- Ghana Fixed Income Market Turnover Reaches GH¢31.79bn in July
Trading activity on the Ghana Fixed Income Market accelerated sharply in July 2026, with total securities volume rising 62.78% from a year earlier as investors increased transactions in government bonds and Treasury bills.
The market recorded GH¢34.87 billion in traded volume during the month, compared with GH¢21.42 billion in July 2025, while the value of securities traded increased 73.01% to GH¢31.79 billion from GH¢18.38 billion. The number of trades climbed even faster, rising 216.11% to 53,796 from 17,018 a year earlier.
The stronger July performance adds to a substantial recovery in Ghana’s fixed-income secondary market during the first seven months of the year. Cumulative trading volume reached GH¢255.77 billion between January and July, up 97.27% from GH¢129.66 billion over the same period of 2025, while value traded more than doubled by 116.49% to GH¢233.60 billion.
The figures are significant because the GH¢255.77 billion traded in just seven months has already exceeded the GH¢245.85 billion recorded for the whole of 2025. The Ghana Stock Exchange’s historical series shows annual GFIM volume falling to GH¢98.44 billion in 2023 before recovering to GH¢174.00 billion in 2024 and GH¢245.85 billion last year.
Government securities remain overwhelmingly responsible for the market’s depth. Between January and July, government notes and bonds contributed 51.41% of trading volume, while Treasury bills accounted for another 47.16%, leaving corporate securities with only 1.43% of total activity.
That concentration shows that Ghana’s fixed-income market remains primarily a sovereign debt market despite the improvement in overall liquidity. A deeper corporate bond segment would give companies a stronger alternative to bank borrowing and create a broader range of assets for pension funds, insurers and other institutional investors.
Government bonds were particularly active during July. The 9-year bond recorded GH¢5.01 billion in volume, followed by the 7-year bond with GH¢4.45 billion, while the 364-day Treasury bill generated GH¢13.58 billion, making it the single largest security category traded during the month.
The 364-day bill also dominated activity across the first seven months, recording volume of GH¢72.53 billion, compared with GH¢25.38 billion for the 182-day bill and GH¢22.70 billion for the 91-day instrument. Among longer-dated government bonds, the 9-year security led with GH¢32.16 billion, followed by the 8-year bond at GH¢20.25 billion and the 4-year bond at GH¢20.17 billion.
The shift towards active trading in longer-dated instruments matters because secondary-market liquidity allows investors to adjust portfolios without holding securities until maturity. It also improves price discovery and can make government securities more attractive by reducing the liquidity premium investors may otherwise demand.
The July report also shows a sharp increase in turnover ratios. Government notes and bonds recorded turnover of 59.26% compared with 21.37% a year earlier, while Treasury-bill turnover increased to 85.75% from 57.57%. Corporate securities recorded a turnover ratio of 43.46%, up from 37.04%.
Yields, meanwhile, were generally lower than a year earlier at the shorter end of the curve. The 91-day yield stood at 5.86% in July 2026 compared with 10.94% in July 2025, while the 182-day yield declined to 7.64% from 12.88% and the 364-day yield eased to 12.77% from 13.28%.
Longer-dated yields were more mixed. The 4-year yield declined to 10.43% from 15.25%, while the 7-year yield stood at 15.09% compared with 15.69% a year earlier, but the 10-year yield increased to 15.00% from 14.15%.
Primary-market activity also shows a changing maturity preference. Government received GH¢39.27 billion in Treasury-bill tenders during July but accepted GH¢32.07 billion, with the 364-day bill accounting for GH¢19.80 billion of accepted bids, far above the GH¢9.07 billion accepted for 91-day bills and GH¢3.20 billion for 182-day securities.
Outstanding government securities reached GH¢362.56 billion by the end of July, compared with GH¢346.76 billion a year earlier. Treasury bills accounted for GH¢140.66 billion of that stock, while the remainder was distributed across government bonds ranging from four years to 20 years.
Corporate debt remains considerably smaller, with outstanding corporate securities of GH¢8.43 billion. Ghana Cocoa Board accounted for GH¢7.33 billion of that total, highlighting how narrow the corporate segment remains despite the wider recovery in GFIM activity.
The July numbers therefore tell two stories. Ghana’s fixed-income market has recovered strongly in liquidity and trading intensity, but that growth remains overwhelmingly concentrated in government securities.
For policymakers and market operators, the next stage of development will be whether that liquidity can gradually extend into corporate debt. If companies can access a more active bond market alongside banks, Ghana’s fixed-income recovery could become more than a story about trading government debt and evolve into a deeper source of long-term financing for the wider economy.
