- GFIM turnover hits GH¢2.73bn as DDEP bonds dominate trading activity
Trading activity on the Ghana Fixed Income Market (GFIM) remained heavily concentrated in restructured Government of Ghana securities on Tuesday, August 25, 2026, with total market turnover reaching GH¢2.73 billion across 487 transactions.
Domestic Debt Exchange Programme (DDEP) bonds accounted for the largest share of activity, recording GH¢1.48 billion in turnover from 64 trades. This represented 54.26% of the entire market’s trading volume and underscored investors’ continued preference for selected post-restructuring government securities.
Treasury bills followed with turnover of GH¢693.20 million from 361 transactions, accounting for 25.42% of total GFIM activity. Sell/buy-back transactions involving Government of Ghana notes and bonds contributed another GH¢546.02 million, equivalent to 20.02% of total turnover.
Combined outright transactions, excluding sell/buy-back trades, amounted to approximately GH¢2.18 billion, representing 79.98% of total market turnover.
DDEP bonds drive secondary-market activity
Within the DDEP segment, the GOG-BD-16/02/27-A6143-1838-8.35 bond emerged as the most actively traded security, recording turnover of GH¢575.57 million across 20 transactions.
The bond closed at a yield of 10.97% and a price of GH¢98.7987. Its trading volume alone represented 38.90% of total DDEP turnover and about 21.11% of overall GFIM activity.
Demand was also significant further along the DDEP maturity curve.
The February 2030 8.80% bond recorded GH¢289.63 million in turnover from 14 trades, closing at a yield of 14.15% and a price of GH¢85.6652.
The February 2031 8.95% bond followed with GH¢144.93 million, while the February 2029 and February 2032 securities posted turnover of GH¢140.00 million and GH¢135.00 million, respectively.
The August 2028 DDEP bond also recorded GH¢104.52 million in trades, closing at a yield of 13.15%.
The pattern indicates that while investors remain particularly active around the relatively short February 2027 maturity, liquidity extends across the medium- and longer-dated DDEP curve.
364-day bills dominate Treasury activity
Treasury bills generated GH¢693.20 million in total turnover, but activity was overwhelmingly concentrated in the 364-day segment.
The 364-day bill category accounted for GH¢633.92 million, representing 91.45% of all Treasury-bill turnover.
By comparison, 91-day bills recorded GH¢37.12 million, or 5.36%, while the 182-day segment generated GH¢22.16 million, equivalent to 3.20%.
The single largest Treasury-bill transaction was the GOG-BL-23/08/27-A7109-2021-0, which recorded turnover of GH¢131.33 million across seven trades. It closed at a yield of 11.48% and a price of approximately GH¢89.7286.
Other heavily traded 364-day securities included the December 7, 2026 maturity at GH¢97.04 million, the July 12, 2027 maturity at GH¢85.71 million, and the August 9, 2027 maturity at GH¢84.37 million.
The concentration in longer Treasury-bill maturities suggests secondary-market liquidity was tilted decisively towards the one-year end of the money-market curve.
New and old GoG bonds see limited activity
Trading in newly issued Government of Ghana notes and bonds remained modest.
Only GH¢4.69 million changed hands in the new GoG bond segment through two transactions. The activity was entirely in the GOG-BD-29/03/33-A6155-2001-12.50, which closed at a yield of 13.58% and a price of approximately GH¢95.3470.
Old Government of Ghana bonds recorded just GH¢455,000 from two trades. The turnover was concentrated in the GOG-BD-06/09/27-A5708-1763-18.80, which closed at a yield of 30.03% and a price of GH¢87.5136.
Together, the two categories accounted for less than 0.20% of total market turnover.
Corporate bond activity remains thin
The corporate debt market recorded turnover of only GH¢2.86 million from seven transactions, equivalent to approximately 0.10% of total GFIM activity.
All recorded corporate turnover came from Ghana Cocoa Board securities.
The CMB-BD-28/08/28-A6301-1675-13.00 dominated the segment with GH¢2.30 million across five transactions and closed at GH¢101.9159.
The CMB-BD-30/08/27-A6302-1675-13.00 accounted for the remaining GH¢557,400, recording two trades and closing at approximately GH¢101.4900.
The figures highlight the continuing disparity between liquidity in sovereign securities and Ghana’s comparatively shallow corporate bond market.
Repo activity concentrated in February 2027 DDEP bond
Sell/buy-back transactions totalled GH¢546.02 million across 51 trades.
The February 2027 DDEP security again dominated, recording GH¢464.52 million across 37 transactions at a yield of 10.32% and weighted average closing price of about GH¢99.0931.
That single instrument accounted for 85.07% of all sell/buy-back turnover.
A further GH¢70.00 million was recorded in the February 2032 DDEP bond.
Market interpretation
Tuesday’s session reinforces the increasingly concentrated structure of liquidity on the GFIM. Restructured government bonds, particularly the February 2027 DDEP instrument, continue to provide the deepest secondary-market liquidity, while the Treasury-bill market remains heavily tilted towards 364-day securities.
Maturity analysis also shows a clear preference for the nearer end of the curve. Securities maturing in 2027 accounted for about 49.39% of outright trading turnover, although sizeable transactions in DDEP bonds maturing between 2029 and 2032 indicate that investors are also selectively extending duration where pricing and yields are considered attractive.
The broader picture remains one of a sovereign-dominated fixed-income market: government securities continue to absorb virtually all secondary-market liquidity, while corporate bonds remain a marginal component of daily turnover.
