- Treasury Bills Drive GFIM Turnover to GH¢1.97bn as Short-Term Securities Dominate
Trading activity on the Ghana Fixed Income Market rose to GH¢1.97 billion on Wednesday, July 1, 2026, with Treasury bills accounting for the largest share of turnover as investors continued to favour short-term government securities.
Total volume traded on the market stood at GH¢1.97 billion across 370 trades, reflecting sustained activity in government paper.
Treasury bills led the market with turnover of GH¢1.13 billion from 304 trades, representing 57.19% of total market volume and 82.16% of all transactions executed during the session.
The dominance of Treasury bills underscores continued investor preference for short-dated instruments, as market participants manage liquidity, reinvest maturities and position around the short end of the yield curve.
DDEP bonds also recorded strong activity, contributing GH¢827.27 million from 51 trades. The restructured bonds accounted for 41.93% of total market turnover, making them the second-largest contributor to activity on the day.
Together, Treasury bills and DDEP bonds accounted for 99.12% of total GFIM turnover, highlighting the continued concentration of liquidity in government securities.
Sell/buy-back trades in Government of Ghana notes and bonds recorded GH¢14.39 million from seven trades, representing 0.73% of total market volume.
Corporate bonds remained subdued, with turnover of GH¢2.86 million across seven trades, equivalent to 0.14% of market activity.
New Government of Ghana notes and bonds recorded only GH¢50,000.00 from one trade, while there were no trades in old Government of Ghana notes and bonds.
In the DDEP segment, the largest volume was recorded in the GOG-BD-10/02/32-A6148-1838-9.10, which traded GH¢330.42 million from three transactions. The bond closed at a yield of 14.37% and a price of 80.09.
The instrument alone accounted for 39.94% of total DDEP bond turnover and 16.75% of total market volume.
The GOG-BD-16/02/27-A6143-1838-8.35 also recorded strong demand, trading GH¢254.44 million across 23 transactions, with a closing yield of 10.52% and a closing price of 98.69.
Other active DDEP instruments included the GOG-BD-13/02/29-A6145-1838-8.65, which recorded GH¢110.57 million from 10 trades and closed at a yield of 13.12%, and the GOG-BD-12/02/30-A6146-1838-8.80, which traded GH¢37.82 million from two transactions at a closing yield of 13.03%.
In the Treasury bill segment, the largest volume was recorded in the GOG-BL-05/04/27-A7009-2001-0, which traded GH¢231.32 million across 11 transactions. The bill closed at a yield of 10.31% and a price of 92.70.
The instrument accounted for 20.50% of Treasury bill turnover and 11.73% of total GFIM activity.
Other Treasury bill trades were spread across several maturities, with the segment maintaining its position as the most active part of the fixed-income market by both volume and number of trades.
The new Government of Ghana bond segment recorded a single trade in the GOG-BD-29/03/33-A6155-2001-12.50, valued at GH¢50,000.00. The bond closed at a yield of 13.75% and a price of 94.55.
In the corporate bond market, the largest transaction was recorded in the CMB-BD-30/08/27-A6302-1675-13.00, which traded GH¢1.80 million across three trades and closed at 102.53.
Sell/buy-back activity was led by the GOG-BD-06/02/35-A6151-1838-9.55, which recorded GH¢13.44 million from two trades at a yield of 15.10% and a weighted average closing price of 74.65.
The day’s trading pattern points to a market still anchored around short-term securities, even though DDEP bonds continue to attract meaningful secondary-market interest.
The strong volume in Treasury bills suggests that investors remain focused on liquidity and short-duration exposure, while selective activity in longer-dated DDEP instruments indicates appetite for restructured bonds where yields and prices remain attractive.
Corporate bond trading, however, remained thin, reinforcing the limited depth of Ghana’s non-sovereign fixed-income market compared with government securities.
At the close of trading, the Ghana Fixed Income Market recorded total turnover of GH¢1.97 billion, with Treasury bills and DDEP bonds firmly driving market activity.
Source: Ghana Fixed Income Market trading report for Wednesday, July 1, 2026.
