- Fixed Income Turnover Rises to GHS 3.59 billion as Bond Activity Also Strengthens
Trading activity on the Ghana Fixed Income Market rose sharply on Thursday, June 25, 2026, as turnover increased by 81.42% to GHS 3.59 billion, driven largely by renewed activity in Treasury bills.
Total market turnover stood at GHS 3.59 billion, compared with GHS 1.98 billion in the previous session. The increase came despite a decline in the number of trades, which fell by 23.59% to 1,435 from 1,878 recorded a day earlier.
The data points to a market in which larger-ticket trades dominated activity, particularly in the short-term government securities segment.
Treasury bills remained the clear driver of the day’s performance, accounting for GHS 2.75 billion of total turnover across 1,380 trades. This represented 76.68% of total market turnover and 96.17% of all trades executed on the day.
Compared with the previous session’s Treasury bill turnover of GHS 1.56 billion, trading in the short-term securities rose by 76.51%.
The strong Treasury bill activity shows that investors continue to favour short-term government securities, reflecting liquidity preference, active portfolio rebalancing and demand for instruments with shorter duration risk.
The largest Treasury bill trade was recorded in GOG-BL-23/11/26-A6914-1982-0, which posted a turnover of GHS 815.11 million from three trades. The security closed at a yield of 6.62% and a closing price of 97.3274.
Other significant Treasury bill trades included GOG-BL-19/10/26-A6882-1977-0, which recorded GHS 480.35 million in turnover from nine trades, and GOG-BL-22/03/27-A6999-1999-0, which posted GHS 341.86 million from three trades.
Activity in sell/buy-back trades also strengthened considerably.
Sell/buy-back transactions involving Government of Ghana notes and bonds recorded turnover of GHS 451.21 million from 29 trades. This represented 12.56% of total market turnover and marked a 168.86% increase from the previous session’s GHS 167.82 million.
The largest sell/buy-back transaction was recorded in GOG-BD-15/02/28-A6144-1838-8.50, which traded GHS 191.48 million across three trades at a yield of 11.48% and a weighted average closing price of 95.6072.
It was followed by GOG-BD-10/02/32-A6148-1838-9.10, which recorded GHS 184.00 million in turnover from two trades at a yield of 13.84% and a weighted average closing price of 81.8070.
DDEP bonds also posted a stronger session.
Turnover in DDEP bonds rose to GHS 385.24 million from GHS 242.75 million in the previous session, representing an increase of 58.70%. The segment accounted for 10.72% of total market turnover, although the number of trades declined to 20 from 51 previously.
The biggest DDEP bond trade was recorded in GOG-BD-16/02/27-A6143-1838-8.35, which posted GHS 182.29 million in turnover from six trades. The bond closed at a yield of 10.34% and a price of 98.7530.
GOG-BD-10/02/32-A6148-1838-9.10 also attracted strong interest, recording GHS 157.00 million in turnover from one trade. It closed at a yield of 14.50% and a price of 79.6155.
Corporate bonds remained thinly traded, with turnover declining sharply to GHS 1.42 million from GHS 9.05 million in the previous session. This represented a fall of 84.35%, with only six trades recorded in the segment.
The largest corporate bond trade was in CMB-BD-28/08/28-A6301-1675-13.00, which recorded GHS 1.15 million in turnover across four trades at a closing price of 101.7302.
There was no trading activity in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds.
The latest trading session reinforces the central role of Treasury bills in the fixed income market, particularly at a time when investors appear to be concentrating liquidity in shorter-dated securities.
While the headline turnover figure was strong, the fall in the total number of trades suggests that activity was less broad-based than the previous session, with larger transactions doing most of the work.
That pattern is important.
A market can record stronger turnover while participation becomes more concentrated. For investors, this means the direction of activity should be assessed not only by total value traded, but also by the number of trades, the securities involved and the distribution of activity across market segments.
