Secondary Bond Market Turnover Inches Up as Trading Remains Concentrated in 2027 Benchmark
Liquidity conditions in the secondary bond market remained subdued, although turnover recorded a marginal uptick of 0.35% week-on-week to GH¢1.59 billion.
Market activity was largely concentrated in the February 2027 benchmark, where traded volumes jumped 57.7% week-on-week to GH¢824.61 million, underscoring persistent investor preference for the mid-curve.
Overall demand continued to gravitate towards the 2027–2030 maturities, which accounted for 70.2% of total volumes traded at a weighted average yield of 15.06%.
Trading in the 2031–2034 segment was relatively restrained, contributing 21.3% of market turnover and clearing at a weighted average yield of 15.69%.
Longer-dated bonds within the 2035–2038 bucket attracted minimal interest, representing just 8.6% of traded volumes and pricing at a weighted average yield of 16.08%.
Commenting on the outlook, Databank Research indicated that investor interest could strengthen in the coming months as the Ministry of Finance progresses plans to issue Ghana’s first domestic infrastructure bond.
The proposed issuance, expected to raise GH¢10 billion in two tranches of GH¢5 billion each, is anticipated in the first half of the year.
According to the research firm, the planned infrastructure bond should help expand the domestic investment universe.
“Looking ahead, the publication of the domestic debt issuance calendar, together with policy signals from the forthcoming Monetary Policy Committee (MPC) meeting, should offer clearer guidance for investor positioning and market demand,” Databank Research added.
