Ghana’s fixed income market traded GH¢3 billion in bonds and treasury bills on Monday, with restructured Domestic Debt Exchange Programme (DDEP) bonds accounting for most of the volume.
Total turnover across the session reached GH¢3,004,601,006 spread over 1,134 trades. DDEP bonds, the instruments issued under Ghana’s debt restructuring programme, made up roughly 73 percent of that volume at GH¢2,207,684,201 across 18 trades, by far the largest single category. Treasury bills carried the bulk of the trading activity by count, with 1,108 separate trades totaling GH¢741,211,058, underscoring how much broader participation clusters around short dated instruments even when their overall value trails DDEP paper. New Government of Ghana (GOG) notes and bonds saw a single trade worth GH¢46,597,126, corporate bonds recorded one trade worth GH¢8,000,000, and sell and buy back trades on GOG notes and bonds added GH¢1,108,621 across six trades. No old GOG notes or bonds changed hands.
Pricing showed the gap that persists between newer and restructured government paper. The largest single trade in new GOG bonds, a note maturing March 2033 with a 12.50 percent coupon, closed at 97.9368 to yield 12.96 percent, trading close to par. By contrast, the most heavily traded DDEP bond, an 8.80 percent note maturing February 2030, closed at 82.4692 to yield 15.34 percent, a discount that reflects the lower coupon investors accepted when the debt was restructured. A similar pattern showed in the sell and buy back segment, where an 8.95 percent GOG bond maturing February 2031 changed hands at 85.4565 for a 13.28 percent yield.
Among treasury bills, the largest trade involved a bill maturing July 2027, which closed at 88.6052 to yield 12.8602 percent across 11 trades. The lone corporate bond trade, a 13.00 percent note maturing August 2026, closed near par at 99.7542.
