- Fixed Income Market Turnover Falls as Market Shifts from DDEP Blocks To T-Bills
Trading activity on the Ghana Fixed Income Market slowed on Tuesday, July 21, 2026, as total turnover declined to GH¢1.56 billion, with Treasury bills accounting for the bulk of market value and almost all transactions.
The market recorded total turnover of GH¢1.555 billion across 3,335 trades, compared with GH¢3.005 billion from 1,134 trades in the previous session. This represents a 48.24% decline in traded value, even as the number of transactions increased by 194.09%.
The sharp fall in turnover was driven mainly by a steep retreat in Domestic Debt Exchange Programme bond activity, after Monday’s session was lifted by large institutional block trades in restructured government securities.
Treasury bills dominated Tuesday’s session, recording GH¢1.10 billion in turnover from 3,295 trades. That represented 71.05% of total market value and 98.80% of all transactions, confirming the continued role of short-term government securities as the market’s liquidity anchor.
The largest Treasury bill traded was the GOG-BL-19/07/27-A7084-2016-0, which recorded turnover of GH¢440.96 million across 254 transactions. The bill closed at a yield of 12.87% and a price of 88.62. The security alone accounted for 39.91% of Treasury bill turnover and 28.36% of total GFIM market value.
Other sizeable Treasury bill trades included the GOG-BL-18/01/27-A6954-1990-0, which recorded turnover of GH¢186.48 million from 26 trades, and the GOG-BL-18/01/27-A7079-2016-0, which posted GH¢123.84 million across 1,527 transactions. The GOG-BL-19/10/26-A6882-1977-0 also recorded GH¢64.84 million, while the GOG-BL-19/10/26-A7075-2016-0 posted GH¢53.78 million.
The trading pattern suggests broad participation in Treasury bills, but with value concentrated in a few larger-dated instruments. It also shows that while investors remain active in the short end of the market, the large-ticket bond trades that lifted turnover in the previous session were less pronounced.
DDEP bonds recorded turnover of GH¢432.62 million from 20 trades, representing 27.82% of total market value but only 0.60% of total transactions. Compared with the previous session’s GH¢2.21 billion in DDEP turnover, activity in the segment fell by 80.40%.
The largest DDEP bond traded was the GOG-BD-12/02/30-A6146-1838-8.80, which posted GH¢260.00 million in turnover across three transactions. It closed at a yield of 15.27% and a price of 82.65, accounting for 60.10% of DDEP bond turnover and 16.72% of total GFIM value.
Other DDEP securities that saw notable activity included the GOG-BD-11/02/31-A6147-1838-8.95, with GH¢58.00 million traded at a closing yield of 14.50%, and the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢49.54 million across 12 trades at a closing yield of 14.65%. The GOG-BD-07/02/34-A6150-1838-9.40 also recorded GH¢35.00 million, while the GOG-BD-13/02/29-A6145-1838-8.65 posted GH¢30.00 million.
New Government of Ghana notes and bonds recorded GH¢2.00 million in turnover from one trade. The transaction was in the GOG-BD-29/03/33-A6155-2001-12.50, which closed at a yield of 12.96% and a price of 97.94. The segment accounted for just 0.13% of total turnover.
Corporate bonds recorded GH¢3.90 million from 10 trades, representing 0.25% of market value. Activity was concentrated in the CMB-BD-28/08/28-A6301-1675-13.00, which closed at a price of 102.98. Corporate bond turnover fell by 51.20% from the previous session’s GH¢8.00 million.
Sell/buy-back trades in Government of Ghana notes and bonds rose sharply to GH¢11.61 million from nine transactions, compared with GH¢1.11 million previously. This represented an increase of 947.42%, although the segment still accounted for only 0.75% of total market turnover.
The largest sell/buy-back transaction was in the GOG-BD-13/02/29-A6145-1838-8.65, which recorded GH¢9.50 million across three trades at a yield of 12.13% and a price of 92.48.
There were no trades in old Government of Ghana notes and bonds during the session.
Tuesday’s session therefore presented a market with two contrasting signals. On one hand, overall value traded fell sharply because DDEP bond activity retreated from the previous day’s unusually large block transactions. On the other hand, transaction count rose strongly, reflecting heavy trading in Treasury bills.
For investors, the message is that liquidity remains active but concentrated. Treasury bills continue to provide depth, frequency and pricing clarity, while DDEP bonds remain important for larger institutional positioning but can cause sharp swings in total market turnover depending on the size of block trades.
The session also shows how quickly GFIM’s market structure can shift. A day earlier, DDEP bonds drove more than 73.00% of total value. By Tuesday, Treasury bills had taken over, contributing more than 71.00% of turnover and nearly 99.00% of transactions.
That rotation matters because it reveals the different roles instruments are playing in the fixed income market. Treasury bills are functioning as the high-frequency liquidity instrument, while DDEP bonds remain the larger-yield positioning instrument for investors willing to trade longer-dated restructured securities.
The key takeaway from Tuesday’s trading is clear: the fixed income market remained busy by transaction count, but weaker by value. Treasury bills kept the market moving, while the retreat in DDEP bond blocks pulled total turnover below the previous session’s elevated level.
