- GFIM Turnover Hits GH¢1.24bn as Treasury Bills Dominate September 18 Trading
Trading activity on the Ghana Fixed Income Market reached GH¢1.24bn on Friday, September 18, 2026, with Treasury bills and Domestic Debt Exchange Programme bonds accounting for the overwhelming majority of transactions.
The official GFIM trading report recorded total volume of GH¢1.238bn across 4,037 trades, underscoring sustained demand for government securities across the short and medium-to-long end of the market.
Treasury bills alone represented 61.13% of total volume, while DDEP bonds contributed another 31.76%.
Treasury bills remained the dominant asset class, with GH¢756.77m changing hands through 3,975 transactions.
That activity dwarfed trading in conventional government notes and bonds and reflected the market’s continued preference for instruments offering shorter duration and relatively high liquidity.
The largest single Treasury-bill line was the security maturing on September 21, 2026, which recorded GH¢262.37m across 3,336 trades at a closing yield of 9.94% and a closing price of 99.92%.
Demand was not confined to bills approaching immediate maturity. The 364-day bill maturing on May 3, 2027 recorded a further GH¢213.84mn in turnover, while the December 28, 2026 bill traded GH¢81.43m and the August 2, 2027 maturity recorded GH¢58.00m.
The spread of activity across maturities indicates that investors were managing both near-term liquidity and duration exposure rather than concentrating entirely at the shortest end of the curve.
The Treasury-bill yield structure remained upward sloping across the longer-dated maturities covered by the report.
Securities maturing in late September traded around the 9.00%-10.00% area, while several maturities towards the end of 2026 carried closing yields in the 4.00%-6.00% range before yields gradually rose again across maturities extending into mid-2027.
The pattern reflects the pricing differences between specific outstanding bills and their remaining days to maturity rather than a simple comparison with primary-market auction rates.
DDEP securities generated GH¢393.19m from 27 trades, making them the second-largest segment of the session despite far fewer transactions than Treasury bills.
The most actively traded restructuring bond was the 9.10% February 2032 DDEP security, which recorded GH¢177.44m across seven trades and closed at a yield of 14.32% and a price of 80.7670. Its scale accounted for roughly 45.13% of all outright DDEP bond volume traded during the session.
The shorter 10.00% August 2027 DDEP bond was another major source of liquidity, recording GH¢130.05mn across eight trades and closing at a yield of 10.76%.
The 8.50% February 2028 security followed with GH¢80.19m, while activity in several longer GC-series bonds was considerably smaller.
The distribution suggests that investors remained selective, with trading concentrated in a small group of maturities where liquidity and pricing visibility were strongest.
Yield movements across the DDEP curve were mixed. The August 2027 bond’s closing yield fell from an opening 11.00% to 10.76%, while the February 2032 instrument moved higher from 14.25% to 14.32% and the February 2037 bond increased from 14.80% to 15.15%.
Longer restructuring securities consequently continued to trade at substantial discounts to par, with the February 2038 bond closing at a price of about 72.19 and a yield of 15.20%.
Sell-and-buy-back transactions in government bonds added another GH¢85.31mn across 21 trades, equivalent to 6.89% of total GFIM activity.
The largest transaction involved the February 2037 DDEP bond, where GH¢42.89mn traded in a single repo-style transaction at a yield of 14.60% and weighted average price of 74.9397.
The February 2033 DDEP security was also active, recording GH¢24.96mn across nine transactions at a yield of 12.00%.
Conventional government bonds outside the DDEP universe remained comparatively quiet. New Government of Ghana notes and bonds recorded only GH¢521,798 across three transactions, all concentrated in the 12.00% September 2030 bond, which closed at a yield of 11.85% and price of 100.4642.
Old government bonds generated GH¢442,271 from two trades, led by GH¢327,271 in the 18.80% September 2027 bond at a closing yield of 30.00%.
Corporate bonds accounted for just GH¢1.80mn across nine trades, representing about 0.15% of total market volume.
Petrosol Platinum Energy’s 17.00% August 2031 bond was the most actively traded corporate security, with GH¢989,980 exchanged across three transactions and a closing price of 105.7288.
Ghana Cocoa Board securities contributed most of the balance, including GH¢764,400 in the 13.00% August 2027 bond and GH¢50,000 in the August 2028 maturity.
The trading pattern shows a market still overwhelmingly anchored by sovereign debt, with Treasury bills, DDEP securities and government bond repos accounting for virtually all turnover.
Investors appear to be balancing liquidity at the short end with selective positions in restructured bonds where yields remain materially higher and prices continue to trade below par. Corporate debt remains marginal by comparison, highlighting how limited the private fixed-income market is relative to government securities.
For the September 18 session, the defining story was therefore not simply the GH¢1.24bn headline volume but where that liquidity was concentrated.
More than 92.00% of activity came from Treasury bills and DDEP bonds alone, while the single largest bill and the most active DDEP security together generated nearly GH¢440mn in turnover.
The numbers reinforce a familiar feature of Ghana’s fixed-income market: liquidity is recovering and trading depth is visible, but it remains concentrated in government instruments and a relatively narrow group of actively traded maturities.
