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The Market Resurgence: A Day in Ghana’s Fixed Income Market


May 31, 2024, marked a significant day in the Ghana Fixed Income Market (GFIM).

This trading report reveals a dynamic day, characterized by notable activity across various segments of the market.

A Surge in Government Securities

The spotlight shone brightly on government securities. The new Ghanaian government bonds and notes experienced substantial trading volumes, summing up to an impressive 6,273,936 units. Among these, the 2023 series stood out:

  1. 2023-A-1 (GOG-BD-17/08/27-A6139-1838-10.00):
    • Yield Movement: Opened at 20.71% and closed at 25.19%.
    • Price: Ended the day at 67.5042.
  2. 2023-A-2 (GOG-BD-15/08/28-A6140-1838-10.00):
    • Yield Movement: Notable decrease from 25.47% to 16.78%.
    • Price: Closed at 79.9789.

The trading of older government notes and bonds was minimal, with only 10,262 units changing hands, indicating a market preference for newer issues.

Corporate Bonds and Treasury Bills

Corporate bonds and treasury bills also played crucial roles in the day’s trading activities:

  • Corporate Bonds: Though detailed data isn’t provided here, the sector showed steady interest, contributing to the overall market liquidity.
  • Treasury Bills: These short-term instruments remained a staple for risk-averse investors, providing a reliable avenue for preserving capital amidst market fluctuations.

Innovative Trading Mechanisms

The GFIM report also highlighted the utilization of sophisticated trading mechanisms:

  • Sell Buy Back Trades: Government securities were actively involved in these trades, reflecting their role as a pivotal component of liquidity management.
  • Collateralized & GMRA Trades: The market saw 13 collateralized repo transactions, amounting to 850 million GHS. This segment is essential for short-term funding, ensuring smooth market operations.

Market Summary

The grand totals of trading volumes illustrate the vibrancy and depth of Ghana’s fixed income market:

  • Total Volume: The combined activity across all segments culminated in significant trade volumes, underscoring investor confidence and market robustness.

As Ghana’s financial landscape continues to evolve, the insights from this trading report provide a snapshot of market health, investor sentiment, and the dynamic interplay between various financial instruments. The sustained interest in government securities, complemented by active corporate and treasury bill markets, signals a resilient and burgeoning fixed income market in Ghana. ​

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