A single 2032 bond from Ghana’s 2023 debt exchange accounted for nearly a quarter of the GH¢545.83 million traded on the Ghana Fixed Income Market (GFIM) on 1 October.
The 9.10 per cent bond, which matures on 10 February 2032, changed hands twice for a combined GH¢131.94 million. Its yield fell 33 basis points to 14.31 per cent, and it closed at a price of 80.88. The government issued the bond under the Domestic Debt Exchange Programme (DDEP), which swapped old domestic bonds for new ones on longer terms.
The session drew 252 trades. Treasury bills made up the largest share, at GH¢306.35 million across 217 trades, or 56 per cent of the day’s volume. DDEP bonds followed with GH¢228.74 million in 22 trades.
Prices on the secondary market stayed close to the government’s latest borrowing costs. The bill maturing on 27 September 2027 closed at a yield of 9.73 per cent. At the most recent primary auction, the 364-day rate fell to 9.83 per cent from 9.98 per cent, and the 91-day rate held at 4.69 per cent. Bills maturing between late December and February closed at yields below 5.7 per cent.
The most active bill, maturing on 21 June 2027, traded GH¢52.83 million at 8.48 per cent. The bill due on 31 May 2027 drew GH¢42.26 million at 7.92 per cent, and the 24 May 2027 paper took GH¢34 million at 7.73 per cent.
Yields across the rest of the exchange bonds moved in both directions. The February 2028 bond was the busiest by trade count, with eight deals worth GH¢40.23 million, and its yield edged up to 12.44 per cent from 12.39 per cent. The 2031 bond eased to 14.40 per cent on GH¢30.59 million, and the 2030 paper dropped 27 basis points to 14.23 per cent. The 2029 bond went the other way, rising to 13.79 per cent from 13.52 per cent.
The near-dated exchange bonds carry extra weight this year. In its July 2026 Monetary Policy Report, the Bank of Ghana said the government was building buffers to repay DDEP bonds maturing in 2027 and 2028. Domestic debt reached GH¢391.1 billion by June.
That buffer-building drove last month’s four-year bond sale, when the government raised GH¢3.15 billion at a 12 per cent clearing yield. The new bond, maturing in 2030, recorded one trade of GH¢78,178 on Thursday at a closing yield of 11.50 per cent and a price of 101.53, above its issue value.
Sell and buy-back deals on government bonds totalled GH¢8.28 million in seven trades. Half of that went through the February 2029 exchange bond at 12.49 per cent.
All corporate bond trading came from the Ghana Cocoa Board. Its 13 per cent bond maturing in August 2028 traded GH¢1.70 million in four deals, slipping to a price of 102.96 from 103.27. Its August 2027 bond recorded one trade of GH¢677,200 at 102.25.
None of the old government bonds that predate the debt exchange traded during the session.
