The Ghana Fixed Income Market (GFIM) recorded robust trading activity across government and corporate securities on April 25, 2025, with sell/buy-back transactions dominating liquidity.
Total trading volume reached 281.3 million units, driven primarily by high-yield government bonds and treasury bills, reflecting sustained investor engagement in sovereign debt instruments.
According to the latest GFIM summary report, sell/buy-back trades for Government of Ghana (GOG) notes and bonds accounted for 250.3 million units, representing 89% of the day’s total volume. The largest single transaction involved the GOG-BD-16/02/27 bond, an 8.35% coupon instrument, which traded 250.3 million units at a closing price of 79.30 GHS. Treasury bills also saw notable activity, with the 364-day bill GOG-BL-17/11/25-A6637 trading 30.6 million units at 86.84 GHS. Corporate bonds, though less active, included a 300,000-unit trade of Bayport Savings and Loans’ BFS-NT-19/09/25 note at 99.83 GHS.
New GOG bonds demonstrated mixed performance. The 10% coupon GOG-BD-15/08/28 bond closed at 72.04 GHS with a yield of 22.35%, while longer-dated instruments like the 9.55% GOG-BD-06/02/35 bond traded at 49.66 GHS. Older bonds, such as the 25% coupon 2025-maturity GOG-BD-19/05/25, saw minimal trading but maintained near-par pricing at 98.25 GHS.
Treasury bill liquidity centered on shorter tenors, with the 91-day GOG-BL-21/07/25 bill recording 24.2 million units traded. The 182-day bill GOG-BL-21/07/25 closed at 96.55 GHS, while the 364-day bill GOG-BL-17/11/25 reflected heightened demand, closing at 86.84 GHS. Repo market activity included 21 collateralized transactions valued at 2.18 billion GHS, underscoring institutional reliance on short-term funding mechanisms.
Ghana’s fixed income market remains a critical pillar of the national economy, offering investors a blend of sovereign stability and competitive yields amid regional economic headwinds. The dominance of government securities highlights continued confidence in fiscal instruments, while selective corporate participation signals cautious optimism in private-sector creditworthiness. Analysts note that sustained liquidity in longer-dated bonds could signal shifting expectations for inflation and interest rates, though broader macroeconomic trends will likely dictate medium-term momentum.
As Ghana aligns its financial infrastructure with global standards, including ongoing efforts to join the Ghana Olympic Committee, market transparency and regulatory compliance are poised to deepen investor trust. The GFIM’s role in channeling capital toward public projects and private enterprises underscores its strategic importance in fostering economic resilience.
