- GFIM Trading Value More Than Doubles to GH¢32.59bn in April 2026
The Ghana Fixed Income Market recorded a sharp expansion in trading activity in April 2026, with the value of securities traded more than doubling year-on-year to GH¢32.59 billion, as investors continued to concentrate heavily on government paper.
Data from the Ghana Stock Exchange’s April 2026 Fixed Income Market Report showed that total traded volume rose to 35.05 billion in April 2026, compared with 18.12 billion in April 2025, representing an increase of 93.45%. The value traded increased by 107.84%, from GH¢15.68 billion in April 2025 to GH¢32.59 billion in April 2026.
The surge in trading value came despite a decline in the number of trades. Total transactions fell by 24.15% to 35,684, from 47,044 in April 2025, suggesting that the market recorded fewer but larger transactions during the month.
For the first four months of 2026, cumulative market volume stood at 149.44 billion, up from 77.36 billion in the same period of 2025. The value traded over the January-to-April period also more than doubled to GH¢136.17 billion, compared with GH¢63.87 billion a year earlier.
The fixed income market’s performance continues to reflect strong investor demand for government securities, particularly Treasury bills, at a time when inflation has fallen sharply and yields have adjusted significantly from the high levels recorded last year.
Treasury bills dominated trading in April, with volume of 19.35 billion, representing 55.21% of total market volume. Government notes and bonds followed with 15.35 billion, representing 43.80%, while corporate securities accounted for only 349.39 million, or 1.00% of total volume.
The dominance of Treasury bills points to continued investor preference for short-term government instruments, even as falling inflation and declining yields gradually reshape portfolio positioning across the curve.
In value terms, government securities remained the backbone of the market. Government securities recorded turnover of GH¢32.24 billion in April 2026, compared with GH¢14.81 billion in April 2025. Corporate securities traded at GH¢357.53 million, compared with GH¢26.37 million in April 2025.
Among securities traded in April, the 364-day Government of Ghana bill recorded the highest value, with GH¢10.63 billion traded from 11.43 billion in volume. This was followed by the 182-day bill, which recorded GH¢4.92 billion, and the 91-day bill, with GH¢2.89 billion traded.
Longer-dated government bonds also saw notable activity. The 7-year Government of Ghana bond recorded GH¢3.58 billion in value traded, while the 9-year bond recorded GH¢3.56 billion. The 4-year bond posted GH¢2.44 billion, reflecting investor interest beyond the short end of the market.
The corporate bond market remained thin compared with sovereign securities, although activity improved from the previous year. Total outstanding corporate securities stood at GH¢8.40 billion at the end of April 2026, compared with GH¢8.39 billion a year earlier.
Ghana Cocoa Board remained the largest corporate issuer by outstanding securities, with GH¢7.33 billion, followed by Kasapreko Company PLC with GH¢351.18 million, Letshego Ghana PLC with GH¢316.19 million, Bayport Savings and Loans PLC with GH¢286.54 million, and Izwe Savings and Loans PLC with GH¢100 million.
The report also showed renewed activity in local US dollar bonds. April 2026 recorded US$6.16 million in value traded, compared with US$161,299 in April 2025, representing a year-on-year increase of 3,717.05%. The number of local US dollar bond trades rose to nine, from seven a year earlier.
On the primary market, Government of Ghana Treasury bill activity remained strong. In April 2026, government tendered GH¢17.40 billion across the 91-day, 182-day and 364-day bills, accepting GH¢16.05 billion. The 91-day bill attracted the highest tender amount at GH¢11.77 billion, with GH¢11.68 billion accepted.
Total outstanding government securities stood at GH¢390.48 billion as of April 2026, up from GH¢309.69 billion in April 2025. Outstanding Treasury bills included GH¢41.36 billion in 91-day bills, GH¢40.62 billion in 182-day bills and GH¢64.04 billion in 364-day bills.
The report’s yield curve data showed a significant compression in government bond yields compared with April 2025. The 4-year yield declined to 10.27%, from 21.21% a year earlier, while the 5-year yield fell to 9.64%, from 20.70%. The 7-year yield stood at 12.51%, compared with 23.80% in April 2025.
This sharp repricing reflects the broader decline in inflation and interest rates, but it also presents a new challenge for investors: how to preserve real returns in a market where nominal yields are falling quickly.
GCB Bank PLC led activity among banks in April 2026, with GH¢8.65 billion in value traded, representing 38.76% of bank market share by value. OmniBSIC Bank Ghana Limited followed with GH¢2.64 billion, while Stanbic Bank Ghana Limited recorded GH¢1.69 billion.
Among broker-dealers, One Africa Securities Limited dominated the market, recording GH¢2.88 billion in value traded and accounting for 75.33% of broker-dealer market share by value.
The April report reinforces a familiar structure in Ghana’s fixed income market: liquidity remains deep, but overwhelmingly concentrated in government securities. Corporate debt activity continues to improve, yet it remains a marginal component of overall trading.
Overall, April 2026 was a strong month for the fixed income market, with trading value more than doubling from the previous year. But beneath the headline growth, the market remained highly sovereign-led, with Treasury bills and government bonds continuing to define liquidity, pricing and investor sentiment.
