- GFIM Turnover Drops 30.02% as Investors Shift Heavily Into Treasury Bills
Trading activity on the Ghana Fixed Income Market declined at the opening of the week, with total turnover falling to GHS 1.42 billion on Monday, June 22, 2026, as investor activity shifted strongly toward Treasury bills.
Market data from the GFIM trading report showed that total volume traded stood at GHS 1.42 billion across 327 trades, down from about GHS 2.03 billion in the previous session.
This represented a decline of approximately 30.02% in turnover, while the number of trades slipped marginally from 329 to 327, a fall of 0.61%.
The day’s trading pattern showed a clear preference for short-term instruments. Treasury bills accounted for GHS 1.04 billion of total turnover, representing 73.24% of all market activity. The segment also recorded 256 trades, equivalent to 78.29% of total trades executed during the session.
The dominance of Treasury bills suggests that investors continue to favour liquid, shorter-duration government securities amid changing interest rate expectations and ongoing portfolio repositioning.
The largest Treasury bill trade was in the GOG-BL-31/05/27-A7049-2009-0 security, which recorded GHS 479.66 million across 39 trades. The instrument closed at a yield of 10.86% and a closing price of 90.7171.
Treasury bill turnover rose from GHS 797.03 million in the previous session to GHS 1.04 billion, representing an increase of 30.53%. This makes the segment the main driver of market activity for the day.
The strong showing of Treasury bills contrasts sharply with activity in Domestic Debt Exchange Programme bonds, which fell significantly.
DDEP bonds recorded turnover of GHS 143.38 million from 23 trades, representing 10.09% of total market turnover. This was a sharp decline from GHS 828.79 million in the previous session, translating into a fall of about 82.70%.
The largest DDEP bond trade was in the GOG-BD-16/02/27-A6143-1838-8.35 security, which recorded GHS 135.45 million across 14 trades. The bond closed at a yield of 10.02% and a price of 98.9425.
The fall in DDEP activity suggests that investors were less active in longer-dated restructured bonds at the start of the week, even though selected shorter DDEP maturities continued to attract demand.
Sell-buy-back transactions in Government of Ghana bonds recorded GHS 220.02 million from 10 trades, accounting for 15.49% of total turnover. This represented an increase of 9.92% from the previous session’s GHS 200.16 million.
The largest sell-buy-back trade was in the GOG-BD-10/02/32-A6148-1838-9.10 security, which recorded GHS 160.45 million from two trades. The instrument closed at a yield of 13.44% and a price of 83.1488.
The rise in sell-buy-back activity points to continued use of repurchase-style transactions for short-term funding, liquidity management and portfolio positioning.
Corporate bond activity, however, declined sharply. The segment recorded GHS 16.76 million from 38 trades, representing 1.18% of total turnover. This was down from GHS 160.56 million in the previous session, a drop of 89.56%.
The largest corporate bond trade was in the CMB-BD-30/08/27-A6302-1675-13.00 security, which recorded GHS 16.31 million across 34 trades and closed at a price of 102.8973.
The fall in corporate bond turnover reinforces the uneven nature of Ghana’s private and quasi-public debt market. Corporate securities continue to record occasional activity, but liquidity remains limited compared with government instruments.
No trades were recorded in new Government of Ghana notes and bonds, while old Government of Ghana notes and bonds also saw no activity.
The absence of trades in these segments further concentrated market activity in Treasury bills, DDEP bonds and sell-buy-back transactions.
Overall, government-linked instruments continued to dominate the fixed income market. Treasury bills, DDEP bonds and sell-buy-back trades together accounted for GHS 1.40 billion, or 98.82% of total turnover.
This shows that the GFIM remains heavily dependent on public debt instruments, with corporate securities contributing only a small fraction of daily market activity.
The June 22 session presents a mixed picture.
On one hand, market turnover declined sharply from the previous session, reflecting reduced activity in DDEP bonds and corporate securities. On the other hand, Treasury bill trading remained strong, showing that investors still have appetite for short-term government securities.
The data suggests that liquidity has not disappeared from the market. Rather, it has shifted toward instruments with shorter maturity, clearer pricing and easier exit opportunities.
For now, Treasury bills remain the most active part of the fixed income market, while DDEP bond trading continues to depend heavily on selected maturities and large block transactions.
The key signal from Monday’s session is clear: investors are still trading, but they are choosing caution, liquidity and shorter duration.
