- NorvanReports | GFIM: GFIM Stayed Short as T-bills and Repo-Like Trades did the Heavy Lifting
Trading on the Ghana Fixed Income Market (GFIM) on Friday, April 24, 2026 underscored a familiar investor posture: stay liquid, stay short, and keep one eye on the re-priced post-DDEP curve.
Total market activity reached 621.67m in volume across 424 trades, with treasury bills accounting for the single largest portion of the day’s turnover at 295.11m. The pattern was reinforced by sizeable sell/buy-back activity in government paper, which added 203.67m in volume, a reminder that much of the market’s “flow” is still being driven by liquidity management rather than outright duration calls.
Beyond bills and repo-like transactions, DDEP bonds recorded 100.42m in volume across 24 trades, while new GoG notes and bonds traded 14.83m, accounting for 6 trades. Corporate bonds accounted for 7.47m with 20 trades, and old GoG notes and bonds were marginal at 0.16m in just 2 trades, highlighting how decisively liquidity has migrated to restructured and new benchmark lines.
The day’s most heavily traded treasury instrument was GOG-BL-15/03/27, which published 120.30m across 22 trades, closing at 94.1166. The turnover of that single line, which is about two-fifths of the total bill volume, shows that the market is still focused on a small number of tradable maturities where price discovery is most credible and bid-offer spreads are workable.
In the DDEP paper, the most active bond was GOG-BD-10/02/32, which traded 58.61m in volume across five trades. It closed with a yield around 13.15% and a price near 83.86, keeping the focus on mid-curve paper where investors can still pick up carry without absorbing the full convexity risk embedded in longer lines.
The sell/buy-back tape carried its own signal. The largest line within that segment was GOG-BD-07/02/34, which recorded 68.95m in volume across four trades at an indicated yield of 13.48% and a price around 80.60. When this kind of activity dominates, the market is effectively saying: collateralised liquidity is still being priced and distributed actively, and investors are not yet ready to treat the long end as a one-way bet.’
New benchmark trading, though smaller in size, offered a clearer read on where “clean” pricing is settling. The most active new bond was the 7-year (GOG-BD-29/03/33), which traded 14.83m and closed with a yield around 12.08% and a price near 101.92. While that print is not large enough to define the curve on its own, it adds to the growing impression that the market is gradually building confidence around new issuance lines, albeit at yields that still reflect a cautious, post-restructuring risk premium.
The Ghana Cocoa Board bond maturing 28/08/28 led corporate activity, trading 5.09m across nine trades and closing around 103.39. The fact that the busiest corporate line remains a quasi-sovereign credit is also instructive: true private-sector credit risk is still thinly traded, and investors appear to prefer names whose cashflows are implicitly tethered to the state.
