- Treasury Bills Drives Trading to Hit GH¢1.17bn Fixed Income Turnover
The Ghana Fixed Income Market opened the week with total turnover of GH¢1.17 billion on Monday, May 18, 2026, driven largely by strong activity in Treasury bills and sell-buy-back trades in Government of Ghana bonds. Total market turnover stood at GH¢1.169 billion across 278 trades, underscoring continued investor preference for short-dated government securities and liquidity-driven bond transactions.
Treasury bills dominated the session, recording turnover of GH¢688.31 million across 219 trades. This represented approximately 58.86% of total market activity, making the short end of the yield curve the main anchor of fixed income trading.
Sell-buy-back transactions in Government of Ghana notes and bonds followed with turnover of GH¢405.88 million across 49 trades, accounting for about 34.71% of the day’s total turnover.
Corporate bonds recorded a relatively strong session with turnover of GH¢69.06 million from eight trades, while DDEP bonds recorded turnover of GH¢6.07 million across two trades.
There were no trades in new Government of Ghana notes and bonds or old Government of Ghana notes and bonds on the day.
The trading pattern suggests that investors remain concentrated in liquid instruments, particularly Treasury bills, while using sell-buy-back transactions to manage liquidity and short-term positioning in the bond market.
The largest Treasury bill trade was in the GOG-BL-17/05/27-A7039-2007-0, which recorded volume of GH¢263.92 million across four trades, with a closing yield of 10.3643% and closing price of 90.6090.
That security alone accounted for more than 38% of total Treasury bill turnover, reinforcing the concentration of activity around selected short-term instruments.
Other active Treasury bill securities included the GOG-BL-08/02/27-A6964-1992-0, which recorded turnover of GH¢137.37 million, and the GOG-BL-01/03/27-A6984-1996-0, which posted turnover of GH¢77.80 million.
In the sell-buy-back segment, the largest trade was recorded in the GOG-BD-10/02/32-A6148-1838-9.10, with volume of GH¢247.61 million across five trades. The instrument traded at a yield of 13.36% and a weighted average closing price of 83.2410.
The GOG-BD-15/08/28-A6140-1838-10.00 also saw significant sell-buy-back activity, with turnover of GH¢70.00 million, while the GOG-BD-06/02/35-A6151-1838-9.55 recorded volume of GH¢55.00 million across 26 trades.
In the DDEP bond segment, activity was limited to the GOG-BD-16/02/27-A6143-1838-8.35, which recorded turnover of GH¢6.07 million across two trades. The bond closed at a yield of 11.11% and price of 98.0307.
Corporate bond activity was concentrated in Cocoa Marketing Board securities. The CMB-BD-30/08/27-A6302-1675-13.00 recorded turnover of GH¢34.53 million, while the CMB-BD-28/08/28-A6301-1675-13.00 also posted turnover of GH¢34.53 million. Together, both instruments accounted for the entire GH¢69.06 million traded in the corporate bond segment.
The session points to a fixed income market still anchored by short-term government paper, even as investors maintain selective exposure to longer-dated bonds through structured liquidity transactions. The dominance of Treasury bills also reflects the continuing appeal of relatively liquid, lower-duration instruments at a time when investors remain cautious about inflation expectations, liquidity management and the broader interest-rate path.
For the rest of the week, market activity is likely to remain concentrated in Treasury bills and sell-buy-back trades unless fresh bond supply, auction signals or portfolio rebalancing triggers stronger movement in the medium-to-long end of the curve.
