- T-bills dominate as GFIM turnover hits GH¢3.48bn; new GoG bond trades at 12.11%
Trading on the Ghana Fixed Income Market rose to GH¢3.48bn on Wednesday, with investor activity once again concentrated in Treasury bills, underscoring the market’s continued preference for liquidity and the government’s reliance on short-term domestic funding.
A total of 775 trades were recorded during the session, with Treasury bills accounting for GH¢2.17bn of turnover, or more than 60 per cent of total market volume. DDEP bonds contributed GH¢671.33m, while sell-buy-back trades added GH¢532.59m. Trading in new Government of Ghana notes and bonds reached GH¢81.85m, while corporate bonds remained marginal at GH¢19.87m.
The figures point to a market that is regaining depth after the domestic debt restructuring but one that remains overwhelmingly sovereign in character.
The largest volume on the day came from the Treasury bill segment, where the instrument GOG-BL-29/03/27-A7004-2000-0 alone recorded GH¢625.61m across 14 trades, making it the single most actively traded security of the session.
That heavy concentration at the short end reflects a familiar pattern in Ghana’s fixed-income market: investors remain more comfortable in instruments that offer quick rollover, lower duration risk, and clearer liquidity.
No old GoG notes and bonds were traded during the session, confirming that legacy instruments remain effectively absent from secondary market activity.
Trading in post-restructuring DDEP bonds remained firm, with total turnover of GH¢671.33m across 25 deals. The most actively traded instrument in that segment was GOG-BD-16/02/27-A6143-1838-8.35, which recorded GH¢338.99m across 9 trades. The bond closed at a yield of 10.35% and a price of 98.3692.
The continued activity in DDEP paper suggests that the restructured bonds are gradually finding a firmer footing in the secondary market, particularly as investors grow more accustomed to the new pricing environment.
On the same day, Ghana also provided a fresh signal regarding its post-restructuring return to conventional bond issuance. The GOG-BD-29/03/33-A6155-2001-12.50, a 12.50% coupon bond maturing in 2033, recorded GH¢81.85m across 16 trades. It closed at a price of 101.7981, implying a yield of 12.11%.
That places the bond modestly above par and suggests that demand for new conventional sovereign paper is beginning to re-emerge, an encouraging development as the government works to rebuild a functioning domestic yield curve.
Sell-buy-back activity remained sizeable, contributing GH¢532.59m to the day’s total volume. The largest transaction in that category came from GOG-BD-13/02/29-A6145-1838-8.65, which accounted for GH¢460m across just 3 trades. The bond traded at a yield of 12.02% and a closing price of 92.0037.
The size of these repo trades suggests that institutions are continuing to use government securities actively for short-term liquidity management, even as outright secondary trading stays concentrated in a narrow set of lines.
Corporate bond turnover remained small relative to sovereign paper. Total volume came to GH¢19.87m across 24 trades, led by CMB-BD-31/08/26-A6303-1675-13.00, which traded GH¢17.22m at a closing price of 101.1500.
The figures reinforce a long-standing reality of Ghana’s debt market: while secondary market activity is improving, private-sector debt remains too small to materially alter the market’s structure.
Wednesday’s trading paints a clear picture of a market in recovery, but not yet in full transition. Treasury bills remain the default instrument for both investors and the sovereign. DDEP bonds are now actively traded and beginning to establish clearer market pricing. The new 2033 bond offers a positive signal that conventional issuance can return. But corporate debt remains peripheral, and the state still dominates the market’s liquidity profile.
For now, Ghana’s fixed income market is growing stronger in volume. The harder question is whether it can become broader in composition.
