- DDEP Bonds Generate GH¢222.55 Million as Investors Focus on 2030 and 2032 Maturities
Turnover on the Ghana Fixed Income Market declined to GH¢861.35 million on Thursday, July 30, 2026, as investors concentrated activity in Treasury bills and selected Domestic Debt Exchange Programme bonds.
The market recorded 277 transactions, with Treasury bills generating GH¢632.36 million across 247 trades.
That represented 73.41% of total market turnover and 89.17% of all transactions, reinforcing the continued preference for short-term government securities.
DDEP bonds followed with GH¢222.55 million from 27 transactions, accounting for 25.84% of the value traded.
Sell-buy-back transactions involving Government of Ghana securities contributed GH¢5.95 million, while corporate bond turnover amounted to GH¢500,000.00.
No trades were recorded in either the new Government of Ghana notes and bonds segment or the old government securities market.
The GH¢861.35 million total represented a significant slowdown from the approximately GH¢2.03 billion recorded during the previous session, amounting to a decline of about 57.57%.
The fall reflected reduced activity in both Treasury bills and DDEP bonds following the larger institutional transactions that lifted the July 29 session.
Treasury bill trading was led by the instrument maturing on July 26, 2027, which generated GH¢264.31 million through 21 transactions.
The security accounted for 41.80% of Treasury bill turnover and 30.69% of the market’s total value. It closed at a yield of approximately 12.82% and a price of GH¢88.72.
The substantial discount to face value reflects the return required by investors for holding the security for almost a year.
The Treasury bill maturing on March 15, 2027, followed with GH¢121.17 million across five transactions. It closed at a yield of approximately 9.06% and a price of GH¢94.63.
Other significant Treasury bill activity included GH¢60.28 million in the June 14, 2027 maturity and GH¢51.31 million in the February 22, 2027 instrument.
The September 7, 2026 maturity recorded GH¢47.00 million through a single transaction, illustrating the continued influence of large institutional deals on market turnover.
Despite the dominance of Treasury bills by value, transaction activity was spread across several maturities.
Shorter-dated instruments generally closed at lower yields, while returns increased progressively across the longer-dated bills, reflecting the additional time and reinvestment risks assumed by investors.
Within the DDEP segment, the bond maturing on February 12, 2030 generated GH¢93.19 million through 15 trades, making it the largest outright bond transaction of the day.
The 8.80% coupon security accounted for 41.88% of DDEP turnover and closed at a yield of 15.09% and a price of approximately GH¢83.15.
The February 10, 2032 DDEP bond followed with GH¢70.67 million through a single transaction. It closed at a yield of 14.04% and a price of about GH¢81.37.
Together, the 2030 and 2032 maturities represented 73.63% of total DDEP turnover, demonstrating the narrow concentration of liquidity within the restructured bond market.
The February 2037 bond recorded GH¢31.00 million, while the February 2027 maturity attracted GH¢12.00 million.
A further GH¢7.24 million was traded in the February 2038 bond, with smaller transactions recorded in the 2029 and 2033 maturities.
The concentration in a limited number of DDEP securities means headline turnover may not necessarily reflect broad liquidity across the full range of restructured bonds.
Corporate bond trading remained subdued.
A Ghana Cocoa Board bond maturing on August 31, 2026 generated the entire GH¢500,000.00 corporate debt turnover through one transaction and closed at approximately GH¢99.90.
Sell-buy-back activity totalled GH¢5.95 million across two transactions.
The February 2030 DDEP bond accounted for GH¢4.83 million at a yield of 9.00%, while the February 2038 security generated GH¢1.12 million.
Thursday’s session demonstrated that liquidity on Ghana’s fixed-income market remains heavily concentrated in Treasury bills and selected DDEP maturities.
While the market continues to provide substantial trading opportunities, the absence of activity in new government bonds and the limited corporate segment underline the need to broaden liquidity across more instruments and issuers.
