- GFIM closes quieter on Wednesday as trading narrows to DDEP bonds and sell-buybacks.
The Ghana Fixed Income Market closed Wednesday’s session on a much softer note, with total turnover dropping to about GH¢255.3 million across 32 trades as activity narrowed sharply into DDEP bonds and sell-buy-back trades.
That represents a substantial decline from Tuesday’s stronger close and suggests that investor activity became far more selective by the third trading day of the week.
The market’s entire volume came from just two segments. DDEP bonds accounted for GH¢213.6 million across 23 trades, while sell-buy-back trades in government bonds contributed GH¢41.7 million across 9 trades. There was no recorded trading in new Government of Ghana notes and bonds, old government bonds, Treasury bills, or corporate bonds.
That means the market did not merely slow down in general terms. It also became much narrower. The absence of Treasury bill activity is especially notable, given how heavily bills had dominated previous sessions. On Wednesday, the data did not reflect the expected short-end liquidity.
The largest trade of the day came from the DDEP segment, where GOG-BD-10/02/32-A6148-1838-9.10 recorded GH¢117.7 million across 9 trades at a yield of 13.17 per cent and a closing price of about 83.78. In the sell-buy-back segment, the biggest trade was GOG-BD-13/02/29-A6145-1838-8.65, which posted GH¢20 million across 2 trades at a yield of 14.47 per cent and a closing price of about 86.84.
From a NorvanReports market-reading point of view, Wednesday’s close suggests that the burst of stronger activity seen earlier in the week was not sustained into a broader, market-wide recovery in risk appetite. Instead, participants appeared to retreat into selective bond trades rather than spread positions across the wider sovereign curve.
The lack of trades in Treasury bills, new government bonds, and corporate paper also points to a market that was not in broad repositioning mode. Rather, it was a market in which a smaller number of participants were active in specific instruments, especially within the restructured bond space.
That makes the session more revealing than the headline turnover alone suggests. A market can be liquid without being broad, and on Wednesday the GFIM looked exactly that: active enough in pockets, but thin outside them.
The next session on Thursday, April 23, 2026 will now matter for direction. If turnover recovers and activity returns to Treasury bills and a wider bond mix, Wednesday may look like a temporary pause. But if the market remains this narrow, it would suggest that investors are still trading carefully, with little appetite to move decisively across the full fixed-income curve.
