The Ghana Fixed Income Market (GFIM) saw varied trading patterns across different securities in its latest report dated April 23, 2025.
The data reveals significant activity in government bonds alongside quieter corporate bond trading, providing insights into investor sentiment amid current economic conditions.
New Government of Ghana (GOG) notes and bonds dominated trading volumes, with the 2031-maturity bond (GOG-BD-11/02/31) seeing the largest single transaction at 29 million cedis. Treasury bills also showed robust activity, particularly the October 2025 364-day bill (GOG-BL-06/10/25) which traded 283 million cedis across 17 transactions. The weighted average closing price for this bill stood at 91.9139, reflecting continued investor appetite for short-term government paper.
Corporate bonds remained subdued, with no recorded trades for most issuers including Ghana Cocoa Board and Bayport Savings. The exceptions were Letshego Ghana’s 2025 and 2026 bonds, which maintained stable prices but saw minimal volume.
The repo market showed 4.74 billion cedis in collateralized repurchase agreements, indicating active liquidity management by financial institutions. First-leg settlements accounted for 2.33 billion cedis of this total, while second-leg settlements reached 1.11 billion cedis.
Notably, the report highlights the phasing out of “old” GOG securities, with only two issues from 2025 still appearing in the data. These are being replaced by new benchmark bonds as part of Ghana’s ongoing debt management strategy. The 2027-maturity bonds appear particularly active across both new and old issues.
Market analysts suggest the trading patterns reflect cautious positioning ahead of upcoming monetary policy decisions, with investors favoring shorter-dated government securities. The data also shows compressed yields across the curve, particularly for bonds maturing between 2027-2031, suggesting some investor confidence in medium-term economic stability.
As Ghana continues its economic recovery program, fixed income market activity will remain a key indicator of both domestic and international investor sentiment toward the country’s fiscal trajectory. The next GFIM report will be closely watched for signs of either strengthening demand or emerging risk aversion in the lead-up to mid-year budget reviews.
