The Ghana Fixed Income Market reported active trading on April 28, 2025, with notable volumes in government bonds, treasury bills, and corporate securities.
Investors demonstrated varied appetites for short-term liquidity and longer-dated yields, reflecting cautious optimism amid ongoing economic adjustments.
Government of Ghana (GOG) bonds dominated transactions, led by the 9.25% 2033-maturity bond (GOG-BD-08/02/33-A6149), which traded 35.97 million units at a closing yield of 22.57%. Treasury bills also saw strong demand, particularly the 182-day bill maturing October 27, 2025 (GOG-BL-27/10/25-A6750), which recorded 167.75 million units traded at a closing price of 92.60. Older bonds, such as the 6% 2026-maturity note (GOG-BD-19/11/26-A5765), remained relevant, trading at 98.49, underscoring institutional interest in mid-term sovereign debt.
Corporate bonds exhibited selective activity, with Bayport Savings and Loans’ 2025 note (BFS-NT-19/09/25-C0850) trading 300,000 units at par. Letshego Ghana’s 2027 bond (LGH-BD-07/10/27-C0935) closed at 98.46, signaling steady confidence in non-banking financial institutions. The Ghana Cocoa Board’s 2025 issuance (CMB-BD-01/09/25-A6312) held steady at 94.66, reflecting stable commodity-linked investor sentiment.
Short-term treasury instruments attracted significant liquidity, with 91-day bills totaling 94.72 million units traded. The May 5, 2025 bill (GOG-BL-05/05/25-A6691) closed at 99.61, near its face value, indicating minimal risk perception. Meanwhile, collateralized repurchase agreements (repos) totaled 850 million Ghana cedis across 14 transactions, highlighting institutional strategies to manage short-term cash flows.
The trading activity underscores the market’s role in balancing fiscal needs and investor returns. Demand for treasury bills aligns with broader regional trends favoring low-risk assets amid inflationary pressures and currency volatility. Corporate bond performance, though muted outside select issuers, suggests niche opportunities in sectors with clear growth narratives.
As the government continues debt management efforts, maintaining transparency and yield competitiveness will be critical to sustaining investor participation. The resilience of longer-dated bonds, despite global rate uncertainties, signals confidence in Ghana’s medium-term fiscal stability, though liquidity challenges in peripheral securities warrant attention to deepen market efficiency.
