- Ghana Fixed Income Market Records GH¢2.54bn Trades, Led by DDEP Securities
Trading activity on the Ghana Fixed Income Market reached GH¢2.54 billion on Friday, August 21, 2026, with Domestic Debt Exchange Programme bonds accounting for the largest share of activity as investors concentrated transactions in government securities.
The official GFIM trading report shows that total market volume amounted to GH¢2.5449 billion across 1,159 transactions, comprising GH¢1.4193 billion in DDEP bonds, GH¢929.44 million in Treasury bills and GH¢196.15 million in sell/buy-back transactions involving Government of Ghana notes and bonds.
No trades were recorded in new Government of Ghana notes and bonds, old government notes and bonds or corporate bonds during the session.
DDEP securities consequently accounted for about 55.77% of total reported market volume, making them the dominant segment. Treasury bills represented approximately 36.52%, while sell/buy-back transactions accounted for the remaining 7.71%.
The figures highlight the continued importance of the restructured government bond market to secondary-market liquidity more than three years after Ghana’s domestic debt exchange reshaped the country’s sovereign debt landscape.
Activity in the DDEP segment was spread across 95 transactions, with several securities recording substantial volumes.
The GOG-BD-12/02/30-A6146-1838-8.80 security emerged as the largest traded government bond when outright and sell/buy-back transactions were combined, recording aggregate volume of approximately GH¢379.48 million across 37 transactions, according to the GFIM summary.
In the outright DDEP market alone, the same February 2030 security recorded GH¢309.64 million across 12 trades, closing at a yield of 14.17% and an end-of-day price of approximately GH¢85.59.
Another heavily traded security was the February 2031 DDEP bond, which recorded GH¢282.93 million across 33 transactions and closed at a yield of 14.45% and price of approximately GH¢82.27.
The February 2027 DDEP bond also attracted substantial demand, with volume reaching GH¢280.17 million, while the February 2029 security recorded GH¢198.04 million. The February 2032 instrument accounted for a further GH¢186.93 million.
The distribution of activity suggests that liquidity remained concentrated in selected parts of the restructured government yield curve rather than being evenly spread across all outstanding securities.
Treasury bills provided the market’s second-largest source of activity, generating GH¢929.44 million across 1,002 transactions.
The single most actively traded bill was the Government of Ghana bill maturing on February 22, 2027, which generated GH¢310.79 million across 12 transactions. The instrument ended the session at a closing yield of approximately 7.44% and a closing price of GH¢96.36.
Another sizeable concentration was recorded in the 364-day bill maturing on January 18, 2027, where trading volume reached GH¢125.63 million across 511 transactions.
Further activity included GH¢89.88 million in the July 19, 2027 bill, GH¢85.96 million in the June 28, 2027 instrument and GH¢55.20 million in the July 26, 2027 bill.
The Treasury bill data also show considerable variation in yields across maturities, reflecting differences in the remaining life of each instrument and secondary-market pricing.
At the short end, bills approaching maturity traded at relatively low yields, while longer-dated instruments generally carried higher secondary-market yields. The August 24, 2026 bill, for example, closed at approximately 9.99%, while several bills maturing in mid-2027 were quoted at double-digit yields.
Sell/buy-back transactions effectively repurchase-style trades involving government securities added another GH¢196.15 million across 62 transactions.
The February 2030 DDEP bond again dominated this segment, recording GH¢69.84 million across 25 transactions at a reported yield of 13.26% and weighted average closing price of approximately GH¢87.86.
The February 2029 DDEP security followed with GH¢66.48 million, while the February 2032 instrument generated GH¢30.25 million.
The absence of activity in the corporate bond segment was notable. Although the GFIM lists securities issued by institutions including Letshego Ghana, Bayport Savings and Loans, Ghana Cocoa Board, Izwe Savings and Loans, Kasapreko and Quantum, no corporate bond volume was recorded during Friday’s session.
That contrasts with the depth of trading in sovereign instruments and underscores the continuing dominance of government securities in Ghana’s fixed-income secondary market.
The absence of transactions in both new and old Government of Ghana bond categories also meant virtually all outright government bond trading was concentrated in instruments created through the domestic debt restructuring.
Overall, Friday’s GH¢2.54 billion trading session reflects a market where liquidity remains heavily tilted towards DDEP bonds and Treasury bills.
The headline volume is significant, but its composition is equally important: more than 92.00% of activity came from outright DDEP bond and Treasury bill transactions, while corporate securities attracted no trades.
For Ghana’s fixed-income market, the challenge therefore remains broader than generating headline trading volumes. Deepening liquidity across corporate debt and a wider range of government securities will be critical if the market is to evolve beyond its current concentration in sovereign instruments.
