- Treasury bills dominate GFIM trade as April 7 session points to a still sovereign-led market
Trading on the Ghana Fixed Income Market on Tuesday, April 7, 2026 was led overwhelmingly by treasury bills, reinforcing the market’s continuing preference for short-dated sovereign paper even as secondary trading in DDEP bonds remained active.
Total market volume for the session came to about GH¢1.14bn across 447 trades, with treasury bills accounting for the largest share of activity. Bills generated roughly GH¢610.1m in traded volume across 410 deals, far ahead of every other asset class on the day. That left treasury instruments doing most of the heavy lifting in a session that once again showed how concentrated Ghana’s fixed-income market remains around government paper.
The next largest segment was DDEP bonds, which recorded GH¢413.5m across 26 trades. By contrast, sell-buy-back trades in Government of Ghana bonds contributed GH¢116.3m over 9 transactions, while corporate bonds were almost absent, with just GH¢190,859 traded across 2 deals. There was no trading in new GoG notes and bonds or in old GoG notes and bonds.
That structure matters because it says something deeper about the current state of the market. Liquidity is present, but it is still flowing overwhelmingly through instruments that combine sovereign backing, short duration and familiarity. The market is active, but not yet broad.
Within the treasury bill segment, the single largest line was the GOG-BL-20/07/26-A6948-1990-0 bill, which recorded traded volume of about GH¢114.5m across 9 trades. That made it the most heavily traded treasury instrument of the session and underlined investor comfort with short-term government exposure in a period when macro conditions have improved but risk appetite remains selective.
In the DDEP bond market, the standout security was GOG-BD-12/02/30-A6146-1838-8.80, which saw approximately GH¢165.2m traded across 12 deals at a closing yield of 12.73%. That was the largest volume among DDEP bonds and the most active bond line on the day. Another notable DDEP trade came in GOG-BD-15/08/28-A6140-1838-10.00, with about GH¢40.2m traded, while GOG-BD-17/08/27-A6139-1838-10.00 posted around GH¢7.3m.
The sell-buy-back market was led by GOG-BD-11/02/31-A6147-1838-8.95, which accounted for about GH¢49.9m in volume across 2 trades at a yield of 19.02%. That activity suggests some continued demand for liquidity management through repo-style transactions, though at much smaller scale than outright trading in bills and DDEP bonds.
Corporate activity, by contrast, was almost negligible. The only meaningful trade was in CMB-BD-31/08/26-A6303-1675-13.00, with the small overall volume underlining once again how narrow Ghana’s non-sovereign debt market still is. For all the progress in fixed-income trading volumes, the private credit side of the market remains too thin to alter the structure of daily turnover in any significant way.
For investors, the session offers a familiar but still important signal. Ghana’s fixed-income market is liquid enough to support over GH¢1bn in daily trading, but that liquidity remains anchored firmly in the sovereign space. Treasury bills continue to dominate because they offer clarity, short duration and flexibility. DDEP bonds remain relevant because they now form the core of the restructured secondary government bond market. Corporate instruments, however, remain peripheral.
That leaves the market with a paradox. The fixed-income platform is functioning and trading volumes remain substantial, yet the deeper ambition of building a diversified debt market is still some distance away. The state continues to absorb most of the liquidity, while private issuers remain marginal participants in their own market.
So the April 7 session was not just another active trading day. It was also another reminder that Ghana’s fixed-income market is recovering faster in scale than in breadth.
