- GFIM Turnover Hits GH¢1.10 billion as Treasury Bills Command 60.88% of Market
Trading on the Ghana Fixed Income Market reached GH¢1.10 billion on Wednesday, August 5, 2026, with Treasury bills accounting for the majority of activity as investors continued to concentrate heavily on government securities rather than corporate debt and older sovereign bonds.
The official GFIM trading report showed total volume of GH¢1.10353 billion across 2,619 transactions, with Treasury bills alone generating GH¢671.78 million from 2,576 trades.
That gave Treasury bills 60.88% of total reported market turnover and an overwhelming 98.36% of all transactions, highlighting how strongly liquidity remains concentrated at the shorter end of Ghana’s fixed-income market.
Domestic Debt Exchange Programme bonds were the second-largest segment, recording GH¢326.61 million across just 23 trades. They accounted for 29.60% of total turnover, illustrating a striking contrast with the Treasury-bill market: DDEP activity was large in value but concentrated in a relatively small number of sizeable institutional transactions.
Sell-and-buy-back transactions involving government securities contributed another GH¢101.83 million, equivalent to 9.23% of total reported activity.
Once those sell/buy-back trades are excluded, outright fixed-income turnover was approximately GH¢1.00 billion. On that basis, Treasury bills represented about 67.06% of outright trading and DDEP securities another 32.61%.
The figures provide a useful window into investor positioning in Ghana’s debt market.
Liquidity remains overwhelmingly directed towards sovereign instruments, while corporate bonds accounted for only GH¢2.20 million, or 0.20% of total turnover. Newly issued government notes and bonds recorded just GH¢1.11 million, while no trades were reported in the old Government of Ghana bond segment.
The heaviest Treasury-bill activity was concentrated in the security maturing on March 1, 2027.
That bill, identified as GOG-BL-01/03/27-A6984-1996-0, recorded GH¢187.48 million across 26 trades, making it the single largest Treasury-bill line of the session. It represented approximately 27.91% of all Treasury-bill turnover and closed at a yield of about 8.35%, with an end-of-day price of approximately GH¢95.44 per GH¢100 of face value.
Another heavily traded bill, maturing on August 2, 2027, recorded GH¢120.98 million across 33 transactions and closed at a yield of approximately 12.83%, while the February 1, 2027 maturity attracted GH¢69.22 million across 78 trades.
Unlike longer-dated securities, where individual institutional transactions can dominate daily turnover, the Treasury-bill market recorded thousands of trades across a range of maturities. That suggests substantially deeper transactional liquidity and reinforces the role of short-term government securities as a core instrument for banks, fund managers, corporates and other investors managing liquidity.
Its GH¢326.61 million turnover came from only 23 transactions, meaning average trade sizes were considerably larger than in Treasury bills.
The biggest DDEP line was the 9.10% bond maturing in February 2032, which traded GH¢108.44 million across just three transactions. It closed at a yield of 14.60% and a price of roughly GH¢79.60.
That single security accounted for approximately 33.20% of all DDEP turnover.
The 8.95% DDEP bond maturing in February 2031 generated another GH¢75.00 million, closing at a yield of 15.24% and a price around GH¢79.92.
A February 2030 DDEP bond carrying an 8.80% coupon attracted about GH¢71.97 million, closing at a yield of 14.79% and a price around GH¢83.95.
Meanwhile, the February 2027 DDEP security with an 8.35% coupon recorded GH¢56.19 million and closed at an 11.18% yield.
Several medium- and longer-dated DDEP bonds continue to trade materially below par, meaning investors demand yields substantially higher than their original coupon rates in order to hold the securities.
That does not necessarily imply fresh deterioration in sovereign credit conditions on a single trading day. Secondary-market bond prices also reflect liquidity, maturity, coupon structures and individual investor requirements.
But the discounts demonstrate that Ghana’s post-restructuring bond market remains segmented, with substantial differences in valuation across maturities.
The new Government of Ghana bond market was much quieter. Only one seven-year security, maturing in March 2033 and carrying a 12.50% coupon, traded during the session. Volume was GH¢1.11 million across three transactions, with the security ending at a 12.37% yield and a price of about GH¢100.55.
Corporate debt remained even more peripheral to overall market activity.
Only GH¢2.20 million changed hands across three transactions. A Ghana Cocoa Board bond maturing in August 2028 accounted for GH¢1.70 million, or 77.27% of total corporate bond trading, while another Cocobod maturity contributed GH¢500,000.
The limited volume highlights a persistent structural feature of Ghana’s capital market: government securities continue to dominate fixed-income liquidity, leaving corporate issuers with a significantly shallower secondary market.
Of the GH¢101.83 million recorded, two DDEP securities the February 2037 and February 2038 bonds accounted for GH¢100.00 million, with GH¢50.00 million traded in each through single transactions. Together, they represented about 98.20% of the segment.
The August 5 trading pattern therefore reveals a market that is liquid in aggregate but highly uneven beneath the headline number.
More than GH¢1.10 billion changed hands, yet activity was concentrated overwhelmingly in government debt. Treasury bills supplied transaction depth, DDEP bonds supplied large institutional blocks, while corporate bonds and new sovereign notes contributed little.
High market-wide turnover does not necessarily mean every security can be bought or sold easily. Ghana’s fixed-income market currently shows its strongest liquidity in Treasury bills and selected DDEP maturities.
A deeper corporate bond market and more active trading across newer government bonds would reduce concentration, improve price discovery and provide investors with a wider range of instruments for managing duration and credit exposure.
For now, the August 5 session sends a clear signal: Ghana’s fixed-income market remains overwhelmingly a sovereign market, and within that market, Treasury bills remain the dominant centre of gravity.
