- Treasury Bills and DDEP Bonds Support GH¢1.50 Billion Fixed Income Market Turnover
Trading activity on the Ghana Fixed Income Market strengthened on Thursday, May 14, 2026, with total turnover rising to GH¢1.50 billion across 326 trades, driven largely by sell-buy-back transactions in Government of Ghana bonds.
Total market turnover stood at GH¢1,499.23 million, reflecting renewed liquidity after the quieter sessions earlier in the week. Activity was heavily concentrated in sell-buy-back trades, which recorded GH¢927.26 million across 69 trades, accounting for about 61.85% of total market turnover.
Treasury bills followed with turnover of GH¢404.64 million across 247 trades, representing about 26.99% of total activity. DDEP bonds recorded GH¢166.29 million across seven trades, while corporate bonds posted GH¢1.04 million across three trades.
There was no recorded activity in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds during the session.
The dominance of sell-buy-back trades suggests that liquidity management and collateralised trading remained central to market activity, as investors used repo-style transactions to manage short-term funding and portfolio positioning.
The largest sell-buy-back transaction was recorded in the GOG-BD-10/02/32-A6148-1838-9.10 bond, which traded GH¢696.70 million across 58 trades at a yield of 14.05% and a weighted average closing price of 80.8275.
Other notable sell-buy-back trades included GOG-BD-13/02/29-A6145-1838-8.65, which recorded GH¢80.00 million across three trades at a yield of 12.30%, and GOG-BD-12/02/30-A6146-1838-8.80, which traded GH¢70.00 million across two trades at a yield of 9.00%.
The DDEP segment was led by the GOG-BD-16/02/27-A6143-1838-8.35 bond, which recorded GH¢166.25 million across six trades. The instrument closed at a yield of 10.11% and a price of 98.7097, making it the dominant DDEP security for the session.
Treasury bill trading remained active, although less dominant than in previous sessions. The largest Treasury bill trade was recorded in GOG-BL-10/05/27-A7034-2006-0, which posted turnover of GH¢87.92 million across 12 trades. The bill closed at a yield of 10.1352% and a price of 90.8664.
Corporate bond activity remained thin. The only notable corporate trade was in CMB-BD-31/08/26-A6303-1675-13.00, which recorded GH¢1.04 million across three trades and closed at a price of 101.1815.
Thursday’s trading pattern points to a market still anchored by short-term liquidity needs and cautious duration exposure. While Treasury bills continue to attract steady interest, the scale of sell-buy-back transactions shows that institutional investors are actively using the bond market for funding and balance sheet management.
The DDEP segment also showed selective demand, particularly in shorter-dated restructured bonds where pricing remains closer to par and yields remain within a range that appears acceptable to investors seeking measured exposure.
The absence of trading in new and old Government of Ghana notes and bonds reinforces the narrowness of activity outside Treasury bills, DDEP instruments and repo-style transactions.
For the next session, market activity is likely to remain concentrated in Treasury bills and sell-buy-back trades, with investors continuing to watch liquidity conditions, yield movements and the Bank of Ghana’s open market operations.
The broader signal from Thursday’s session is that liquidity has returned to the market, but risk appetite remains selective. Investors are trading actively, but largely in instruments and structures that offer either short-term visibility, collateralised exposure or relatively safer pricing within the fixed income curve.
