- Fixed-Income Trading Hits GH¢1.21bn As Investors Concentrate in Longer-Dated Securities
Trading on the Ghana Fixed Income Market reached approximately GH¢1.21bn on Wednesday, September 9, 2026, with activity heavily concentrated in Domestic Debt Exchange Programme securities and Treasury bills.
The market recorded 395 trades across government notes and bonds, DDEP securities, Treasury bills, corporate debt and sell/buy-back transactions. DDEP bonds alone accounted for GH¢710.39mn, equivalent to 58.86% of total reported turnover, making them the dominant segment of the session.
Treasury bills were the second-largest component of trading, recording GH¢325.71mn across 305 transactions and accounting for 26.99% of aggregate market volume. New Government of Ghana notes and bonds contributed another GH¢106.47mn, representing 8.82%, while corporate bonds generated GH¢42.20mn, or 3.50%. Sell/buy-back transactions in government securities added GH¢21.18mn, while old government bonds were relatively inactive at just GH¢1.01mn.
Within the DDEP segment, the GOG-BD-10/02/32-A6148-1838-9.10 bond was overwhelmingly the most actively traded security. The instrument recorded GH¢432.16mn across four transactions, representing approximately 60.83% of all DDEP turnover and 35.81% of the entire market’s trading volume for the day. Its closing yield stood at 14.30%, compared with an opening yield of 14.22%, while the end-of-day closing price was 80.7884.
Other DDEP maturities also attracted substantial flows, reinforcing the concentration of trading further along the government yield curve. The February 2031 DDEP bond recorded GH¢198.00mn, while the February 2030 security attracted GH¢20.00mn and the February 2029 instrument traded GH¢50.00mn.
This pattern suggests that secondary-market liquidity remains strongest in selected restructured government securities rather than being evenly distributed across the full DDEP curve.
Activity in the new Government of Ghana bond segment was concentrated entirely in the four-year GOG-BD-02/09/30-A6156-2023-12.00 security. The bond recorded GH¢106.47mn in 12 trades, with its yield declining from an opening 11.94% to 11.82% at the close and its end-of-day price settling at 100.5495.
The combination of sizeable turnover and a modest decline in yield indicates stronger buying interest in the instrument during the session, although one day’s trading should not by itself be interpreted as a broader shift in the sovereign yield curve.
Treasury-bill activity was overwhelmingly concentrated in the 364-day segment, which recorded approximately GH¢302.55mn, or 92.89% of all secondary-market Treasury-bill turnover.
By comparison, 91-day bills generated GH¢17.33mn, equivalent to 5.32%, while 182-day bills accounted for GH¢5.83mn, or 1.79%. The maturity distribution shows investors transacting much more heavily in the longer end of the Treasury-bill curve during the session.
The single most actively traded Treasury bill was the instrument maturing on July 26, 2027, which recorded GH¢79.80mn across 10 transactions. That represented approximately 24.50% of total Treasury-bill turnover, with the security closing at a yield of 9.60% and a price of 92.2174.
Other significant 364-day bill volumes included GH¢44.99mn in the January 18, 2027 maturity, GH¢35.40mn in the March 15, 2027 instrument and GH¢30.61mn in the February 22, 2027 bill.
Corporate debt activity remained small relative to the sovereign market but was highly concentrated in Ghana Cocoa Board securities. The two COCOBOD instruments recorded combined turnover of approximately GH¢41.45mn, accounting for 98.23% of the GH¢42.20mn traded across corporate bonds during the session.
The August 28, 2028 COCOBOD bond was the segment’s largest instrument at GH¢28.62mn across 12 trades, followed by the August 30, 2027 maturity at GH¢12.83mn.
Petrosol Platinum Energy was the only other corporate issuer to register meaningful turnover, with its August 2030 bond trading GH¢748,799 across four transactions. The security’s closing price increased to 103.8069 from an opening 101.3135, although the relatively limited trading volume means caution is required when interpreting the price movement as a wider change in market valuation.
Other listed corporate securities from issuers including Letshego Ghana, Bayport Savings and Loans, Izwe Savings and Loans and Kasapreko recorded no reported trading volume during the session.
Old Government of Ghana bonds remained a marginal component of activity, generating just GH¢1.01mn across four trades. The September 2027 6-year bond was the largest in that segment with GH¢703,262 traded, closing at a yield of 18.01%, while the January 2027 6-year security recorded GH¢309,166 and closed at 15.16%.
Their combined contribution of only 0.08% to total market activity illustrates how secondary-market liquidity has increasingly shifted towards newer and restructured sovereign instruments.
Sell/buy-back transactions in government securities totalled GH¢21.18mn across 27 trades, representing 1.76% of aggregate market volume.
The largest such transaction involved the February 2029 DDEP security, which recorded GH¢7.74mn at a yield of 11.80%, followed by GH¢4.62mn in the August 2027 DDEP bond and GH¢4.28mn in the February 2027 security.
These transactions provide another layer of liquidity in the government securities market, particularly for institutions managing shorter-term funding and balance-sheet positions.
Overall, the September 9 session showed a market in which liquidity remained substantial but highly concentrated by security type and maturity. DDEP securities and Treasury bills together accounted for 85.84% of the GH¢1.21bn traded, leaving corporate bonds and older government instruments with a comparatively small share of secondary-market activity.
The GFIM report also explicitly notes that its “end of day closing prices methodology applies to Government Notes, Bonds and Treasury Bills,” distinguishing those quoted prices from the treatment of corporate securities.
The concentration of activity in selected DDEP bonds and 364-day Treasury bills suggests investors continue to favour instruments where liquidity and price discovery are comparatively stronger.
At the same time, the thin corporate market underscores the continuing challenge of broadening Ghana’s fixed-income market beyond sovereign and quasi-sovereign issuers.
A deeper market will ultimately require more regular corporate issuance, a broader investor base and sufficient secondary trading to make corporate debt a more meaningful alternative to government securities.
