- Treasury Bills Dominate Bond Market as Turnover Falls to GH¢1.08 billion
Trading activity on the Ghana Fixed Income Market slowed on Wednesday, July 15, 2026, with total turnover closing at GH¢1.08 billion as investors maintained a clear preference for treasury bills despite renewed activity in Domestic Debt Exchange Programme bonds.
Total market turnover stood at GH¢1.076 billion across 502 trades, reflecting a quieter session compared with the previous day’s trading activity, when turnover was around GH¢1.88 billion. The latest performance points to a moderation in secondary-market activity, even though short-dated government instruments continued to anchor investor demand.
Treasury bills remained the dominant asset class, recording GH¢734.51 million in turnover from 468 trades. This represented 68.26% of total market activity and 93.23% of all trades executed during the session, underlining the continued preference for short-term government securities in a market still shaped by liquidity management, yield sensitivity and duration caution.
The largest treasury bill trade was recorded in the GOG-BL-12/07/27-A7079-2015-0 security, which posted GH¢223.07 million in turnover across 51 trades. The bill closed at a yield of 12.88% and a price of 88.65, making it the single largest traded instrument on the market for the day.
The treasury bill market also saw notable activity in the GOG-BL-19/10/26-A6882-1977-0 security, which recorded GH¢126.07 million in turnover, while the GOG-BL-28/12/26-A6939-1987-0 and GOG-BL-22/02/27-A6979-1995-0 securities posted GH¢59.97 million and GH¢58.50 million respectively. These flows suggest that investors remain comfortable taking exposure across the short-to-medium end of the bill curve, particularly where yields remain attractive relative to perceived risk.
DDEP bonds were the second-largest contributor to market turnover, with GH¢312.02 million traded across 21 transactions. This accounted for 29.00% of total activity, a strong showing for restructured government bonds and a sign that investor appetite for selected DDEP maturities remains active.
The most traded DDEP bond was the GOG-BD-12/02/30-A6146-1838-8.80 security, which recorded GH¢156.30 million in turnover from eight trades. The bond closed at a yield of 14.05% and a price of 85.55. Its performance alone accounted for 50.09% of all DDEP bond turnover, indicating significant concentration in the 2030 maturity.
The GOG-BD-02/02/38-A6154-1838-10.00 security followed with GH¢80.00 million in turnover from a single trade, closing at a yield of 14.86% and a price of 73.46. Together, the two largest DDEP trades accounted for GH¢236.30 million, or 75.73% of DDEP market turnover, showing that activity in the segment was driven mainly by a few large-value transactions rather than broad-based trading.
Old Government of Ghana notes and bonds recorded GH¢1.91 million from five trades, representing just 0.18% of total market turnover. The largest transaction in the segment was the GOG-BD-03/05/27-A5904-1797-22.30 security, which posted GH¢1.11 million in turnover from three trades and closed at a yield of 22.72%.
Corporate bonds remained thinly traded, with only GH¢700,000 recorded from a single transaction. The trade was in the CMB-BD-30/08/27-A6302-1675-13.00 security, which closed at a price of 102.30. Corporate bond turnover represented just 0.07% of total market activity, reinforcing the continued dominance of government securities on the fixed-income market.
Sell/buy-back trades in Government of Ghana bonds amounted to GH¢26.93 million across seven transactions, accounting for 2.50% of total turnover. The largest sell/buy-back trade was recorded in the GOG-BD-15/02/28-A6144-1838-8.50 security, which posted GH¢20.63 million at a yield of 11.30% and a weighted average closing price of 95.99.
No trades were recorded in new Government of Ghana notes and bonds.
The day’s trading pattern suggests that investors remain cautious on duration, even as selective demand for DDEP bonds continues to build. Treasury bills still provide liquidity, shorter maturity exposure and relatively predictable pricing, while DDEP bonds are attracting pockets of interest where yields and discounted prices offer value to institutional investors.
The concentration of trading in a few instruments also points to a market where liquidity remains uneven. While headline turnover crossed GH¢1.00 billion, activity was heavily skewed toward treasury bills and a small number of DDEP securities.
For the broader fixed-income market, Wednesday’s session showed two clear signals: treasury bills remain the preferred liquidity instrument, but DDEP bonds are gradually reasserting their role in secondary-market trading.
The market may therefore be entering a more balanced phase, where investors continue to manage short-term liquidity through bills while selectively rebuilding exposure to longer-dated restructured government paper.
