- Treasury bills dominate GFIM as turnover climbs to GH¢1.75bn
Trading on the Ghana Fixed Income Market on April 14, 2026 was overwhelmingly concentrated in Treasury bills, with the short end of the curve absorbing most of the day’s liquidity as total market turnover reached GH¢1.75 billion.
Data from the day’s GFIM trading report show Treasury bills accounted for GH¢1.35 billion of the total traded volume, representing roughly 77 per cent of overall market activity. DDEP bonds followed with GH¢242.58 million, while sell-buy-back trades in Government of Ghana bonds contributed GH¢150.08 million. Corporate bonds remained marginal, with only GH¢3.66 million changing hands. There were no outright trades recorded in the new Government of Ghana notes and bonds segment, nor in the old notes and bonds book.
The structure of the day’s flow says much about current market positioning.
Investors remain heavily tilted towards short-dated sovereign paper, where liquidity is deepest, pricing is easier to clear and duration risk is lower. In a market still calibrating interest-rate expectations and portfolio risk, Treasury bills continue to function as the dominant parking place for institutional liquidity.
The single largest trade on the day came from the Treasury bill segment, where the instrument GOG-BL-07/09/26-A6984-1997-0 recorded traded volume of GH¢355.44 million across 7,043 trades, closing at 99.9548. That made it not only the most actively traded Treasury bill, but the largest transaction line across the entire fixed-income market for the session.
That was followed by sizeable activity in longer-dated bills as well. Among the heavier flows were GOG-BL-22/02/27-A6979-1995-0, which traded GH¢265.78 million, GOG-BL-28/12/26-A6939-1987-0 with GH¢111.91 million, and GOG-BL-18/01/27-A6954-1990-0, which saw GH¢104.76 million in turnover. The pattern suggests investors were willing to extend modestly along the bill curve, but still remained firmly within the short-tenor space.
In the DDEP bond market, activity was narrower and more selective.
The largest DDEP bond trade was in GOG-BD-16/02/27-A6143-1838-8.35, which posted GH¢180.10 million in traded volume across nine trades, closing at a yield of 11.05 per cent and an end-of-day closing price of 97.8474. That single line accounted for the bulk of DDEP activity and indicates that when investors moved beyond the bill market, they did so selectively rather than broadly.
Other DDEP names that saw notable turnover included GOG-BD-11/02/31-A6147-1838-8.95 at GH¢41.28 million and GOG-BD-10/02/32-A6148-1838-9.10 at GH¢21.20 million, though these were far behind the leading February 2027 maturity in scale.
Sell-buy-back transactions also remained material, underscoring the continued importance of collateralised liquidity management within the market.
The largest sell-buy-back trade was recorded in GOG-BD-15/02/28-A6144-1838-8.50, with GH¢66.43 million traded across four deals, at a yield of 11.77 per cent and a weighted average closing price of 94.6909. That was followed by GOG-BD-12/02/30-A6146-1838-8.80, which posted GH¢58.02 million, suggesting that repo-style transactions continue to provide an important channel for balance-sheet and funding adjustments.
The corporate bond segment, by contrast, remained thin and highly concentrated.
Only GH¢3.66 million was traded in total, and almost all of that came from CMB-BD-28/08/28-A6301-1675-13.00, a Ghana Cocoa Board-linked instrument, which alone accounted for GH¢3.44 million across five trades. A second Cocobod line, CMB-BD-31/08/26-A6303-1675-13.00, added a much smaller GH¢220,000. The rest of the listed corporate universe was effectively quiet.
For readers of NorvanReports, the message from the day’s GFIM session is clear: Ghana’s fixed-income market remains liquid, but that liquidity is highly uneven. It is concentrated overwhelmingly in Treasury bills, selectively present in DDEP bonds, functional in sell-buy-back trades, and still shallow in corporate debt.
That matters because it reinforces an old but important reality about the domestic market. Ghana has rebuilt trading depth in sovereign paper faster than it has restored breadth across the wider credit spectrum. For now, the state remains the market’s principal liquidity magnet, while private-sector debt continues to occupy the margins.
