- Fixed Income Market Activity Declines as Weekly Trades Drop to GH¢4.18bn
Trading activity on the Ghana Fixed Income Market declined sharply during the week of May 25 to May 29, 2026, with total market turnover falling to GH¢4.18 billion. The figure represents a 39.69 per cent decrease from the GH¢6.93 billion traded in the previous week, pointing to weaker activity across most segments of the fixed income market.
Despite the decline, Treasury bills remained the dominant asset class, accounting for GH¢2.34 billion in weekly trades. This was down from GH¢3.44 billion in the previous week, representing a decline of 31.95 per cent.
Sell-buy back trades also fell significantly, dropping by 49.84 per cent from GH¢2.72 billion in the previous week to GH¢1.36 billion.
DDEP bonds recorded GH¢474.69 million in traded volume, compared with GH¢689.01 million a week earlier, reflecting a decline of 31.11 per cent.
New Government of Ghana bonds remained thinly traded, with turnover of GH¢127,423, down from GH¢616,519 the previous week.
Corporate securities saw the steepest decline, with traded volume falling to GH¢3.22 million from GH¢87.69 million, representing a drop of 96.32 per cent.
The data suggests that while investor activity slowed across the market, short-term instruments continued to anchor trading, with Treasury bills alone accounting for more than half of total weekly turnover.
The dominance of Treasury bills reflects investors’ continued preference for liquid, short-tenor instruments in a market where yields have declined sharply but liquidity and flexibility remain important.
On the yield curve, movements were mixed.
The 4-year yield eased to 10.5 per cent from 10.92 per cent, while the 5-year yield increased slightly to 9.8 per cent from 9.72 per cent. The 6-year yield was unchanged at 10.56 per cent.
The 7-year DDEP bond yield rose to 13.3 per cent from 12.01 per cent, while the 7-year new bond yield increased to 12.41 per cent from 12.3 per cent.
The 8-year yield also rose to 13.02 per cent from 12.29 per cent, while yields on the 9-year, 10-year, 11-year, 12-year, 13-year and 14-year instruments remained unchanged.
The 15-year yield declined to 12.1 per cent from 12.4 per cent.
In terms of bond volumes excluding sell-buy back transactions, the 4-year DDEP bond recorded the highest activity, with GH¢383 million traded during the week, down from GH¢533.01 million in the previous week.
The 8-year DDEP bond followed with GH¢65.42 million, while the 7-year DDEP bond recorded GH¢22.61 million. The 5-year DDEP bond posted GH¢1.36 million, while the 7-year new bond recorded GH¢78,501.
Overall, the week’s trading pattern shows a softer fixed income market, with investors still favouring Treasury bills while activity in longer-dated bonds remained selective.
The sharp fall in corporate securities trading also suggests that liquidity in the non-sovereign segment remains thin, reinforcing the continued dominance of government instruments on the fixed income market. The broader market showing the decline in weekly turnover may reflect portfolio caution, lower reinvestment activity or a temporary pause after stronger trading in the previous week.
