Treasury bills accounted for two-thirds of the GH¢2.58 billion traded on the Ghana Fixed Income Market (GFIM) on 30 September, across 806 trades.
Bills changed hands in 761 transactions worth GH¢1.75 billion, or 67.9 per cent of the day’s volume. Bonds issued under the Domestic Debt Exchange Programme (DDEP) made up almost all the rest, at GH¢825.9 million, or 32 per cent. Other government bonds, corporate bonds and sell/buy-back deals together accounted for about GH¢2.1 million.
Short-dated bills draw the biggest tickets
The single largest bill trade was in paper maturing on 7 December 2026, which drew GH¢312.9 million over 10 trades. It closed at a yield of 5.34 per cent.
The bill maturing a week later, on 14 December, recorded 404 trades, more than half of all bill transactions. Its total value was GH¢57.9 million, pointing to heavy activity from smaller investors.
The report shows a clear gap between short and long bills. Paper maturing within three months closed at yields of roughly 4.8 to 6.3 per cent. Bills maturing in the third quarter of 2027 closed at between 9 and 9.7 per cent. Among the longer bills, the one maturing on 26 July 2027 was the most active, trading GH¢186.3 million in 19 deals at a yield of 9.01 per cent.
2029 bond carries the DDEP market
The DDEP bond maturing on 13 February 2029 was the day’s most traded bond. It drew GH¢585.3 million in 11 trades, about 71 per cent of all DDEP volume. Its yield eased 22 basis points to 13.52 per cent.
Yields elsewhere on the DDEP curve moved in both directions:
- the February 2030 bond rose 87 basis points to 14.50 per cent, on GH¢17.5 million traded;
- the February 2032 bond climbed 38 basis points to 14.64 per cent;
- the February 2037 bond fell 58 basis points to 14.92 per cent;
- the February 2038 bond eased 23 basis points to 14.93 per cent.
Among the post-restructuring bonds, the four-year 12 per cent bond maturing in September 2030 traded GH¢600,000. Its yield fell to 11.27 per cent from 11.95 per cent.
Cocoa Board leads corporate trades
Corporate bond trading totalled GH¢519,374 across three deals. Ghana Cocoa Board’s 13 per cent bond maturing in August 2027 took GH¢509,687 of that and closed at a price of 102.29. Sell/buy-back trades in government bonds came to GH¢852,094 across five transactions.
