- NorvanReports | GFIM: Treasury Bills Dominate Monday Turnover as Investors Keep Duration Short and Cluster in DDEP Benchmarks
Trading on the Ghana Fixed Income Market (GFIM) on Monday, April 27, 2026 reinforced a market that is still behaving defensively: investors stayed heavily concentrated in treasury bills, while activity in DDEP bonds and sell/buy-back trades provided the day’s secondary liquidity pulse.
Total turnover reached about 1.39bn in volume across 210 trades, with bills accounting for the clear majority of flow at roughly 901.5m in volume from 187 trades. DDEP bonds contributed about 240.8m in volume (9 trades), while sell/buy-back transactions in government paper added about 246.5m (13 trades). Corporate bonds were marginal at just 9,813 in volume (one trade), underscoring how thin true corporate credit trading remains on most sessions.
The size and composition of the tape tells its own story. Treasury bills alone made up roughly two-thirds of the day’s volume, a sign that even after the post-crisis stabilisation phase, liquidity preference remains tilted toward short paper, where price discovery is easier and exit risk is limited. In contrast, outright trading in “new” Government of Ghana notes and bonds was effectively absent on the day, leaving the benchmark curve to be read mainly through bills, restructured paper and collateralised liquidity trades.
The most heavily traded bill line was GOG-BL-18/01/27, which printed approximately 229.2m in volume across 40 trades and closed around 93.57. The clustering of activity around a single bill maturity suggests that investors continue to favour a narrow set of tradable lines where bid-offer spreads are workable and counterparties can transact in size.
In DDEP bonds, the day’s largest volume traded was recorded in GOG-BD-12/02/30, which traded approximately 205.3m across five trades. The bond closed at a yield of about 12.74% with a closing price near 88.35 a print that keeps the market’s focus on liquid, mid-curve restructured lines rather than a full re-engagement with long-dated duration.
The sell/buy-back segment often used for short-term liquidity management was led by GOG-BD-11/02/31, which saw about 88.1m in volume across five trades, closing at a yield around 13.09% and a price near 85.54. The prominence of these collateralised trades suggests that a meaningful portion of activity is still being driven by balance-sheet funding needs rather than outright duration conviction.
Corporate trading was limited to a single line: CMB-BD-31/08/26, which traded 9,813 in volume and closed around 99.91 a reminder that while corporate issuance exists, secondary liquidity remains shallow and episodic.
The day’s flow points to a market that is functioning but still concentrated. Bills remain the default instrument for liquidity parking and quick turnover. DDEP paper continues to serve as the tradable benchmark set for investors willing to take some curve exposure, while sell/buy-backs provide a parallel channel for liquidity distribution and collateralised positioning.
