- T-bills dominate GFIM trading as weekly turnover falls to GH¢8.84 billion
Trading activity on the Ghana Fixed Income Market declined in the week ending June 26, 2026, even as Treasury bills continued to dominate investor demand amid Ghana’s lower interest-rate environment and improving macroeconomic sentiment.
Total volume traded on the market amounted to GH¢8.84 billion, representing an 18.89% decline from the GH¢10.91 billion recorded in the previous week, according to the GFIM weekly wrap for June 22 to June 26.
The decline was driven mainly by a sharp fall in Domestic Debt Exchange Programme bond activity, which dropped to GH¢1.57 billion from GH¢5.36 billion a week earlier, representing a contraction of 70.67%.
Treasury bills, however, provided the main support for the market, with traded volume rising to GH¢6.15 billion, up 32.10% from GH¢4.66 billion in the previous week.
The data suggests that investors remain heavily tilted towards short-term government securities, even as yields have fallen sharply from the elevated levels seen in previous periods.
T-bills accounted for about 69.53% of total GFIM turnover during the week, making them by far the most active segment of the market.
DDEP bonds accounted for 17.77% of total turnover, while sell/buy-back transactions contributed 12.29%. Corporate securities remained thin, accounting for just 0.41% of total market activity.
The strong showing by Treasury bills points to continued demand for short-duration instruments as investors manage liquidity, reinvestment risk and uncertainty over the future path of rates.
In a market where inflation has declined significantly and short-term interest rates have reset lower, investors appear to be prioritising liquidity and certainty over longer-duration exposure.
Sell/buy-back transactions also recorded a strong increase, rising by 61.07% to GH¢1.09 billion, from GH¢675.32 million in the previous week. The growth in repo-style activity suggests that market participants are using government securities more actively for short-term funding and liquidity management.
Corporate securities, by contrast, remained subdued. Trading in corporate bonds fell to GH¢36.34 million, from GH¢168.52 million in the previous week, representing a decline of 78.43%.
The low corporate bond turnover again highlights the limited depth of Ghana’s private debt market compared with government securities. While the fixed income market has grown significantly in recent years, liquidity remains overwhelmingly concentrated in sovereign instruments.
There was no trading in new Government of Ghana bonds during the week, compared with GH¢46.60 million recorded in the previous week.
Within the DDEP segment, the largest traded volume came from the 9-year DDEP bond, which recorded GH¢697.10 million in trades, followed by the 4-year DDEP bond with GH¢527.66 million.
Other DDEP maturities saw relatively modest activity. The 6-year DDEP bond recorded GH¢123.95 million, while the 10-year DDEP bond traded GH¢60.22 million. The 12-year DDEP bond recorded GH¢59.30 million, and the 7-year DDEP bond traded GH¢35.04 million.
The week’s yield curve showed mixed movements across maturities.
The 4-year bond yield rose to 10.98%, from 10.59% the previous week, while the 5-year yield increased more sharply to 12.10%, from 10.20%. The 6-year yield also rose to 13.07%, from 12.66%.
The 7-year DDEP yield eased slightly to 13.78%, from 13.85%, while the 7-year new bond yield also declined marginally to 12.81%, from 12.88%.
Further along the curve, the 8-year yield edged up to 14.20%, from 14.10%, while the 9-year yield increased to 14.07%, from 13.96%. The 10-year yield was unchanged at 14.00%.
The 11-year yield rose to 14.75%, from 14.50%, while the 12-year yield climbed to 14.92%, from 14.07%. The 13-year and 14-year yields were unchanged at 14.70% and 14.50%, respectively, while the 15-year yield declined to 14.42%, from 14.70%.
The movement in yields suggests that while short-term government paper continues to attract strong demand, investors are still pricing risk selectively along the medium- to long-end of the curve.
The sharp decline in DDEP bond volumes may reflect reduced block trading after the previous week’s stronger activity, but it also points to the uneven liquidity profile of restructured securities.
For the government and market regulators, the latest data reinforces a familiar pattern: Ghana’s fixed income market is active, but still heavily dependent on Treasury bills and selected government bond maturities.
The dominance of T-bills is positive for short-term liquidity and government financing, but it also shows that investor appetite for longer-duration risk remains cautious.
The weakness in corporate bond trading is equally important. A deeper corporate debt market would give private companies more financing options and reduce the economy’s excessive dependence on bank lending and government securities.
For now, the GFIM remains anchored by sovereign paper, with T-bills carrying most of the market’s weekly activity.
The key signal from the week is not simply that turnover declined. It is that investors are still willing to deploy liquidity, but they are doing so with a clear preference for shorter-term instruments and selective exposure to restructured bonds.
That makes the next phase of Ghana’s interest-rate cycle critical. If yields continue to fall, investors may gradually be pushed further along the curve. But if uncertainty persists, Treasury bills are likely to remain the safest and most liquid home for fixed income funds.
Source: GFIM Wrap for June 22 to June 26, 2026.
