- Ghana Fixed Income Market Posts 39.30% Growth in May Trading Volume, Recording GHS 160.70bn
The Ghana Fixed Income Market recorded a strong year-on-year performance in May 2026, with total value traded rising by 55.86% to GHS 24.53 billion, from GHS 15.74 billion in the same period last year.
According to the Ghana Stock Exchange’s Summary of May 2026 Market Activities, total volume traded on the fixed-income market stood at 26.56 billion, representing a 39.30% increase over the 19.07 billion traded in May 2025.
The performance points to sustained investor demand for fixed-income securities, particularly government instruments, as investors continue to seek relatively stable returns amid evolving market conditions.
The report, however, showed that May’s total volume traded represented a 24.21% decline compared with the previous month, indicating some softening in month-on-month trading activity despite the strong year-on-year growth.
Treasury Bills accounted for 46.54% of total volume traded during the month, while Government Notes and Bonds contributed 53.38%.
Corporate Bonds accounted for only 0.08% of total volume traded, underscoring the continued dominance of government securities on the Ghana Fixed Income Market.
The low share of Corporate Bonds also highlights the limited depth of Ghana’s corporate debt market, despite growing policy interest in using the capital market to support private-sector financing and long-term investment.
On a cumulative basis, fixed-income market activity remained significantly ahead of the previous year.
Year-to-date volume traded from January to May 2026 stood at 176.01 billion, compared with 96.43 billion over the same period in 2025, representing an increase of 82.51%.
Cumulative value traded also rose sharply to GHS 160.70 billion, from GHS 79.61 billion in the corresponding period of 2025, representing growth of 101.86%.
The figures suggest that the fixed-income market continues to serve as a major channel for investor activity, supported largely by Treasury Bills, Government Notes and Bonds.
For institutional investors, including pension funds, fund managers, banks and insurance companies, fixed-income securities remain a critical asset class for liquidity management, portfolio stability and yield generation.
The dominance of government instruments also reflects the central role of the domestic debt market in financing public-sector borrowing and shaping investor returns across the financial system.
Market analysts say the strong cumulative growth in both volume and value traded reflects improved trading activity and deeper participation in fixed-income instruments compared with the same period last year.
However, the limited contribution of Corporate Bonds suggests that more work is required to broaden issuer participation and deepen private-sector access to long-term cedi funding.
Expanding the corporate debt segment would help reduce overreliance on government securities, improve financing options for businesses and strengthen the overall resilience of Ghana’s capital market.
The latest GFIM data therefore presents a mixed picture: strong investor appetite and rising year-on-year market activity, but continued concentration in government debt instruments.
With inflation, interest rates and government borrowing conditions remaining key drivers of market sentiment, fixed-income trading is expected to remain an important indicator of investor confidence and liquidity conditions in the months ahead.
