Trading activity across Ghana’s fixed income market showed divergent trends on March 4, 2025, with treasury bills dominating volumes while select corporate and government bonds drew targeted investor interest, according to the latest exchange data.
The session underscored shifting liquidity preferences and appetite for shorter-term instruments in a market navigating macroeconomic uncertainties.
Government-issued treasury bills led the day, with a staggering 366.9 million cedis traded in the 91-day bill GOG-BL-02/03/26-A6712-1944-0, closing at 82.25 cedis. The 364-day bill GOG-BL-10/03/25-A6457-1893-0 also saw robust activity, with 136.1 million cedis changing hands at a yield of 99.52%. Analysts note the outsized demand for short-term government debt reflects ongoing risk aversion, likely tied to fiscal sustainability debates and global rate volatility.
New Government of Ghana (GOG) bonds remained active, particularly the 8.8% 2030 note GOG-BD-12/02/30-A6146-1838-8.80, which traded 100.5 million cedis at a closing yield of 24.34%. The bond’s price dipped slightly to 56.56 cedis, signaling cautious positioning in longer-dated debt. Meanwhile, older GOG bonds saw muted activity, with most maturing within the next two years posting zero volumes—a trend attributed to investor rotation into newer issuances.
Corporate bonds had pockets of momentum. The CMB-BD-31/08/26-A6303-1675-13.00 note, issued by an unnamed corporate entity, traded 10 million cedis at 84.15 cedis, edging up from its opening price. However, broader corporate debt markets lagged, with 20 of 34 listed securities recording no trades. Market watchers link this to tighter credit conditions and a preference for sovereign-backed instruments.
Repo markets signaled mixed liquidity flows. Collateralized repos totaled 813 million cedis across 11 settled transactions, while GMRA-structured trades remained inactive. A single 200 million cedi repo cancellation highlighted ongoing adjustments in short-term funding strategies among institutional players.
The data arrives as Ghana’s debt managers face scrutiny over refinancing risks, with approximately 45% of domestic bonds maturing by 2027. While treasury bill demand suggests temporary stability, analysts urge vigilance. “The tilt toward short-term instruments isn’t sustainable,” said a Accra-based fixed income strategist, speaking anonymously. “Longer-dated appetite must rebound to ease rollover pressures.”
Market Snapshot
- Total Volume: 1.04 billion cedis (all instruments)
- Top Traded Security: 91-day treasury bill GOG-BL-02/03/26-A6712-1944-0 (366.9M cedis)
- Corporate Standout: CMB-BD-31/08/26-A6303-1675-13.00 (10M cedis, +0.15% price gain)
- Repo Activity: 685M cedis settled in second-leg transactions
The Ghana Fixed Income Exchange (GFIM) did not issue an official commentary, though traders anticipate heightened volatility ahead of the central bank’s quarterly rate decision later this month.
