- NorvanReorts | GFIM: Treasury Bills Lead Fixed Income Activity With GH¢629.09 Million in Trades
The Ghana Fixed Income Market recorded total turnover of GH¢888.46 million on Monday, May 4, 2026, as activity was led by Treasury bills and sell/buy-back trades in Government of Ghana securities.
Data from the trading session showed that total market volume stood at GH¢888.46 million from 337 trades, reflecting a quieter session compared with the stronger turnover recorded in the previous trading days.
Treasury bills dominated activity, accounting for GH¢629.09 million from 300 trades, making them both the largest segment by value and the most active by number of transactions.
Sell/buy-back trades in Government of Ghana notes and bonds followed with GH¢204.47 million across 28 trades, while Domestic Debt Exchange Programme bonds recorded GH¢54.90 million from nine trades.
There was no trading activity in new Government of Ghana notes and bonds, old Government of Ghana notes and bonds, or corporate bonds during the session.
The largest Treasury bill trade was in the GOG-BL-08/02/27-A6964-1992-0, which recorded GH¢162.86 million from four trades. The instrument closed at a price of 93.8941, making it the dominant security in the short-term government paper segment.
In the DDEP bond segment, the largest trade was recorded in the GOG-BD-16/02/27-A6143-1838-8.35, which posted turnover of GH¢53.01 million from two trades. The bond closed at a yield of 11.06 per cent and an end-of-day closing price of 97.9757.
In the sell/buy-back market, the most actively traded security by value was the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢104.64 million across six trades. The transaction closed at a yield of 13.34 per cent and a weighted average closing price of 83.2010.
The trading pattern reinforces the continued preference for short-term government securities, with Treasury bills remaining the main liquidity anchor for investors seeking duration control, predictable pricing and easier exit options.
Sell/buy-back trades also remained important to market activity, reflecting ongoing use of structured transactions around Government of Ghana bonds. DDEP bond trading, however, was relatively modest, with activity concentrated in a small number of securities.
The absence of corporate bond trading again highlights the limited depth of Ghana’s private debt market, where secondary market liquidity remains heavily skewed toward government securities.
For investors, the May 4 session reflected a market shaped by caution and liquidity preference. Treasury bills provided breadth, sell/buy-back transactions contributed scale, and DDEP bonds saw selective participation.
Overall, the session showed a fixed income market still firmly anchored in government paper, with short-term instruments continuing to attract the strongest investor interest while corporate debt remains thinly traded.
