- GFIM Opens Week Stronger With GH¢1.79bn Turnover as Treasury Bills Dominate
The Ghana Fixed Income Market opened the new trading week on a stronger note, recording total turnover of GH¢1.79 billion across 193 trades on Monday, May 11, 2026. The latest turnover represents a sharp rebound from the GH¢677.25 million recorded in the previous session on Friday, May 8, as investor activity picked up strongly at the start of the week.
Treasury bills dominated trading activity, accounting for GH¢1.06 billion across 148 trades. This represented about 59.04% of total turnover, reaffirming the continued preference for short-term government securities in a market still driven by liquidity management and cautious duration positioning.
Sell/buy-back trades in Government of Ghana notes and bonds followed with GH¢624.67 million across 34 trades, representing about 34.81% of total market turnover. Together, Treasury bills and sell/buy-back transactions accounted for more than 93% of total market activity.
DDEP bonds recorded GH¢107.47 million from 10 trades, while new Government of Ghana notes and bonds posted GH¢3.00 million from a single transaction. Old Government of Ghana notes and bonds and corporate bonds recorded no trading activity during the session.
The largest Treasury bill trade was in the GOG-BL-10/08/26-A7025-2006-0, which recorded GH¢494.07 million from two trades. The instrument closed at a yield of 4.99% and an end-of-day closing price of 98.7685.
In the DDEP bond segment, the largest traded instrument was the GOG-BD-17/08/27-A6139-1838-10.00, which recorded GH¢75.97 million across six trades. It closed at a yield of 11.06% and a closing price of 98.7404.
The new Government of Ghana bond segment was led entirely by the GOG-BD-29/03/33-A6155-2001-12.50, which traded GH¢3.00 million in one transaction. The seven-year bond closed at a yield of 12.47% and a price of 100.1077.
In sell/buy-back trades, the largest activity was recorded in the GOG-BD-10/02/32-A6148-1838-9.10, which posted GH¢352.69 million across 24 trades. The instrument closed at a yield of 14.43% and a weighted average closing price of 79.5523.
The session showed a market opening the week with stronger activity but still concentrated in a few segments. Treasury bills remained the main anchor of liquidity, while sell/buy-back trades continued to provide an important channel for short-term funding and position management.
The absence of corporate bond trades and old Government of Ghana bond activity points to the continued shallowness of those segments in daily secondary market trading.
For investors, the May 11 session reinforces the market’s preference for short-duration assets and structured liquidity trades, even as the broader macroeconomic environment continues to show lower inflation, falling yields and improved sovereign sentiment.
The strong Treasury bill activity also follows last week’s primary auction, where government accepted GH¢6.09 billion from total bids of GH¢7.83 billion, against a target of GH¢4.35 billion, underlining strong appetite for short-term government paper.
Overall, the fixed income market opened the week firmer than it closed the previous one. However, the trading pattern remains narrow: Treasury bills and sell/buy-back transactions are carrying liquidity, DDEP bonds are active but selective, and corporate securities remain largely absent from meaningful daily turnover.
