- Treasury Bills Dominate Fixed Income Market Activity With GH¢285.48m in Trades
The Ghana Fixed Income Market recorded total turnover of GH¢430.15 million on Tuesday, May 5, 2026, as activity slowed sharply and remained concentrated in Treasury bills and sell/buy-back transactions.
Data from the trading session showed that total market volume stood at GH¢430.15 million from 431 trades, reflecting a quieter session compared with the previous trading day.
Treasury bills dominated activity, accounting for GH¢285.48 million from 406 trades, making them both the largest segment by value and the most active segment by number of transactions.
Sell/buy-back trades in Government of Ghana notes and bonds followed with GH¢93.74 million from 22 trades, while Domestic Debt Exchange Programme bonds recorded GH¢50.00 million from a single transaction.
Corporate bonds recorded GH¢933,100 from two trades. There was no activity in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds during the session.
The largest Treasury bill trade was recorded in the GOG-BL-18/01/27-A6954-1990-0, which posted turnover of GH¢58.99 million from 16 trades. The bill closed at a price of 94.3970, making it the most active instrument in the short-term government paper segment.
In the DDEP bond segment, the only recorded trade was in the GOG-BD-16/02/27-A6143-1838-8.35, which posted turnover of GH¢50.00 million. The bond closed at a yield of 11.00 per cent and an end-of-day closing price of 98.0223.
In the sell/buy-back market, the largest trade was in the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢40.00 million from two trades. The transaction carried a yield of 17.51 per cent and a weighted average closing price of 70.1446.
Corporate bond activity remained thin, with turnover recorded in the CMB-BD-28/08/28-A6301-1675-13.00, which traded GH¢933,100 across two transactions and closed at a price of 103.5557.
The session reinforces the continuing dominance of short-term government securities in Ghana’s fixed income market. Treasury bills remain the preferred liquidity anchor for investors seeking short-duration instruments, predictable pricing and easier exit options.
The limited activity in DDEP bonds also suggests selective positioning in restructured government securities, with investors focusing on specific maturities rather than broad-based participation across the curve.
Corporate debt remained marginal, underlining the structural imbalance in Ghana’s fixed income market, where secondary market liquidity continues to be overwhelmingly concentrated in government paper.
The May 5 session reflected a market shaped by caution, liquidity preference and selective duration exposure. Treasury bills provided breadth, sell/buy-back transactions contributed additional volume, and DDEP activity remained concentrated in a single bond.
Overall, the fixed income market closed with subdued turnover, with short-term government paper continuing to set the tone for secondary market activity.
