- Ghana Fixed Income Market Records GH₵1.52 Billion in Trades on May 13
Trading activity on the Ghana Fixed Income Market reached GH₵1.52 billion on Wednesday, May 13, 2026, driven largely by sell/buy-back transactions in government securities and strong activity in Treasury bills. According to the latest GFIM trading report, total market turnover stood at GH₵1.517 billion across 653 trades, reflecting sustained investor activity in short-dated government instruments and repo-style transactions.
Sell/buy-back trades in Government of Ghana notes and bonds accounted for the largest share of market activity, recording GH₵935.49 million in turnover from 84 trades. This represented about 62 per cent of total market volume, underlining the continued importance of liquidity-driven and short-term funding transactions in the fixed income market.
Treasury bills followed with turnover of GH₵580.13 million across 556 trades, making the segment the most actively traded by number of transactions. The strong activity in Treasury bills signals continued investor preference for shorter-duration instruments as market participants manage liquidity, interest-rate expectations and portfolio risk in a gradually easing macroeconomic environment.
By contrast, activity in the bond market remained relatively muted. Domestic Debt Exchange Programme bonds recorded turnover of GH₵1.58 million from five trades, while corporate bonds posted turnover of GH₵707,100 from eight trades. New Government of Ghana notes and bonds as well as old Government of Ghana notes and bonds recorded no outright trading activity for the session.
The largest single volume traded in the sell/buy-back segment was the GOG-BD-10/02/32-A6148-1838-9.10, which recorded turnover of GH₵577.98 million from 36 trades. The instrument closed with a yield of 13.77 per cent and a weighted average closing price of 81.77.
In the Treasury bills market, the most traded security was the GOG-BL-30/11/26-A6919-1983-0, which recorded turnover of GH₵129.85 million from 11 trades. The bill closed at a yield of 7.43 per cent and a closing price of 96.06.
The dominance of Treasury bills and sell/buy-back trades points to a market still anchored around liquidity management, short-term yield positioning and collateralised funding activity rather than broad-based long-term bond accumulation.
For investors, the pattern of trading suggests a cautious but active market. While macroeconomic indicators have improved in recent months, including easing inflation and stronger currency sentiment, many market participants appear to be favouring instruments that offer flexibility and shorter exposure.
The subdued trading in longer-dated and old Government of Ghana bonds also reflects lingering selectivity in the secondary bond market following the domestic debt restructuring period. Although confidence in Ghana’s fixed income market has been gradually rebuilding, investors remain attentive to duration risk, fiscal consolidation, interest-rate direction and secondary market liquidity.
Corporate bond activity also remained thin, with only GH₵707,100 traded during the session. Ghana Cocoa Board securities were among the active names in the corporate segment, with the CMB-BD-31/08/26-A6303-1675-13.00 recording GH₵572,400 in turnover across six trades, making it the largest corporate bond trade by volume for the day.
The latest GFIM data comes at a time when falling benchmark rates and improving macroeconomic conditions are increasing expectations that fixed income yields may continue to adjust. However, the structure of trading shows that investors are still positioning carefully, with liquidity and short-term instruments attracting most of the day’s activity.
The session’s turnover also highlights the growing role of sell/buy-back transactions in supporting market liquidity. Such trades allow market participants to manage funding needs while using fixed income securities as underlying instruments, making them an important part of market functioning.
Overall, Wednesday’s trading points to a fixed income market that remains active but highly concentrated. Treasury bills continue to dominate transaction count, sell/buy-back trades dominate turnover, and long-term bond activity remains selective.
