- Fixed-Income Market Records GH¢2.02bn Turnover as Sovereign Securities Dominate
Trading activity on the Ghana Fixed Income Market reached GH¢2.02 billion on Monday, September 7, 2026, with government-related securities accounting for the overwhelming majority of turnover. The market recorded 187 trades, led by Domestic Debt Exchange Programme bonds and Treasury bills, while corporate bond activity remained comparatively small.
DDEP bonds generated GH¢1.29 billion across 31 trades, representing approximately 63.73% of total market volume and making them the dominant segment for the session. Treasury bills followed with GH¢563.51 million from 144 trades, equivalent to about 27.88% of turnover, underlining the continued concentration of secondary-market liquidity in sovereign instruments.
New Government of Ghana notes and bonds contributed GH¢63.71 million from two trades, while sell/buy-back transactions in government securities added GH¢35.85 million across six trades. Corporate bonds accounted for GH¢70.04 million in four transactions, giving them only about 3.47% of overall market activity despite the relatively large headline turnover for the day.
Taken together, new government bonds, DDEP securities, Treasury bills and sell/buy-back transactions represented approximately 96.53% of total GFIM turnover. The figures reinforce the structural reality that market liquidity remains heavily concentrated in sovereign and sovereign-linked securities, while the corporate debt segment continues to play a limited role in overall secondary-market trading.
Within the DDEP segment, the GOG-BD-10/02/32-A6148-1838-9.10 security was the single largest instrument traded, recording GH¢454.80 million across six transactions. The 2032 bond accounted for about 35.31% of DDEP turnover and approximately 22.50% of the entire market, with its closing yield at 14.28% and closing price at 80.84.
Other DDEP securities also recorded substantial activity, including the 2029 GC-3 bond with GH¢275.00 million, the 2028 GC-2 security with GH¢184.00 million, and the 2030 GC-4 bond with approximately GH¢173.86 million. The pattern indicates that liquidity was spread across several restructured government maturities, although the 2032 instrument remained clearly dominant.
Treasury bills were the second-largest source of turnover and the most heavily traded segment by transaction count. The largest bill was the GOG-BL-26/07/27-A7089-2017-0, which recorded approximately GH¢159.70 million across six transactions and closed at a yield of about 9.62% and a price of 92.16.
That instrument alone represented roughly 28.34% of total Treasury bill activity and around 7.90% of overall GFIM turnover. Other active bill maturities included the March 15, 2027 bill, which recorded approximately GH¢122.19 million, alongside several July 2027 maturities that attracted sizeable volumes during the session.
Activity in new Government of Ghana notes and bonds was considerably smaller but concentrated. The GOG-BD-02/09/30-A6156-2023-12.00 four-year bond accounted for GH¢60.00 million of the GH¢63.71 million traded in the segment and closed at a yield of 12.00% and a price of 100.00.
The remaining activity came from the seven-year GOG-BD-29/03/33-A6155-2001-12.50, which recorded approximately GH¢3.71 million in one trade. Its closing yield was 12.50%, with an end-of-day closing price of approximately 99.97, showing a relatively tight valuation around par compared with several DDEP securities trading at substantial discounts.
Corporate bond trading remained highly concentrated in Ghana Cocoa Board securities. The CMB-BD-30/08/27-A6302-1675-13.00 security recorded approximately GH¢60.04 million across three trades, while the 2028 COCOBOD bond added GH¢10.00 million through one transaction.
The 2027 COCOBOD instrument therefore accounted for approximately 85.72% of corporate bond turnover for the session. Although the corporate segment reached GH¢70.04 million, the concentration in a single issuer illustrates that headline corporate activity does not necessarily translate into broad liquidity across private-sector debt securities.
Sell/buy-back activity was comparatively modest at GH¢35.85 million. The largest transaction involved the GOG-BD-12/02/30-A6146-1838-8.80 DDEP bond, which recorded approximately GH¢33.86 million across three trades at a yield of 13.20% and a weighted average closing price of about 88.11.
The distinction between outright trades and sell/buy-back transactions is important because the latter are primarily financing and liquidity-management transactions rather than straightforward transfers of long-term ownership. Excluding sell/buy-back activity, outright market turnover still stood at approximately GH¢1.99 billion, or 98.23% of the session total.
The September 7 session therefore showed a relatively deep level of secondary-market activity, but also highlighted the continuing dominance of government debt within Ghana’s fixed-income ecosystem. High turnover can improve liquidity and price discovery, but a market in which sovereign securities account for more than 96.00% of activity remains structurally different from one in which corporate issuers can routinely access and trade meaningful volumes of long-term capital.
For Ghana’s capital-market development, the more important test is not simply whether GFIM turnover crosses GH¢2.00 billion on individual trading days. It is whether that liquidity gradually broadens across corporate bonds, infrastructure financing and other private-sector instruments, allowing the fixed-income market to serve not only as a venue for trading government obligations but also as a deeper source of productive capital for the wider economy.
