- Treasury bills take 44.92% of GFIM activity as market turnover reaches GH¢1.86bn
Trading activity on the Ghana Fixed Income Market reached GH¢1.86 billion on Thursday, August 27, 2026, as investors concentrated overwhelmingly on Treasury bills and Domestic Debt Exchange Programme bonds, reinforcing the dominance of government securities across the secondary debt market.
The latest GFIM trading report shows total market turnover of GH¢1,864.44 million across 4,581 transactions, with Treasury bills accounting for the largest share of activity at GH¢837.55 million, equivalent to 44.92% of total turnover.
DDEP bonds followed closely with GH¢807.19 million, representing 43.29% of market activity, while sell-and-buy-back transactions in Government of Ghana securities contributed another GH¢190.37 million, or 10.21%.
Old Government of Ghana bonds recorded turnover of GH¢27.93 million, representing 1.50%, while corporate bonds generated just GH¢1.41 million, or 0.08% of total trading. No transactions were recorded in the new Government of Ghana notes and bonds segment.
The distribution means sovereign securities, including Treasury bills, DDEP instruments, old government bonds and sell-and-buy-back transactions, accounted for more than 99.90% of overall activity, highlighting the limited role of corporate debt in secondary-market liquidity.
Treasury bills generated the largest number of transactions, with 4,489 trades, accounting for approximately 97.99% of all transactions executed on the market.
Within the Treasury bill segment, investor demand was heavily concentrated at the longer end.
The 364-day bill category recorded turnover of GH¢619.17 million, representing 73.93% of total Treasury bill trading, compared with GH¢210.78 million, or 25.17%, for the 91-day category.
The 182-day segment attracted just GH¢7.60 million, representing 0.91% of total Treasury bill turnover.
The single most actively traded Treasury bill was the instrument maturing on November 23, 2026, identified as GOG-BL-23/11/26-A7100-2021-0. It recorded GH¢198.82 million across 3,101 transactions and closed at a yield of approximately 5.16% and a price of 98.7678.
At the longer end, the 364-day instrument maturing on August 23, 2027 recorded GH¢161.01 million in turnover, making it the largest individual transaction concentration within that tenor category.
The strong preference for the 364-day segment suggests that investors remain willing to extend duration where yields offer sufficient compensation, rather than concentrating exclusively in the shortest government instruments.
Activity in the DDEP market was similarly concentrated.
The February 2031 bond carrying an 8.95% coupon emerged as the most actively traded DDEP security, with turnover of GH¢310.91 million across eight trades.
That single instrument accounted for 38.52% of all DDEP bond turnover and closed at a yield of 14.43% and a price of 82.3771.
The February 2032 bond, carrying a 9.10% coupon, followed with GH¢179.07 million in turnover, equivalent to 22.18% of DDEP activity. It closed at a yield of 14.55% and a price of 79.9112.
Together, the 2031 and 2032 instruments accounted for more than 60.00% of DDEP trading, indicating that liquidity was particularly concentrated in longer-dated restructured government securities.
The August 2028 DDEP bond carrying a 10.00% coupon recorded GH¢82.55 million, while the February 2030 instrument attracted GH¢81.39 million. Another February 2028 security recorded GH¢50.00 million in turnover.
The yield profile across these instruments illustrates the continuing term premium demanded by investors.
The February 2027 DDEP bond closed at 11.17%, while the February 2028 security ended at 12.73%. The February 2029 bond closed at 13.85%, with yields moving above 14.00% across several longer maturities.
Sell-and-buy-back activity provided another important source of liquidity.
Total turnover in that segment reached GH¢190.37 million across 28 transactions, with the February 2031 DDEP bond again leading activity at GH¢69.98 million, equivalent to 36.76% of the segment.
The February 2030 bond accounted for another GH¢51.84 million, or 27.23%, while the February 2032 instrument generated GH¢50.00 million, representing 26.27%.
Those three securities alone represented more than 90.00% of sell-and-buy-back turnover, showing that repo-style liquidity remains concentrated around a relatively narrow pool of DDEP instruments.
Trading in old government bonds remained comparatively limited.
The November 2027 bond carrying a 20.50% coupon accounted for GH¢27.06 million of the segment’s GH¢27.93 million turnover, or approximately 96.88%. The instrument closed at a yield of 12.52% and a price of 108.5943.
Corporate debt remained the weakest component of the market.
Only GH¢1.41 million changed hands across three transactions, all involving Ghana Cocoa Board securities. The August 2027 COCOBOD bond accounted for GH¢1.39 million, while the August 2028 instrument recorded just GH¢24,500.
The latest trading session therefore reinforces a familiar structural feature of Ghana’s fixed-income market: secondary-market liquidity remains overwhelmingly concentrated in government debt.
The combination of Treasury bills, DDEP bonds and government-backed liquidity transactions continues to provide the bulk of market depth, while corporate securities remain peripheral.
For investors, Thursday’s session also points to selective appetite for duration. The dominance of 364-day Treasury bills and heavy trading in 2030-to-2032 DDEP maturities suggest that participants are prepared to move further along the yield curve where pricing and liquidity conditions remain attractive.
For the broader market, however, the continued absence of meaningful corporate bond turnover remains a reminder that developing a deeper fixed-income market will require more than active sovereign trading.
A genuinely diversified debt market will ultimately depend on whether private issuers can attract sustained secondary-market liquidity alongside government securities.
