The Ghana Fixed Income Market closed March 11, 2025, with notable activity across government securities, led by a surge in Treasury bill volumes and benchmark bond trades.
New Government of Ghana (GOG) notes dominated turnover, with the 8.80% 2030 bond (GOG-BD-12/02/30-A6146) seeing over 100 million cedis traded, driving its yield down 210 basis points to 24.99%. Treasury bills also drew robust demand, particularly the 9.06% 2025 bill (GOG-BL-09/06/25-A6715), which saw 293.5 million cedis change hands at a weighted yield of 16.62%.
Corporate bonds lagged, with sparse activity outside a 10 million cedi trade in LGH’s 2027 note. Sell/buy-back trades remained muted, while collateralized repo volumes edged higher, suggesting cautious liquidity management among institutional players. Analysts noted the yield compression in longer-dated bonds reflects renewed investor appetite for duration amid easing inflation expectations. However, the 20-year GOG bond (GOG-BD-01/08/39-A5103) traded at a steep 35.27% yield, underscoring lingering concerns over fiscal sustainability.
The day’s total fixed-income volume hit 405.3 million cedis, with Treasury instruments accounting for 72% of activity. Market participants await next week’s debt auction, where the government plans to refinance 500 million cedis in maturing bills, a test of demand amid shifting macro conditions.
