- Ghana Fixed-Income Market Records GH¢1.57bn Turnover Across 934 Trades
Trading activity on the Ghana Fixed Income Market reached GH¢1.57 billion on Tuesday, August 18, 2026, with Treasury bills accounting for nearly nine out of every ten cedis traded as investors remained heavily concentrated at the short end of the government securities market.
The official GFIM trading report shows total traded volume of GH¢1.573 billion across 934 transactions, with Treasury bills alone accounting for GH¢1.398 billion from 898 transactions. That represented approximately 88.87% of total market activity for the session, making short-dated government securities overwhelmingly the most active asset class.
The concentration in Treasury bills illustrates the continuing importance of liquidity and short-duration exposure within Ghana’s fixed-income market. Investors have remained active in government bills even as yields have declined from the elevated levels that characterised earlier phases of Ghana’s monetary and fiscal adjustment, suggesting that the instruments continue to offer an attractive combination of liquidity, relatively short maturities and sovereign exposure.
The most heavily traded Treasury bill security during the session was the GOG-BL-02/08/27-A7094-2018-0, which recorded GH¢573.13 million across six transactions. The instrument traded at a yield of about 12.12% and a weighted closing price of 89.5871, meaning that a single Treasury bill accounted for a substantial proportion of the overall activity recorded in the short-term segment.
Domestic Debt Exchange Programme bonds formed the second-largest component of trading, recording GH¢160 million across four transactions and accounting for approximately 10.17% of total GFIM activity. The segment was dominated by the GOG-BD-10/02/32-A6148-1838-9.10 bond, which recorded GH¢130 million across three trades at a yield of 14.70% and a closing price of 79.3649.
The pricing of the 2032 DDEP bond provides an indication of how the market continues to value longer-dated restructured government debt relative to short-term Treasury instruments. Its yield remained above that of the largest Treasury bill transaction, reflecting the longer maturity and additional duration risk investors assume when committing capital further along the government yield curve.
Old Government of Ghana notes and bonds contributed a comparatively modest GH¢1.20 million from three transactions. The most active instrument in that category was the GOG-BD-11/06/29-A5051-1647-19.80, which accounted for GH¢1.20 million across two transactions at a yield of 16.97% and a closing price of 106.0619.
Corporate bond activity remained subdued relative to sovereign securities, with GH¢5.02 million changing hands through eight transactions. The largest corporate transaction involved the CMB-BD-28/08/28-A6301-1675-13.00 security, which recorded GH¢4.29 million across seven trades and closed at a weighted price of 101.8594.
The relatively small contribution of corporate bonds continues to highlight the structural dominance of government securities within Ghana’s fixed-income market. Corporate issuers remain a limited part of secondary-market activity compared with the volumes generated by Treasury bills and government bonds, constraining the depth of alternative long-term financing channels available outside the banking system.
Sell-and-buy-back transactions involving Government of Ghana securities recorded GH¢8.90 million across 21 trades, equivalent to about 0.57% of the day’s total market activity. The largest transaction in that segment involved the GOG-BD-16/02/27-A6143-1838-8.35 DDEP bond, which generated GH¢4.53 million across six transactions at a yield of 9% and a closing price of 99.6890.
No trading was recorded in the new Government of Ghana notes and bonds category during the session, leaving Treasury bills, DDEP securities and relatively small volumes in the older sovereign, corporate and sell-buy-back segments to account for the entire market.
The distribution of activity therefore shows a fixed-income market still heavily tilted towards short-term government paper. Treasury bills accounted for 88.87% of total activity, while DDEP bonds contributed 10.17%, leaving the remaining categories collectively responsible for less than 1.00%.
That concentration has wider implications for Ghana’s capital market because a deeper fixed-income system would ordinarily be expected to support a broader spectrum of sovereign and corporate financing across different maturities.
Strong secondary-market liquidity in Treasury bills is positive for price discovery and cash management, but persistent dominance by government securities can leave corporate debt markets relatively shallow.
For investors, the Tuesday session reflected a preference for instruments offering liquidity and relatively short exposure while selected DDEP bonds continued to attract sizeable block transactions.
For issuers and policymakers, the longer-term challenge remains developing a market in which corporate securities and longer-dated instruments can attract more consistent trading alongside the dominant government bill segment.
With GH¢1.57 billion traded across 934 transactions, the GFIM remained active, but the composition of that activity was considerably less diversified than the headline figure suggests.
Treasury bills continue to do most of the heavy lifting, reinforcing the central role short-term government debt plays in Ghana’s fixed-income market.
