- T-Bills, SBB Deals Power Strong Week on Fixed Income Market
Trading activity on the Ghana Fixed Income Market strengthened sharply in the week ending May 15, 2026, with total turnover rising by 37.14% to GH¢6.92 billion, compared with GH¢5.04 billion in the previous week. The rebound was driven largely by strong activity in Treasury bills and sell-buy-back transactions, which together accounted for almost all trades recorded during the week. Treasury bills remained the dominant asset class, recording turnover of GH¢3.63 billion, up from GH¢2.23 billion in the previous week. This represented a 62.87% increase and accounted for about 52.46% of total weekly market activity.
Sell-buy-back trades also posted a strong performance, rising to GH¢2.87 billion, from GH¢1.55 billion previously. The segment recorded an 84.50% week-on-week increase, making it the second-largest contributor to activity, with about 41.46% of total turnover.
Together, Treasury bills and SBB trades accounted for nearly 94% of total weekly turnover, showing that liquidity preference remained the defining feature of market activity.
The strong performance of short-term and collateralised instruments contrasts with weaker activity in longer-dated government securities.
Turnover in DDEP bonds fell sharply to GH¢398.41 million, from GH¢1.11 billion in the previous week, representing a 64.17% decline. Activity in new Government of Ghana bonds also dropped significantly to GH¢6.00 million, from GH¢140.60 million, a decline of 95.73%.
Old Government of Ghana notes and bonds recorded no trades during the week, compared with GH¢748,646 in the previous week.
Corporate securities, however, recorded improved activity, with turnover rising to GH¢16.17 million from GH¢8.09 million previously. That represented a 99.88% increase, although the segment remained a small part of the overall market.
The trading pattern points to a fixed income market still heavily tilted toward short-tenor government instruments and liquidity-management trades. While overall turnover improved, broader participation across longer-dated securities remained uneven.
The yield curve for the week showed mixed movements across selected tenors.
The 4-year tenor declined to 10.35%, from 11.00% in the previous week, while the 5-year tenor edged up to 9.72%, from 9.65%. The 6-year tenor was unchanged at 10.56%.
The 7-year DDEP bond yield fell to 12.01%, from 12.99%, while the 7-year new bond remained steady at 12.47%. The 8-year, 9-year, 10-year, 12-year, 13-year, 14-year and 15-year tenors were largely unchanged.
In volume terms, excluding SBB trades, the 4-year DDEP bond remained the most active longer-dated security, recording GH¢280.49 million in turnover during the week, although this was significantly lower than the GH¢974.41 million recorded in the previous week.
The 7-year DDEP bond followed with turnover of GH¢40.78 million, down from GH¢62.92 million, while the 7-year new Government of Ghana bond recorded turnover of GH¢6.00 million, compared with GH¢135.55 million previously.
The data suggests that while investors continue to trade selectively along the restructured bond curve, appetite for duration remains cautious. The market appears more comfortable allocating funds to short-term instruments where liquidity is stronger and price risk is easier to manage.
The sharp rise in Treasury bill turnover also reflects sustained demand for shorter-dated government securities as investors balance yield expectations, reinvestment needs and duration risk.
For the coming week, trading activity is expected to remain concentrated in Treasury bills and sell-buy-back trades, unless fresh auction developments, new supply or portfolio repositioning trigger renewed interest in DDEP and longer-dated government bonds.
