- Short-Term Paper Still Rules as Fixed Income Market Trading Tops GH¢1.26bn
Trading activity on the Ghana Fixed Income Market closed strongly on Tuesday, May 19, 2026, with total traded volume reaching GH¢1.26 billion across government securities, corporate bonds and sell/buy-back transactions.
Treasury bills dominated the session, accounting for GH¢810.26 million in trades from 238 transactions, representing the largest share of market activity. The strong appetite for short-term government paper reinforced investor preference for liquid instruments as the fixed-income market continues to adjust to falling yields and changing rate expectations.
Sell/buy-back trades in Government of Ghana notes and bonds followed with GH¢348.40 million across 73 transactions, while Domestic Debt Exchange Programme bonds recorded GH¢100 million from four trades. Corporate bonds contributed GH¢3.75 million from three transactions.
There were no trades recorded in new Government of Ghana notes and bonds, while old Government of Ghana notes and bonds also posted no activity for the session.
The largest single-volume trade came from the treasury bills segment, where the GOG-BL-17/05/27-A7039-2007-0 security recorded GH¢556.62 million in traded volume across 19 transactions. The bill closed at a yield of 10.20 per cent and a price of 90.7653.
In the DDEP segment, the most active security was the GOG-BD-15/08/28-A6140-1838-10.00, which recorded GH¢100 million across four trades. The instrument closed at a yield of 12.00 per cent and an end-of-day closing price of 96.1194.
Corporate bond activity was concentrated entirely in Ghana Cocoa Board paper, with the CMB-BD-31/08/26-A6303-1675-13.00 recording GH¢3.75 million in traded volume from three transactions. The security closed at a price of 95.6155.
In the sell/buy-back market, the largest trade was recorded in the GOG-BD-03/02/37-A6153-1838-9.85, which posted GH¢75.44 million from 25 transactions at a yield of 15.10 per cent and a weighted average closing price of 72.4574.
The treasury bills book showed significant concentration in longer-dated bills, particularly the May 2027 maturity, suggesting that investors continue to search for relatively attractive yields while positioning along the short end of the government curve.
Other notable treasury bill trades included the GOG-BL-01/03/27-A6984-1996-0, which recorded GH¢147.18 million at a closing yield of 9.22 per cent, and the GOG-BL-18/01/27-A6954-1990-0, which posted GH¢34.00 million at a closing yield of 8.43 per cent.
The session points to a fixed-income market still heavily anchored in treasury bills, with secondary-market activity in longer-dated bonds remaining selective. While sell/buy-back trades provided additional liquidity in government bonds, outright activity in new and old Government of Ghana notes remained muted.
