- Fixed Income Market Turnover Rises Above GH¢1.30bn on Strong DDEP Demand
Trading activity on the Ghana Fixed Income Market rose strongly on Monday, July 6, 2026, with total turnover reaching GH¢1.30 billion as investors increased exposure to Domestic Debt Exchange Programme bonds and Treasury bills.
Data from the GFIM trading report showed that total market turnover stood at GH¢1.30 billion across 296 trades, with activity concentrated almost entirely in DDEP bonds and Treasury bills.
DDEP bonds dominated the session, recording GH¢817.51 million in turnover from 45 trades. The segment accounted for 62.87% of total market activity, reinforcing the growing importance of restructured government securities in secondary market trading.
Treasury bills followed with GH¢473.32 million in turnover from 241 trades, representing 36.40% of total market turnover. The bills market remained the most active by number of transactions, reflecting continued demand for short-term government paper and liquidity-friendly instruments.
Together, DDEP bonds and Treasury bills accounted for 99.27% of total GFIM activity, confirming the market’s continued concentration in government-backed securities.
Sell/buy-back trades in Government of Ghana notes and bonds contributed GH¢9.27 million across nine trades, equivalent to 0.71% of total turnover. Corporate bonds recorded a modest GH¢222,000 from a single trade, while new and old Government of Ghana notes and bonds recorded no trading activity.
The largest single volume traded during the session was recorded in the DDEP bond maturing on February 10, 2032, with a coupon of 9.10%. The security traded GH¢340.00 million across two transactions, closing at a yield of 14.39% and a price of 80.0060.
The scale of trading in that instrument alone represented 26.15% of total market turnover, underlining how a few large institutional trades can shape daily activity on the fixed income market.
The strong DDEP performance suggests that institutional investors continue to reposition along the restructured bond curve, particularly in securities offering higher yields and deeper secondary market liquidity.
In the Treasury bills segment, the largest traded security was the bill maturing on March 22, 2027, which recorded GH¢63.36 million across five trades. The instrument closed at a yield of 10.17% and a price of 93.2499.
The bills market also recorded broad activity across several short-dated instruments, with trades spread across the 91-day, 182-day and 364-day maturities.
The continued preference for Treasury bills reflects investors’ search for liquidity and shorter duration exposure, especially as markets await the Bank of Ghana’s next Monetary Policy Committee decision later in July.
The central bank is scheduled to hold its 131st MPC meetings from July 20 to July 22, 2026, with investors expected to watch closely for signals on inflation, liquidity conditions, exchange-rate stability and the path of interest rates.
In the corporate bond segment, activity was limited to a Ghana Cocoa Board security. The CMB bond maturing on August 28, 2028, recorded GH¢222,000 in turnover from one trade and closed at a price of 103.6117.
The thin corporate bond turnover again highlights the shallow depth of Ghana’s non-sovereign fixed-income market, where liquidity remains concentrated in a small number of issuers and securities.
Sell/buy-back activity was led by the DDEP bond maturing on August 15, 2028, with a coupon of 10.00%. The security recorded GH¢8.25 million across three trades, closing at a yield of 13.70% and a weighted average closing price of 93.3373.
That instrument accounted for most of the sell/buy-back segment’s turnover, confirming that repurchase-style activity remains selective and concentrated in a few liquid government securities.
The July 6 trading session points to three important trends in the fixed income market.
First, DDEP bonds are now a major driver of secondary market turnover, particularly when large institutional trades occur in selected maturities. Second, Treasury bills remain the market’s transactional anchor by number of trades, supported by investor preference for liquidity and shorter-tenor instruments. Third, corporate bond activity remains thin, suggesting that Ghana’s fixed income market is still heavily sovereign-dominated.
For investors, the session reinforces the importance of price discovery in restructured government bonds. As DDEP securities continue to trade in larger volumes, the market may gradually develop clearer yield signals across the post-exchange curve.
For issuers and policymakers, however, the weak corporate bond activity remains a structural concern. A deeper non-sovereign debt market would provide alternative funding options for companies and reduce the heavy concentration of market liquidity in government securities.
The strong turnover also comes shortly after the government’s latest Treasury bills auction, where accepted bids fell below target despite total bids exceeding the amount sought. That auction outcome suggested that while liquidity remains available, investors are becoming more selective on pricing.
On the secondary market, the story appears similar. Liquidity is present, but it is concentrated in instruments that offer either short-term flexibility or attractive yields along the DDEP curve.
With the MPC meeting approaching, trading patterns in the coming sessions will be closely watched to determine whether investors continue extending duration into restructured bonds or remain defensive in Treasury bills.
For now, the fixed income market has opened the week with stronger turnover, driven overwhelmingly by DDEP bonds and Treasury bills.
The numbers show an active market, but also a concentrated one. Ghana’s fixed income liquidity remains deep where government securities are concerned, but shallow across the broader corporate debt universe.
