- Short-Term Government Paper Drives Fixed-Income Market Activity With GH¢931m in Trades
Trading activity on the Ghana Fixed Income Market remained heavily concentrated in treasury bills on Wednesday, May 20, 2026, as total market turnover reached GH¢1.6 billion across 541 trades.
According to the GFIM trading report, treasury bills accounted for the largest share of activity, recording GH¢931.46 million in volume across 370 trades. This represented more than half of total market turnover, reinforcing investor preference for short-dated government securities in the secondary market.
Sell/buy-back trades in Government of Ghana notes and bonds followed with GH¢574.59 million across 110 trades, making it the second-largest contributor to market activity.
Domestic Debt Exchange Programme bonds recorded GH¢92.32 million from 53 trades, while corporate bonds contributed GH¢3.65 million from eight trades.
There were no outright trades recorded in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds during the session.
The most actively traded treasury bill was the GOG-BL-17/05/27-A7039-2007-0, which recorded GH¢321.29 million in volume across 13 trades. The instrument closed at a yield of 10.22 per cent and a closing price of 90.7763.
Other notable treasury bill trades included the GOG-BL-08/02/27-A6964-1992-0, which posted GH¢164.05 million across 11 trades at a closing yield of 8.49 per cent, and the GOG-BL-18/01/27-A6954-1990-0, which recorded GH¢135.75 million across 19 trades at a closing yield of 8.22 per cent.
The GOG-BL-20/07/26-A6948-1990-0 also saw significant activity, with GH¢101.97 million traded across three transactions at a closing yield of 5.64 per cent.
In the DDEP segment, activity was concentrated entirely in the GOG-BD-16/02/27-A6143-1838-8.35, which recorded GH¢92.32 million across 53 trades. The bond closed at a yield of 10.88 per cent and an end-of-day closing price of 98.2017.
Corporate bond trading was driven by Ghana Cocoa Board paper. The CMB-BD-30/08/27-A6302-1675-13.00 recorded GH¢2.84 million across four trades, while the CMB-BD-28/08/28-A6301-1675-13.00 posted GH¢806,743 from four transactions.
In the sell/buy-back market, the largest trade came from the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢163.03 million across 35 trades at a yield of 18.50 per cent and weighted average closing price of 67.5113.
Other sizeable sell/buy-back activity included the GOG-BD-15/02/28-A6144-1838-8.50, with GH¢87.73 million traded, and the GOG-BD-12/02/30-A6146-1838-8.80, which recorded GH¢78.30 million.
The session points to a fixed-income market still dominated by short-term government paper, with treasury bills offering the strongest liquidity and pricing visibility for investors.
The absence of outright trading in new and old Government of Ghana bonds also suggests that investors remain selective on duration, preferring treasury bills and structured sell/buy-back activity over longer-dated bond exposure.
For the next session, market attention is likely to remain on the short end of the curve, particularly the May 2027 treasury bill maturity, which continues to attract strong trading volumes.
The broader signal is clear: liquidity remains concentrated in treasury bills, while the longer end of the bond market is still being supported more by sell/buy-back transactions than outright secondary-market trading.
