- Fixed-Income Turnover Weakens as T-Bill Trades Fall 47.73%
Trading activity on the Ghana Fixed Income Market declined sharply in the week ending July 2, 2026, as total market turnover fell by 31.82% to GH¢6.03 billion, from GH¢8.84 billion in the previous week.
The decline was driven largely by a sharp slowdown in Treasury bill activity and sell/buy-back transactions, even though DDEP bonds recorded stronger secondary-market turnover during the period.
Treasury bills remained the dominant instrument on the market, accounting for GH¢3.22 billion of total trades. This represented 53.31% of overall market turnover, confirming continued investor preference for short-term government paper.
However, Treasury bill turnover declined by 47.73% from the previous week’s GH¢6.15 billion, indicating a significant moderation in activity at the short end of the market.
DDEP bonds recorded the strongest improvement among the major segments, with turnover rising by 55.43% to GH¢2.44 billion, from GH¢1.57 billion a week earlier.
The restructured bonds accounted for 40.51% of total market turnover, making them the second-largest contributor to fixed-income trading during the review period.
Sell/buy-back trades declined by 66.53% to GH¢364.09 million, from GH¢1.09 billion in the previous week, while corporate securities turnover fell by 76.19% to GH¢8.65 million, from GH¢36.34 million.
New Government of Ghana bonds recorded minimal activity, with turnover of GH¢430,000.00, compared with no trades in the previous week. There were no trades in old Government of Ghana bonds during the period.
The market’s composition shows that liquidity remained heavily concentrated in sovereign instruments, with Treasury bills and DDEP bonds together accounting for 93.82% of total turnover.
The sharp fall in Treasury bill activity suggests that investors may have reduced trading volumes after recent heavy participation in short-term securities, while still maintaining preference for instruments with shorter duration and relatively liquid secondary-market conditions.
At the same time, the rise in DDEP bond trading points to renewed interest in selected restructured instruments, particularly where yields remain attractive for investors willing to take on longer-duration exposure.
In the DDEP bond segment, the 9-year instrument recorded the largest volume, with GH¢1.08 billion traded during the week. This was followed by the 4-year DDEP bond with GH¢473.44 million, the 7-year DDEP bond with GH¢218.22 million, and the 6-year DDEP bond with GH¢209.19 million.
The 5-year DDEP bond recorded GH¢177.70 million, while the 11-year DDEP bond posted GH¢128.44 million in turnover.
Other DDEP trades included GH¢73.25 million in the 8-year bond, GH¢35.00 million in the 12-year bond, GH¢22.19 million in the 10-year bond, GH¢12.75 million in the 13-year bond and GH¢10.00 million in the 15-year bond.
The 7-year new Government of Ghana bond recorded GH¢430,000.00 in turnover.
On the yield curve, movements were mixed across tenors.
The 4-year yield declined to 10.75% from 10.98%, while the 5-year yield edged down to 12.08% from 12.10%.
The 6-year yield rose to 13.31% from 13.07%, while the 7-year DDEP yield increased to 14.30% from 13.78%.
The 7-year new bond yield declined to 12.00% from 12.81%, while the 8-year yield fell to 13.76% from 14.20%.
The 9-year yield rose sharply to 14.75% from 14.07%, while the 10-year yield increased to 14.50% from 14.00%. The 11-year yield also rose to 15.20% from 14.75%.
The 12-year yield declined to 14.46% from 14.92%, while the 13-year yield eased marginally to 14.66% from 14.70%. The 14-year yield remained unchanged at 14.50%, while the 15-year yield declined to 14.11% from 14.42%.
The mixed yield movements suggest selective repricing across the curve, with investors adjusting positions based on tenor, liquidity and return expectations.
Despite the overall decline in turnover, the week’s trading pattern shows that the fixed-income market remains active, with Treasury bills and DDEP bonds continuing to anchor liquidity.
The fall in total turnover reflects a slower trading week rather than a broad withdrawal from fixed-income securities.
For now, investor activity remains concentrated in government paper, while corporate bond turnover continues to lag, highlighting the limited depth of Ghana’s non-sovereign fixed-income market.
At the close of the review period, total GFIM turnover stood at GH¢6.03 billion, with Treasury bills retaining market leadership despite a sharp weekly decline, and DDEP bonds providing the strongest offset through improved secondary-market activity.
Source: Ghana Fixed Income Market weekly trading wrap for June 29 to July 2, 2026.
