Trading activity in Ghana’s fixed income market for February 25, 2025, leaned heavily on treasury bills, which accounted for nearly 98% of the total reported volume of 153.3 million.
The standout security, GOG-BL-26/05/25-A6705-1943-0, saw a staggering 149.9 million units traded, dominating the day’s transactions. Meanwhile, sell/buy-back trades involving GOG-BD-16/02/27-A6143-1838-8.35 added another 51.8 million units to the mix, signaling robust institutional interest in short-term government instruments.
However, the report revealed notable gaps. Critical sections for Old GOG Notes & Bonds and Corporate Bonds showed little to no volume data, raising questions about transparency or potential reporting lapses. Market analysts flagged these omissions as concerning, particularly given the historical role of corporate bonds in diversifying investor portfolios. “Incomplete data undermines confidence,” one Accra-based trader remarked anonymously. “If key segments aren’t accurately tracked, it distorts the market’s true health.”
Collateralized repo transactions, totaling 70 million Ghanaian cedis, provided a bright spot, reflecting active liquidity management by financial institutions. Yet the absence of GMRA (Global Master Repurchase Agreement) trade details left observers speculating about unmet demand or operational delays.
The lack of clarity extended to smaller categories. For instance, New GOG Notes & Bonds reported modest activity, with just two trades totaling 3.37 million units—a drop in the ocean compared to treasury bills. Analysts urged regulators to audit formula references and data sources, noting that cells linked to Old GOG Notes & Bonds appeared to point to empty or invalid ranges.
While the treasury bill surge underscores short-term investor caution amid broader economic uncertainties, the patchy data complicates efforts to gauge market dynamics holistically. Stakeholders are calling for standardized reporting protocols to ensure future disclosures paint a fuller, more reliable picture of Ghana’s evolving debt landscape.
