Ghana’s fixed income market demonstrated robust trading activity across multiple security categories on September 5, 2025, with government bonds, corporate instruments, and treasury bills all attracting investor interest, according to the latest Ghana Fixed Income Market trading report.
The trading session encompassed a comprehensive range of securities including new and old Government of Ghana notes and bonds, treasury bills of various tenors, corporate bonds, and Bank of Ghana bills. The diversity of instruments traded reflects the market’s ongoing evolution following recent debt restructuring initiatives.
New Government of Ghana notes and bonds featured prominently in the trading activity, including securities from the 2023-GC series and Ghana Financial Stability Fund bonds that emerged from the domestic debt exchange program. USD-denominated bonds, including USD-DDE-FCA and USD-DDE-FEA instruments, also saw trading activity as investors navigate the restructured debt landscape.
The corporate bond segment showed activity across multiple issuers, with Ghana Cocoa Board bonds drawing particular attention. This follows COCOBOD’s significant financial turnaround, with the organization recording a GH₵2.3 billion profit in fiscal year 2022/23, primarily attributed to debt restructuring measures that reduced financing costs from approximately 34% to 13%.
Other corporate issuers participating in the market included Letshego Ghana PLC, Bayport Savings and Loans PLC, Izwe Savings and Loans PLC, Kasapreko PLC, and Quantum, indicating diverse private sector financing activity within Ghana’s fixed income ecosystem.
Treasury bill trading encompassed the full spectrum of short-term government securities, with 91-day, 182-day, and 364-day instruments all recording transactions. This activity reflects continued investor confidence in short-term government paper amid improving macroeconomic conditions.
Bank of Ghana bills, including 56-day and 273-day instruments, also featured in the trading session, demonstrating the central bank’s active role in money market operations and liquidity management.
The market recorded significant activity in sell/buy-back transactions on government bonds, a mechanism that provides short-term liquidity to market participants while using government securities as collateral. These repo-style operations have become increasingly important for market liquidity management.
Collateralized and GMRA repo transactions were tracked across various settlement stages, from initial authorization through matching, settlement, and expiration. The comprehensive tracking of repo market activity reflects the growing sophistication of Ghana’s money market infrastructure.
The trading report comes amid expectations for continued recovery in Ghana’s bond market through 2025. Investor confidence in the fixed-income market is expected to strengthen further, driven by declining Treasury bill yields and improving macroeconomic conditions following government efforts to stabilize fiscal positions and rebuild market trust.
Market observers note that post-restructuring, domestic investors have had limited alternative investment opportunities, making government securities attractive despite yield compression from the elevated levels seen during 2023-2024.
The presence of both new securities created through debt exchange programs and legacy instruments with higher coupon rates reflects the ongoing transition period as Ghana’s debt markets normalize following the comprehensive domestic debt exchange program.
Red-colored securities in the trading report represent benchmark instruments, providing reference points for pricing and yield curve construction across different maturities and security types.
The Ghana Fixed Income Market platform continues to facilitate secondary trading of all fixed income securities, providing transparency through daily reporting of trading volumes, yields, and transaction details across government and corporate instruments.
Market activity on September 5 demonstrates the ongoing development of Ghana’s fixed income infrastructure, with electronic trading systems supporting both outright transactions and repo operations across multiple security categories and participant types.
The comprehensive nature of trading activity across government, corporate, and central bank securities indicates healthy market functioning as Ghana continues its economic recovery trajectory and debt market normalization process.
