The Ghana Fixed Income Market recorded significant trading volumes on April 29, 2025, with government securities dominating activity amid steady participation in corporate bonds and treasury bills.
Total traded volume across all instruments reached 1.05 billion cedis, driven largely by new and old government notes, treasury bills, and collateralized repo transactions.
New Government of Ghana (GOG) notes and bonds accounted for the largest share, contributing 496 million cedis to the day’s total volume. Old GOG notes followed with 283 million cedis, while treasury bills saw 234 million cedis traded. Corporate bonds, led by Ghana Cocoa Board’s 13.00% September 2025 issue, added 27 million cedis. Sell/buy-back trades involving GOG bonds further boosted liquidity, with 11.4 million cedis transacted.
The treasury bill segment highlighted intense activity in the 91-day bill GOG-BL-28/07/25-A6749-1952-0, which saw 947.8 million cedis traded at a closing price of 99.327. Corporate bonds also saw notable movement, with Ghana Cocoa Board’s CMB-BD-01/09/25-A6312-6175-13.00 bond trading 27 million cedis at a closing price of 90.56.
Collateralized repos and Global Master Repurchase Agreement (GMRA) trades underscored institutional engagement, with 14 first-leg settled repos valued at 850 million cedis and 18 second-leg settlements totaling 1.98 billion cedis. The market’s reliance on short-term government instruments reflected ongoing investor preference for low-risk assets amid broader economic conditions.
The data reaffirms the dominance of sovereign debt in Ghana’s fixed income landscape, a trend consistent with emerging market dynamics where government securities often anchor liquidity. The active repo market further signals institutional strategies to manage short-term funding needs. While corporate bonds remain a smaller segment, issuers like Ghana Cocoa Board continue to attract targeted interest, suggesting niche opportunities for yield-seeking investors. Analysts note that sustained demand for treasury bills could indicate cautious capital allocation ahead of fiscal policy updates later this quarter.
