- Ghana’s Fixed-Income Market Doubles in August as Trading Value Hits GH¢43.20bn
Activity on Ghana’s fixed-income market accelerated sharply in August 2026, with the value of securities traded more than doubling from a year earlier as investors increased exposure to government debt against a backdrop of declining short-term Treasury yields.
Ghana Fixed Income Market transactions were valued at GH¢43.20bn, compared with GH¢21.32bn in August 2025, representing year-on-year growth of 102.65%, according to SIC Brokerage’s monthly market report. Trading volume rose even faster, increasing 104.77% to about 48.99bn securities from 23.92bn a year earlier.
The expansion points to a significant improvement in secondary-market activity as liquidity returned to government securities and investors repositioned across different maturities. The report recorded 36,124 trades during August, with government notes and bonds accounting for the largest share at 52.77% of total transactions.
Treasury bills contributed another 45.98%, leaving corporate bonds with only 1.25%, highlighting the continued dominance of sovereign instruments in Ghana’s fixed-income market.
The primary market showed equally strong demand towards the end of the month. Treasury Tender #2024 attracted total bids of GH¢8.20bn, substantially above the government’s auction requirement, with GH¢7.21bn ultimately accepted.
SIC Brokerage described the auction as attracting “strong investor demand”, reinforcing evidence that investors remain willing to deploy substantial liquidity into short-dated government paper despite the continued decline in yields.
The 91-day Treasury bill dominated accepted bids at GH¢4.52bn, followed by the 182-day bill at GH¢1.82bn and the 364-day security at GH¢867.93mn.
Those figures show that investors continued to display a preference for shorter maturities at the latest auction, even as rates fell further.
The government subsequently set a target of GH¢4.12bn for Tender #2025 through another combination of 91-day, 182-day and 364-day securities.
Yields fell across all three Treasury-bill tenors at the latest auction covered by the report. The 91-day yield declined by 11 basis points to 4.69%, while the 182-day yield dropped 17 basis points to 6.51% and the 364-day bill eased two basis points to 10.10%.
The decline suggests that strong demand is allowing the government to refinance short-term obligations at progressively lower nominal rates, although investors’ willingness to accept such yields will continue to depend on inflation expectations and the broader macroeconomic outlook.
SIC Brokerage’s separate August yield-curve presentation shows the broader term structure rising steeply as maturities extend.
It placed the 91-day rate at 4.95%, the 182-day rate at 6.86% and the 364-day rate at 10.78%, before rising to 12.02% for two-year securities, 12.90% at three years, 14.21% at five years and 21.50% at 20 years.
These figures differ from the latest auction yields in the same report and appear to represent a broader August yield-curve snapshot rather than the final tender rates.
That steep curve remains significant for government financing. Investors are accepting relatively low returns at the short end but continue to demand a substantial premium to lock money away for longer periods, reflecting the additional duration, inflation and fiscal risks attached to long-term securities.
For policymakers, that creates a clear incentive to exploit cheaper short-term funding, although excessive reliance on Treasury bills would increase refinancing exposure and concentrate maturities over shorter horizons.
The report’s monthly issuance breakdown also shows a different pattern from the latest individual auction. Across total amounts raised during August, the 364-day bill accounted for 56.00%, compared with 34.00% for the 91-day bill and 10.00% for the 182-day instrument.
That suggests the government was able to secure a larger share of one-year funding across the month even though the final auction was heavily concentrated in the 91-day security.
The secondary-market numbers are equally important because they indicate that demand is extending beyond primary auctions. A fixed-income market where securities change hands actively after issuance gives investors greater flexibility to manage portfolios and reduces the liquidity penalty associated with holding government debt.
August’s GH¢43.20bn turnover therefore points not simply to government borrowing demand, but to a substantially more active market for repricing and reallocating existing securities.
Corporate debt, however, remains a small component of the market. With corporate bonds accounting for only 1.25% of transactions, Ghana’s fixed-income ecosystem continues to be overwhelmingly shaped by government securities.
That concentration limits the extent to which the market is serving as a broad source of long-term capital for private companies, infrastructure projects and productive investment outside the public sector.
The stronger August performance nevertheless represents a substantial expansion from a year earlier. Both trading volume and value more than doubled, while declining Treasury yields indicate that government is currently benefiting from stronger investor demand at the short end of the curve.
The combination of higher turnover and lower short-term borrowing rates marks a notable shift in market conditions, although the elevated long-term yield premium shows that investor confidence is not uniform across maturities.
The next test will be whether government can translate this liquidity into a more balanced debt profile rather than simply increasing dependence on short-term instruments. Sustained demand for longer-dated securities at affordable rates would provide a stronger indication that investors are becoming more comfortable with Ghana’s medium-term fiscal trajectory.
For now, August’s numbers show a fixed-income market enjoying significantly deeper activity, but one in which the steep yield curve and overwhelming dominance of sovereign debt continue to define where investors are willing to take risk.
