GH¢50.77 million across three trades. It closed at a yield of 8.01% and a price of 95.92.
Other notable 364-day bill trades included GOG-BL-22/02/27-A6979-1995-0, which recorded GH¢27.57 million at a closing yield of 8.57%, and GOG-BL-19/07/27-A7084-2016-0, which posted GH¢21.64 million at a closing yield of 12.80%.
The dominance of 364-day bills within the short-term securities segment suggests investors continue to seek relatively higher yields along the longer end of the bill curve, even as total T-bill turnover softened sharply.
Corporate bond activity remained subdued, with turnover of GH¢3.97 million across three trades. The activity was recorded in the COCOBOD bond CMB-BD-28/08/28-A6301-1675-13.00, which closed at a price of 102.52.
Old Government of Ghana notes and bonds recorded GH¢1.23 million across three trades, while sell/buy-back trades in government securities amounted to GH¢2.62 million across six trades. New Government of Ghana notes and bonds recorded no trades for the session.
The day’s trading pattern points to a fixed-income market still driven by a narrow set of high-value government securities. DDEP bonds provided the bulk of liquidity, Treasury bills supplied most of the transaction count, and corporate bond activity remained marginal.
For investors, the session reinforces three signals. First, restructured bonds are becoming the main source of large-ticket secondary market turnover. Second, the Treasury bill market remains active but can be volatile in value terms from one session to the next. Third, corporate debt still lacks the depth required to provide a meaningful alternative to government securities.
The decline in overall turnover does not necessarily suggest a loss of appetite for fixed-income instruments. Rather, it reflects a shift in where trading interest was concentrated. The pullback in T-bill volumes reduced total market activity, while demand for selected DDEP bonds kept the market anchored.
For policymakers and market operators, the numbers underline the importance of deepening liquidity across a wider range of instruments. A market where activity is concentrated in a few restructured bonds and short-term government securities remains vulnerable to sharp swings in turnover.
Thursday’s GFIM session therefore tells a clear story: the market slowed, but it did not go quiet. Investors simply moved the centre of gravity from the short end of the curve to the restructured bond space, where larger tickets and higher yields continue to shape fixed-income trading.
