- GFIM Turnover Rises 10% to GH¢1.04bn as Investors Concentrate on DDEP Bonds
Trading on the Ghana Fixed Income Market rose above GH¢1 billion on Monday, September 14, 2026, as investors concentrated activity in Domestic Debt Exchange Programme bonds, with a single 2032 maturity accounting for more than half of the entire market’s turnover.
Total GFIM turnover reached approximately GH¢1.04 billion, up 10.03% from GH¢943.64 million in the previous session, even as the number of transactions fell sharply to 188 from 290.
The 35.17% decline in transaction count alongside higher turnover points to a market driven by larger institutional block trades rather than a broad increase in trading activity.
DDEP bonds dominated the session, recording GH¢720.28 million across 23 trades, equivalent to about 69.37% of total market turnover.
That represented a 55.18% increase from the GH¢464.17 million recorded in DDEP securities during the preceding session and reinforced the recent rotation towards Ghana’s restructured government debt.
The February 10, 2032 DDEP bond was overwhelmingly the most actively traded instrument.
The security generated GH¢549.38 million across just seven transactions, accounting for approximately 76.27% of all DDEP activity and 52.91% of total GFIM turnover.
Its yield edged lower to 14.09% from 14.11%, while the closing price rose marginally to 81.48, suggesting that the substantial turnover occurred without a dramatic repricing of the instrument.
The concentration is significant because it means more than one in every two cedis traded across the entire fixed-income market on Monday was tied to a single DDEP maturity.
Other restructured government securities recorded considerably smaller volumes but showed more pronounced yield movements.
The February 2027 DDEP bond attracted GH¢77.26 million, with its yield rising 29 basis points to 10.55%.
The February 2034 maturity generated GH¢25.57 million while its yield declined 24 basis points to 14.42%, indicating stronger pricing for that security.
The February 2030 bond recorded GH¢21.93 million in turnover, but its yield moved sharply higher to 13.85% from 13.06%, an increase of 79 basis points.
By contrast, the February 2029 security attracted GH¢20.00 million and saw its yield decline 14 basis points to 12.87%.
The mixed yield movements suggest that the strength in DDEP activity was not uniform across the curve, with investors differentiating sharply between maturities even as overall demand for the segment remained strong.
Treasury-bill trading moved in the opposite direction. Total T-bill turnover fell 45.68% to GH¢226.65 million, equivalent to 21.83% of market activity, from GH¢417.23 million in the preceding session.
Trading remained heavily concentrated in securities originally issued as 364-day bills, which accounted for approximately GH¢208.29 million, or 91.90% of all T-bill turnover.
The 182-day segment generated GH¢13.31 million, while 91-day bills accounted for just GH¢5.06 million.
The February 1, 2027 maturity led Treasury-bill activity with GH¢70.95 million across 10 trades, closing at a yield of 5.66%.
The July 26, 2027 maturity followed with GH¢36.72 million, while the July 12, 2027 bill generated GH¢29.76 million.
The data therefore continue to show stronger secondary-market interest in longer-dated Treasury bills than in the shortest instruments, even as total bill turnover weakened considerably.
Corporate bond activity provided another notable feature of the session. Turnover surged to GH¢85.81 million from just GH¢2.19 million in the previous session, with the entire amount concentrated in Ghana Cocoa Board securities.
The August 2027 COCOBOD bond accounted for GH¢70.38 million across four transactions, representing about 82.02% of corporate turnover.
A further GH¢15.43 million was traded in the August 2028 COCOBOD security.
The 2027 bond’s closing price declined to 100.07 from 102.42, even as it attracted the bulk of corporate-market liquidity.
Despite that increase, corporate bonds remained a relatively small component of overall GFIM activity compared with government securities.
Sell/buy-back transactions, meanwhile, contracted sharply. SBB turnover fell 91.57% to GH¢5.00 million from GH¢59.29 million, with the only transaction recorded in the August 2027 DDEP bond at a yield of 10.90%.
Trading in new Government of Ghana bonds also remained marginal at GH¢564,690, concentrated entirely in the September 2030 four-year bond.
The security nevertheless recorded a notable yield movement, declining to 11.70% from 12.04%, a fall of about 34 basis points.
Monday’s session therefore presented a market in which rising headline turnover masked considerable concentration beneath the surface.
DDEP bonds accounted for almost seven in every 10 cedis traded, while the February 2032 instrument alone generated more than half of total market activity.
At the same time, Treasury-bill turnover almost halved, SBB transactions virtually disappeared and the overall number of trades fell by more than a third.
That combination suggests the increase in turnover was driven primarily by a handful of large institutional transactions rather than a broad-based expansion in fixed-income liquidity.
The market signal is nonetheless important. After DDEP turnover more than doubled during the previous week, Monday’s session extended the shift towards outright trading in restructured government debt.
Whether that represents a sustained increase in investor appetite will depend on whether liquidity begins to spread across a wider range of maturities.
For now, however, the message from the September 14 session is GFIM turnover is rising, but increasingly large portions of that liquidity are being concentrated in selected DDEP securities, with the 2032 maturity emerging as the dominant destination for institutional capital.
