- Treasury Bills Drive GH¢808.82 Million GFIM Trading
Trading activity on the Ghana Fixed Income Market closed at GH¢808.82 million on Tuesday, May 26, 2026, with Treasury bills once again dominating investor activity as demand remained concentrated in short-dated government securities.
The market recorded 389 transactions across Treasury bills, Domestic Debt Exchange Programme bonds, corporate bonds and sell-buy-back trades, according to the GFIM trading report. Treasury bills accounted for the largest share of the session, with turnover of GH¢445.03 million from 321 trades, representing about 55.0 per cent of total market turnover.
Sell-buy-back trades in Government of Ghana notes and bonds followed with GH¢204.15 million across 50 transactions, while DDEP bonds recorded GH¢158.17 million in turnover from 12 trades.
Corporate bonds remained thinly traded, recording GH¢1.47 million across six transactions. There were no trades in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds during the session.
The day’s largest Treasury bill transaction was in the GOG-BL-08/02/27-A6964-1992-0, which recorded GH¢124.10 million in turnover from 15 trades. The bill closed at a yield of 8.54 per cent and a price of 94.4391.
The instrument alone accounted for nearly 28 per cent of Treasury bill turnover, underscoring continued investor preference for short-term securities amid ongoing caution in the longer-dated segment of the market.
In the DDEP bond segment, trading was heavily concentrated in the GOG-BD-16/02/27-A6143-1838-8.35, which posted turnover of GH¢132.00 million from seven transactions. The bond closed at a yield of 10.56 per cent and a price of 98.3960.
The security represented more than 83 per cent of total DDEP bond turnover, making it the dominant instrument in that segment.
Sell-buy-back activity was led by the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GH¢100.24 million from six trades. The bond traded at a yield of 15.55 per cent and a weighted average closing price of 76.0768.
Corporate bond activity was led by CMB-BD-30/08/27-A6302-1675-13.00, which recorded GH¢951,311 in turnover from two transactions, closing at a price of 102.6642.
The trading pattern shows that liquidity remains strongest at the short end of the fixed-income market, with investors continuing to favour Treasury bills over longer-duration instruments.
That preference reflects the still-cautious posture of investors, even as yields across selected government securities continue to show signs of moderation. For institutional investors, Treasury bills remain attractive because of their liquidity, shorter maturity profile and relatively lower duration risk.
The limited activity in new and old Government of Ghana bonds suggests that investor appetite for longer-dated securities remains selective, while DDEP bond trading continues to be concentrated in a few benchmark instruments.
Overall, the session points to a fixed-income market still anchored by short-term government paper, with sell-buy-back trades and selected DDEP bonds providing additional support to turnover.
For market watchers, the key signal is clear: liquidity is present, but it remains highly concentrated. Treasury bills continue to carry the market, while longer-term instruments will require stronger confidence, clearer yield direction and deeper secondary-market participation to regain broader momentum.
