- Fixed Income Market Sees Heavy Trading as Turnover Nears GH¢1.4bn
Activity on the Ghana Fixed Income Market strengthened sharply on Friday, May 22, 2026, as total traded volume reached GH¢1.39 billion, driven largely by sell-buy back transactions, Treasury bills and domestic debt exchange programme bonds.
The market recorded 274 trades across government securities, Treasury bills, corporate bonds and sell-buy back transactions, underscoring continued investor interest in short-dated and liquid fixed-income instruments.
Sell-buy back trades in Government of Ghana notes and bonds accounted for the largest share of activity, with total volume of GH¢590.06 million across 63 trades. Treasury bills followed with GH¢495.70 million across 174 trades, making them the most actively traded segment by number of transactions.
DDEP bonds also attracted strong market activity, recording GH¢294.39 million in turnover from 30 trades, while corporate bonds posted GH¢4.24 million across six trades. New Government of Ghana notes and bonds recorded a modest GH¢616,519 in volume from a single trade, while old Government of Ghana notes and bonds recorded no activity.
The trading pattern suggests that investors remain focused on instruments that offer liquidity, shorter maturity profiles and clearer price discovery as the fixed-income market continues to adjust to Ghana’s post-debt restructuring environment.
Sell-buy back transactions alone accounted for about 42.6 per cent of total market activity, while Treasury bills represented about 35.8 per cent. DDEP bonds contributed roughly 21.3 per cent, with corporate bonds and new Government of Ghana bonds accounting for a marginal share of total turnover.
The largest single volume in the sell-buy back segment was recorded in the GOG-BD-10/02/32-A6148-1838-9.10, which traded GH¢172.59 million across 10 transactions at a yield of 15.10 per cent and a weighted average closing price of 77.45.
In the DDEP bond segment, the most actively traded security was the GOG-BD-16/02/27-A6143-1838-8.35, which recorded GH¢238.39 million in volume across 29 trades. The instrument closed at a yield of 10.92 per cent and a price of 98.18, highlighting investor preference for shorter-dated restructured securities with clearer repayment visibility.
Treasury bill activity was led by the GOG-BL-27/07/26-A6819-1965-0, which recorded GH¢163.01 million across eight trades. The bill closed at a yield of 5.67 per cent and a price of 98.98.
Corporate bond activity was concentrated in Ghana Cocoa Board securities, with the CMB-BD-28/08/28-A6301-1675-13.00 emerging as the largest traded corporate instrument. It posted GH¢2.34 million in volume across five trades, closing at a price of 102.95.
The day’s trading points to a market still heavily anchored in government and quasi-sovereign paper, with corporate bond activity remaining thin compared with sovereign instruments.
Treasury bills continued to dominate transaction count, reflecting their role as a key liquidity and cash-management instrument for investors. However, the larger ticket sizes in sell-buy back trades show that institutional investors are also actively using repo-style structures to manage liquidity and positioning in longer-dated securities.
In the broader market, the strong turnover reinforces the importance of secondary market liquidity in Ghana’s debt market recovery. While yields have eased significantly from crisis-era levels, investors continue to show preference for instruments that combine yield visibility, shorter duration and active market pricing.
The fixed-income market’s next test will be whether improved macroeconomic conditions, declining inflation and lower policy rates can gradually deepen trading beyond Treasury bills and selected DDEP bonds into a more diversified corporate and long-dated securities market.
