- Fixed Income Market Activity Strengthens as Trades Rise to 329
Trading activity on the Ghana Fixed Income Market strengthened on Friday, June 19, 2026, with total turnover rising to GHS 2.03 billion as investors increased activity in Domestic Debt Exchange Programme bonds, Treasury bills and selected corporate securities.
Market data from the Ghana Fixed Income Market trading report showed that total volume traded reached GHS 2.03 billion across 329 transactions, compared with GHS 1.53 billion across 287 trades in the previous session.
This represented an increase of GHS 504.65 million, or 33.02%, in turnover, while the number of trades rose by 14.63%.
DDEP bonds led market activity with turnover of GHS 828.79 million from 43 trades, accounting for 40.76% of total market turnover. Treasury bills followed closely with GHS 797.03 million from 277 trades, representing 39.20% of total turnover.
Together, DDEP bonds and Treasury bills accounted for GHS 1.63 billion, or 79.97% of all trades, confirming the continued dominance of government-linked securities on the secondary fixed income market.
Sell-buy-back transactions in Government of Ghana bonds recorded GHS 200.16 million from three trades, representing 9.84% of total turnover.
Corporate bonds also recorded significant activity, with turnover of GHS 160.56 million from five trades, equivalent to 7.90% of the day’s market activity. New Government of Ghana notes and bonds recorded GHS 46.60 million from a single trade, while old Government of Ghana notes and bonds recorded no activity.
The largest DDEP bond trade was in the GOG-BD-10/02/32-A6148-1838-9.10 security, which recorded GHS 462.25 million across 10 trades. The instrument closed at a yield of 13.96% and a closing price of 81.3744.
The size of the trade reinforced continued investor interest in longer-dated DDEP instruments, which remain active because of their relatively higher yields and discounted pricing.
In the Treasury bill segment, the largest traded instrument was the GOG-BL-30/11/26-A6919-1983-0, which recorded GHS 312.02 million from 13 trades. The bill closed at a yield of 6.71% and a price of 97.0663.
Treasury bill activity nearly doubled from the previous session, rising by 87.76% from GHS 424.50 million to GHS 797.03 million.
The increase suggests that short-term instruments remain attractive to investors seeking liquidity, lower duration risk and predictable returns amid a declining interest rate environment.
Corporate bond turnover was driven almost entirely by activity in Ghana Cocoa Board’s CMB-BD-30/08/27-A6302-1675-13.00 security, which recorded GHS 160.00 million across four trades and closed at 99.3283.
A second Cocoa Board security, CMB-BD-28/08/28-A6301-1675-13.00, recorded GHS 555,600 in one trade.
The jump in corporate bond turnover was significant, rising from about GHS 1.23 million in the previous session to GHS 160.56 million. This was, however, concentrated in a single issuer, showing that Ghana’s corporate bond market remains shallow and episodic despite occasional large trades.
The new Government of Ghana bond segment recorded a single trade in the seven-year GOG-BD-29/03/33-A6155-2001-12.50, with turnover of GHS 46.60 million. The instrument closed at a yield of 12.88% and a price of 98.2568.
Sell-buy-back transactions were concentrated in the GOG-BD-07/02/34-A6150-1838-9.40 security, which recorded GHS 200.16 million from three trades. The instrument closed at a yield of 15.01% and a price of 74.9123.
Compared with the previous session, sell-buy-back turnover declined by 55.85%, suggesting reduced use of repurchase-style transactions after strong activity earlier in the week.
The day’s trading pattern shows a market that remains liquid but concentrated.
DDEP bonds continue to serve as the main anchor of secondary bond trading, while Treasury bills remain the preferred short-term instrument for investors seeking flexibility and lower risk.
The re-emergence of a sizeable corporate bond transaction added depth to the session, but the concentration in Cocoa Board paper shows that private and quasi-public debt instruments still lack consistent secondary market liquidity.
A deeper fixed income market would require broader corporate issuance, more active trading across issuers and improved participation from institutional investors beyond government securities.
For now, the market remains heavily tied to public debt instruments, with DDEP bonds, Treasury bills, new Government of Ghana bonds and sell-buy-back transactions together accounting for more than 92.10% of daily turnover.
The June 19 session nevertheless showed renewed momentum after the previous day’s lower turnover.
With total activity above GHS 2.00 billion and trades rising to 329, the market ended the week with stronger liquidity and more balanced participation across short-term and longer-dated instruments.
The main signal from Friday’s trading was clear: investors remain active in Ghana’s fixed income market, but liquidity continues to follow instruments with strong pricing, higher yields and clearer exit opportunities.
