- GFIM Turnover Falls to GH¢971.56m as Treasury Bills Dominate Trading
Turnover on the Ghana Fixed Income Market fell to GH¢971.56 million on Tuesday, May 12, 2026, as trading activity cooled from the previous session but remained heavily concentrated in Treasury bills. Market data from the Ghana Fixed Income Market showed total traded volume of GH¢971.56 million across 6,029 trades, compared with GH¢1.79 billion recorded in the previous session.
The decline represents a drop of about 45.9%, suggesting that the strong start to the trading week moderated sharply as investors shifted back into short-duration government paper.
Treasury bills dominated activity, accounting for GH¢727.34 million across 5,971 trades. This represented about 74.9% of total market turnover, underlining continued investor preference for short-term instruments amid the lower-yield environment. The largest Treasury bill trade was recorded in the GOG-BL-10/05/27-A7034-2006-0, which posted turnover of GH¢123.06 million across 200 trades. The instrument closed at a yield of 10.17% and a price of 90.7959.
DDEP bonds recorded turnover of GH¢110.48 million across 21 trades, representing about 11.4% of total market activity. The most actively traded DDEP instrument was the GOG-BD-16/02/27-A6143-1838-8.35, which recorded turnover of GH¢90.24 million across 16 trades, with a closing yield of 10.95% and closing price of 98.7105.
Sell/buy-back trades in Government of Ghana notes and bonds contributed GH¢121.62 million across 24 trades, equivalent to about 12.5% of market turnover. The largest sell/buy-back transaction was in the GOG-BD-11/02/31-A6147-1838-8.95, with turnover of GH¢60.25 million across three trades. The instrument closed at a yield of 13.00% and a price of 85.8971.
New Government of Ghana notes and bonds recorded limited activity, with turnover of GH¢3.00 million in a single trade. The only traded instrument in that segment was the GOG-BD-29/03/33-A6155-2001-12.50, which closed at a yield of 12.47% and a price of 100.1070.
Corporate bonds recorded turnover of GH¢9.13 million across 12 trades, reflecting modest but visible activity in the segment. The largest corporate bond trade was in the CMB-BD-31/08/26-A6303-1675-13.00, which recorded turnover of GH¢6.55 million across two trades, closing at a price of 99.9715.
Old Government of Ghana notes and bonds recorded no activity for the session.
The market’s structure on Tuesday points to a highly defensive trading pattern. Although overall turnover declined, the dominance of Treasury bills suggests investors remain focused on liquidity, short tenor exposure and instruments with clearer price discovery.
The high number of Treasury bill trades also indicates broad participation at the short end of the curve, even as larger-value transactions were more selective across DDEP bonds and sell/buy-back trades.
For fixed income investors, the session reinforces a familiar pattern: appetite remains strongest where duration risk is limited, while longer-dated government bonds continue to trade in pockets rather than through broad-based demand.
The DDEP segment, however, remains relevant for yield-seeking investors willing to absorb more duration and restructuring-related risk. Activity in the February 2027 DDEP bond suggests continuing interest in shorter-dated restructured paper, particularly where investors can balance yield with nearer maturity.
Corporate bond activity, though still small relative to government securities, provided some diversification during the session. COCOBOD-linked instruments remained the main driver within the corporate segment, showing that activity outside sovereign paper continues to depend on a narrow set of issuers.
Overall, the May 12 session showed a market that remains liquid but cautious. Treasury bills carried the bulk of trading, DDEP bonds attracted selective demand, sell/buy-back trades provided secondary-market support, and corporate securities remained thin.
The next session is likely to open with continued demand for short-term paper, while activity in DDEP and longer-dated government bonds may remain selective unless larger institutional flows return to the market.
