- Government Securities Account For 99.92% Of GFIM Turnover As Corporate Debt Remains Thin
Trading on the Ghana Fixed Income Market generated total turnover of GH¢2.06 billion on Wednesday, August 26, 2026, with restructured Government of Ghana bonds accounting for almost two-thirds of activity as investors concentrated liquidity in selected medium- and long-dated securities.
GFIM data showed 6,353 transactions across the market, with Domestic Debt Exchange Programme bonds recording GH¢1.33 billion from 63 trades. That represented 64.66% of total turnover and made the DDEP segment by far the largest contributor to the session.
Treasury bills generated another GH¢561.31 million from 6,257 transactions, equivalent to 27.28% of overall market activity, while sell/buy-back transactions involving Government of Ghana securities contributed GH¢143.83 million, or 6.99%.
Old Government of Ghana bonds recorded GH¢20.00 million, corporate securities generated GH¢1.68 million and newly issued GoG notes and bonds accounted for only GH¢300,000. Government securities, including sell/buy-back transactions, therefore represented approximately 99.92% of total market turnover, highlighting the continued dominance of sovereign debt in secondary-market liquidity.
Within the DDEP segment, the GOG-BD-10/02/32-A6148-1838-9.10 emerged as the most actively traded security, recording GH¢544.04 million across 15 transactions. The February 2032 bond alone accounted for 40.89% of DDEP turnover and closed at a yield of 14.52% with an end-of-day price of GH¢79.9735.
The February 2030 DDEP bond followed with GH¢380.18 million across 15 trades, equivalent to 28.57% of DDEP activity. It closed at a yield of 14.14% and a price of GH¢85.7079.
The February 2031 security generated GH¢158.49 million, while the February 2027 DDEP bond recorded GH¢107.06 million. Trading in the February 2028 and February 2029 maturities stood at GH¢40.80 million and GH¢40.00 million respectively.
The concentration of activity in the 2030–2032 maturities suggests investors were willing to extend further along the restructured government yield curve where pricing and yields offered sufficient compensation. The 2032 and 2030 instruments together accounted for more than two-thirds of all DDEP turnover.
Treasury-bill activity was similarly concentrated, although at the shorter end of the sovereign market. The 364-day bill segment accounted for GH¢379.49 million, representing 67.61% of total Treasury-bill turnover. The 91-day bills generated GH¢156.65 million, or 27.91%, while 182-day bills contributed GH¢25.17 million, equivalent to 4.48%.
The single most actively traded Treasury bill was the GOG-BL-23/11/26-A7100-2021-0, which generated GH¢140.14 million from 5,105 transactions and closed at a yield of 5.14% and price of GH¢98.7596.
Within the 364-day segment, the December 7, 2026 maturity attracted GH¢89.35 million, while the August 2, 2027 security recorded GH¢87.14 million. The March 15, 2027 bill generated GH¢65.29 million, underscoring the preference for selected longer Treasury maturities.
Activity in newly issued Government of Ghana bonds remained modest. The GOG-BD-29/03/33-A6155-2001-12.50 was the only security traded in the category, generating GH¢300,000 from two transactions. Its closing yield fell to 12.20% from an opening yield of 13.58%, while the closing price rose to GH¢101.3028.
Old Government of Ghana bonds generated GH¢20.00 million from a single transaction in the GOG-BD-08/11/27-A5471-1720-20.50. The security closed at a yield of 17.00% and price of GH¢103.5761.
Corporate bond trading remained thin, with total turnover of only GH¢1.68 million from seven transactions. Ghana Cocoa Board securities accounted for all recorded corporate activity. The CMB-BD-28/08/28-A6301-1675-13.00 led the segment with GH¢1.33 million from five trades, while the August 2027 Cocoa Board bond generated GH¢355,500 from two transactions.
Sell/buy-back activity reached GH¢143.83 million from 23 trades. The February 2030 DDEP bond dominated this segment with GH¢100.00 million, or about 69.53% of sell/buy-back turnover, at a yield of 13.76%. The February 2032 DDEP security followed with GH¢23.00 million, while the February 2027 bond recorded GH¢11.58 million.
Overall, Wednesday’s session showed liquidity remaining firmly concentrated in government securities, with DDEP bonds and Treasury bills together accounting for more than 91.00% of total market turnover before sell/buy-back activity is included.
The maturity pattern was also notable. Investors showed significant interest in the medium-to-long end of the DDEP curve, particularly 2030 to 2032 securities, while Treasury-bill trading remained heavily tilted toward the 364-day segment.
The combination suggests a market willing to selectively extend duration in restructured bonds while continuing to use Treasury bills as a major liquidity and short-term investment instrument. Corporate debt, by contrast, remained peripheral, reinforcing the structural challenge of deepening non-sovereign fixed-income trading on the Ghanaian market.
