- Fixed Income Market Turnover Rises To GH¢986.38m as Investors Favour Bills, DDEP Bonds
Trading activity on the Ghana Fixed Income Market reached GH¢986.38 million on Thursday, July 2, 2026, with Treasury bills and Domestic Debt Exchange Programme bonds accounting for the bulk of market turnover as investors remained concentrated in short-dated and restructured government securities.
Data from the GFIM trading report showed that total market turnover stood at GH¢986.38 million across 323 trades, underlining continued investor appetite for fixed-income instruments despite a cautious interest-rate environment.
Treasury bills led activity with GH¢475.55 million in turnover from 279 trades, representing 48.21% of total market activity. The segment remained the most actively traded by number of transactions, reflecting sustained demand for short-term government paper as investors continue to prioritise liquidity, price visibility and relatively lower duration risk.
DDEP bonds followed closely, recording GH¢406.15 million in turnover from 19 trades, equivalent to 41.18% of total market activity. The strong showing in restructured bonds suggests that institutional investors continue to position around the post-debt-exchange yield curve, particularly in selected medium- and long-tenor securities.
Together, Treasury bills and DDEP bonds accounted for 89.39% of total GFIM turnover, confirming the market’s continued tilt towards government-backed instruments.
Sell/buy-back trades in Government of Ghana notes and bonds also contributed meaningfully to activity, with GH¢101.38 million changing hands across 18 trades. The segment represented 10.28% of total market turnover, pointing to continued use of repurchase-style transactions for liquidity management and short-term positioning.
Corporate bonds recorded GH¢2.92 million in turnover from six trades, while new Government of Ghana notes and bonds recorded a modest GH¢380,000 from one trade. Old Government of Ghana notes and bonds recorded no trading activity during the session.
Within the Treasury bills segment, the largest single volume was recorded in the 364-day bill maturing on January 18, 2027, which traded GH¢68.14 million across 15 transactions at a closing yield of 8.25% and a closing price of 95.6660.
Other notable activity in the bills market included the 364-day bill maturing on February 15, 2027, which traded GH¢63.79 million, and the 364-day bill maturing on April 5, 2027, which recorded GH¢55.31 million in turnover. The 91-day bill maturing on September 28, 2026, also attracted strong interest, with GH¢50.90 million traded.
The dominance of Treasury bills suggests that investors are still placing significant value on liquidity and short-term yield opportunities, especially as market participants await clearer signals on the direction of monetary policy and inflation.
In the DDEP segment, the largest traded security was the GOG bond maturing on February 15, 2028, with a coupon of 8.50%, which recorded GH¢123.35 million in turnover from a single trade. The security closed at a yield of 12.08% and a price of 94.8190.
The GOG bond maturing on February 7, 2034, also saw heavy activity, recording GH¢93.44 million across five trades, while the February 16, 2027 bond traded GH¢92.00 million across seven trades.
The pattern of activity in DDEP instruments indicates selective demand for securities offering attractive yields and clearer price discovery, particularly as investors reassess the liquidity and valuation of restructured bonds.
Corporate bond trading was driven mainly by Ghana Cocoa Board securities. The CMB bond maturing on August 30, 2027, recorded GH¢1.91 million in turnover across four trades at a closing price of 102.5294, making it the largest corporate bond traded by volume. Another CMB bond maturing on August 28, 2028, recorded GH¢1.01 million from two trades.
The relatively limited turnover in corporate bonds continues to highlight the shallow depth of Ghana’s non-sovereign fixed-income market, where liquidity remains concentrated in a small number of issuers and instruments.
New Government of Ghana notes and bonds were quiet, with only one trade recorded. The seven-year bond maturing on March 29, 2033, traded GH¢380,000 at a closing yield of 12.00% and a closing price of 102.2269.
On the sell/buy-back side, the most active instrument was the GOG bond maturing on February 8, 2033, which recorded GH¢54.63 million across 11 trades at a yield of 14.76% and a weighted average closing price of 78.8345. That security alone accounted for more than half of sell/buy-back turnover.
The July 2 trading session reinforces three important features of the fixed-income market. First, Treasury bills remain the primary liquidity anchor. Second, DDEP bonds continue to attract sizeable institutional flows. Third, corporate bond market activity remains thin despite the presence of listed instruments from issuers such as Ghana Cocoa Board, Letshego Ghana, Bayport Savings and Loans, Izwe Savings and Loans, Kasapreko and Quantum.
For investors, the data points to a market still shaped by caution, liquidity preference and selective duration positioning.
With the Bank of Ghana’s next Monetary Policy Committee meeting scheduled for later in July, trading patterns in the coming sessions will be closely watched for signs of whether investors are extending duration or remaining defensive in short-term government paper.
For now, the fixed-income market remains active, but its liquidity continues to be heavily concentrated in Treasury bills and restructured government bonds.
