- NorvanReports | GFIM: GFIM Stayed Short Again: T-Bills Ruled While Buy-Backs and DDEP Did the Heavy Lifting
Trading on the Ghana Fixed Income Market (GFIM) on Tuesday, April 28, 2026 reinforced a market that is still choosing certainty over conviction. Treasury bills dominated turnover and trade count, while activity in DDEP bonds and sell/buy-back (SBB) transactions provided the day’s deeper liquidity, which is a familiar pattern in a post-restructuring market where participants continue to prioritise short duration and collateralised positioning.
Total volume traded reached 833.87m across 413 trades. Bills accounted for the largest share at 529.95m in volume from 295 trades, underscoring how strongly the market’s flow remains concentrated in short paper. Sell/buy-back trades in government bonds added 179.70m (40 trades), while DDEP bonds posted 98.58m (26 trades). Corporate bonds saw 21.51m (36 trades), while old GoG notes and bonds were marginal at 4.13m (16 trades). There were no trades recorded in the new GoG notes and bonds on that day.
The tape tells a clear story: the market is active but still heavily clustered in instruments that either mature quickly (bills) or behave like liquidity trades (SBB) with DDEP paper remaining the main secondary venue for investors taking curve exposure without fully re-engaging the long end.
The most heavily traded bill line was GOG-BL-27/07/26, which printed 199.38m in volume across five trades, closing at 98.13. That single instrument captured a large share of the entire T-bill tape, highlighting how quickly GFIM liquidity can narrow around a few tradable maturities where pricing is clear and counterparties can transact in size.
In DDEP bonds, the day’s main liquidity anchor was GOG-BD-10/02/32, which traded 65.14m across five trades, closing at a yield of 12.87% and an end-of-day price of 84.88. The scale of the trade suggests that even within restructured paper, the market is coalescing around specific mid-curve benchmarks where investors can still pick up carry without absorbing the full duration risk embedded in longer lines.
SBB activity, often an indicator of funding and balance-sheet optimisation, was led by GOG-BD-15/02/28, which recorded 169.98m in volume across 26 trades, closing around 94.74 with a yield of 11.80%. When SBB dominates in this way, it is usually a sign that many participants are still treating bonds as collateral first and duration second: hold the asset, finance it, and keep optionality.
Corporate activity, while smaller than government flow, was significant. The most traded corporate line was CMB-BD-28/08/28, which printed 12.36m in volume across 15 trades and closed around 103.18. The day’s corporate tape remains concentrated on the kind of trading that signals selective liquidity rather than broad-based credit depth.
Old GoG notes and bonds were thin, with the most active line GOG-BD-02/11/26 trading 2.56m across five trades, closing at a yield near 39.99% and price around 90.99 a reminder that legacy paper still clears, but at pricing that reflects scarcity of demand and the market’s preference to transact in benchmarkable lines.
The April 28 session reinforces the market’s current balance: short paper dominates, DDEP provides the tradable backbone for investors willing to take measured curve exposure, and SBB trades remain a key liquidity distribution channel.
