Fixed Income Market Records GH¢1.30 Billion Turnover Across 281 Trades
Trading activity on the Ghana Fixed Income Market opened the week strongly, with total turnover reaching GH¢1.30 billion on Monday, May 25, 2026, as treasury bills continued to dominate investor activity across the secondary market.
According to market data from GFIM, a total volume of GH¢1.301 billion was traded across 281 transactions, reflecting sustained investor preference for short-term government securities amid a lower-yield environment and continued portfolio repositioning across the fixed-income curve.
Treasury bills accounted for the largest share of activity, recording GH¢772.62 million in traded volume across 241 trades. This represented nearly 59.4 per cent of total market turnover, underlining the continued dominance of short-dated government paper in secondary market transactions.
The most actively traded treasury bill was the GOG-BL-22/02/27-A6979-1995-0, which recorded a traded volume of GH¢402.23 million across 20 trades. The security closed at a yield of 9.12 per cent and a closing price of 93.60.
The strong activity in treasury bills suggests that investors remain concentrated at the shorter end of the market, where liquidity is deeper and duration risk remains comparatively lower.
Sell/buy-back transactions also contributed significantly to overall market activity, recording GH¢330.61 million across 26 trades. The largest volume under this segment came from the GOG-BD-10/02/32-A6148-1838-9.10, which traded GH¢241.06 million across 12 trades at a yield of 13.37 per cent and a weighted average closing price of 83.24.
DDEP bonds recorded GH¢196.42 million in traded volume across nine trades, accounting for about 15.1 per cent of total market activity. The largest trade in the DDEP segment was in the GOG-BD-16/02/27-A6143-1838-8.35, which traded GH¢157 million across six trades. The security closed at a yield of 10.54 per cent and a price of 98.47.
New Government of Ghana notes and bonds recorded relatively thin activity, with GH¢48,922 traded in one transaction. The traded security was the GOG-BD-29/03/33-A6155-2001-12.50, which closed at a yield of 12.37 per cent and a price of 100.54.
Corporate bonds remained the smallest contributor to market turnover, with GH¢1.56 million traded across four transactions. Activity in the corporate bond segment was led by the CMB-BD-28/08/28-A6301-1675-13.00, which closed at a price of 102.65.
The trading pattern points to a market still heavily anchored in government securities, particularly treasury bills, with limited but notable activity in DDEP instruments and sell/buy-back trades.
For investors, the concentration in treasury bills reflects a preference for liquidity, shorter maturities and lower exposure to price volatility. It also suggests that while yields have compressed significantly from previous highs, short-term government paper remains attractive for institutions seeking cash management instruments.
The relatively modest activity in longer-dated bonds shows that investors are still cautious about taking duration risk, particularly as market participants continue to assess the trajectory of inflation, interest rates and government financing conditions.
The fixed-income market has been adjusting to a markedly lower interest-rate environment following recent declines in Treasury bill yields and broader macroeconomic stabilisation. However, liquidity remains uneven across segments, with treasury bills still providing the most active trading window for institutional investors.
Monday’s trading therefore reinforces two clear market signals: the short end of the curve remains the centre of gravity for investor demand, while bond market liquidity continues to be concentrated in selected DDEP and repo-style transactions.
With turnover above GH¢1.30 billion, GFIM began the week on a firm note, but the quality of activity remains strongly tilted toward short-term government securities rather than broad-based participation across the fixed-income market.
