Ghana’s Fixed Income Market (GFIM) processed 2.41 billion cedis across 768 transactions on Wednesday, with new government securities and treasury bills dominating activity as investors maintained strong appetite for sovereign debt instruments. New Government of Ghana (GOG) notes and bonds captured 1.87 billion cedis through 107 separate transactions, accounting for 77 percent of total trading volume.
Treasury bills contributed 464.31 million cedis across 628 deals, representing 19 percent of market activity during Tuesday’s session. Corporate bonds recorded 28.56 million cedis in volume through 25 transactions, indicating limited but continuing participation from private sector issuers. Sell and buyback trades involving GOG notes and bonds added 53.37 million cedis across eight transactions.
The most actively traded instrument was a GOG bond maturing November 2, 2031, carrying an 8.95 percent coupon. This security recorded 1.05 billion cedis in volume across 41 transactions, trading at a yield of 15.40 percent with a closing price of 77.8736 cedis per 100 cedis face value. The substantial concentration in this single instrument reflects institutional investor positioning in medium term government debt.
Among treasury bills, the security maturing July 27, 2026, led trading with 200.10 million cedis across 73 transactions at a closing price of 95.0967 cedis. The six month maturity attracted demand from banks and institutional investors managing liquidity requirements while capturing yields that remain historically attractive despite declines from crisis period levels.
Corporate bond activity centered on a Consolidated Bank Ghana (CMB) bond maturing August 31, 2026, carrying a 13 percent coupon. This security traded 22.26 million cedis across 16 transactions at a closing price of 99.1327 cedis, demonstrating continued though limited secondary market activity for non government issuers.
The most significant sell and buyback transaction involved a GOG bond maturing February 12, 2030, carrying an 8.80 percent coupon, which traded at a yield of 14.10 percent with a closing price of 83.9812 cedis. Repo transactions provide investors with tools to access temporary liquidity while maintaining exposure to bond positions.
Old GOG notes and bonds recorded no trading activity during Tuesday’s session. These legacy securities issued before the 2023 Domestic Debt Exchange Programme (DDEP) typically see minimal secondary market trading as investors hold them to maturity given their higher coupon structures compared to new series bonds.
Tuesday’s trading volume represented strong activity levels for the GFIM, which has recovered following disruption from the debt restructuring. Ghana Stock Exchange (GSE) Managing Director Abena Amoah revealed recently that cumulative GFIM trading volume from January to October 2025 crossed the 200 billion cedi mark.
The concentration of trading in new government bonds rather than treasury bills marks a shift from patterns seen earlier in January 2026, when treasury instruments frequently dominated daily volumes. The movement suggests some investors are extending duration to capture yields on medium term government securities before anticipated further rate declines.
Ghana’s improving macroeconomic fundamentals have restored confidence in domestic debt markets. Inflation declined from 23.8 percent in December 2024 to single digits by late 2025, while treasury bill rates fell from peaks around 28.9 percent during the debt crisis to current levels near 10.7 percent, the lowest in 14 years.
The government faces significant refinancing requirements in 2026 as domestic bonds mature following DDEP restructuring. Finance ministry officials have indicated they will use a combination of treasury bills, medium term notes and bonds to meet financing needs while maintaining a balanced maturity profile. Government’s zero Bank of Ghana financing policy announced in the 2026 Budget means all deficit financing will come through market based instruments.
The GFIM was established in August 2015 by key stakeholders including the Bank of Ghana (BOG), GSE, Central Securities Depository Ghana Ltd, Ghana Association of Bankers and the Ministry of Finance. Since inception, the market has traded over one trillion cedis in securities, becoming one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
Corporate bond activity remains a development priority for market stakeholders. Only eight active corporate issuers currently participate in the GFIM after four companies recently exited. The limited depth in corporate debt reflects factors including company preferences for bank financing, regulatory requirements for bond issuances, and investor concentration in government securities perceived as lower risk.
