- GFIM Closes Second Trading Day Above GH¢1bn as T-bills Dominate Flow
The Ghana Fixed Income Market closed its second trading day of the week on a much stronger note, with total turnover rising above GH¢1.0 billion as investors concentrated heavily in Treasury bills and selectively in restructured government bonds.
Based on the trading report for Tuesday, 21 April 2026, total market volume reached GH¢1.008 billion across 977 trades, a sharp rise from GH¢359.6 million across 438 trades recorded on Monday. That means daily turnover was up by about 180 percent, showing a much more active market close on the day.
The biggest driver of that activity was again the Treasury bill market. T-bills accounted for GH¢721.3 million of total turnover, or roughly 72 percent of all market activity. In simple terms, the market closed with investors still preferring short-term government paper over longer-dated risk.
That short-end preference remains the clearest message from the session. Even with overall trading rising sharply, investors still expressed their confidence mainly through instruments that offer quicker rollover, lower duration exposure, and easier liquidity.
The next most active segment was DDEP bonds, which recorded GH¢172.7 million across 7 trades. Sell-buy-back trades in government bonds came in at GH¢113.5 million across 21 trades, while corporate bonds remained marginal at just GH¢291,091 across 3 trades. There was no recorded trading in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds.
That structure says a lot about the market. Liquidity is clearly present, but it is not spreading evenly across the curve. Investors are still willing to trade, but they are doing so cautiously, with the strongest conviction sitting in Treasury bills and a narrower part of the DDEP market.
The largest DDEP trade of the session was in GOG-BD-12/02/30-A6146-1838-8.80, which recorded GH¢74.67 million across 4 trades at a yield of 13.12 percent. In Treasury bills, the biggest volume was GH¢167.57 million in GOG-BL-18/01/27-A6954-1990-0 across 16 trades. The biggest sell-buy-back trade was GH¢49.73 million in GOG-BD-06/02/35-A6151-1838-9.55 at a yield of 13.09 percent.
For investors and traders, the market close gives a fairly clear read. Activity improved significantly on the day, but the shape of that activity shows that risk appetite remains defensive. The market is trading in size but not yet with broad enthusiasm for long-duration paper.
From the NorvanReports news desk’s perspective, the sharper takeaway is this: the GFIM is active, liquid, and clearly functioning, but it is still a market led by caution. Treasury bills are doing most of the heavy lifting, DDEP bonds are attracting selective interest, and the longer end of the sovereign curve remains quieter than many would want to see.
That means traders should continue to watch two things closely in the next session, which begins this morning: whether turnover remains above the GH¢1 billion mark and whether demand begins to broaden beyond bills into a wider mix of bonds. If it does, that could signal improving confidence. If it does not, then Tuesday’s strong close will still look more like a liquidity burst than a full shift in market mood.
