Trading on the Ghana Fixed Income Market (GFIM) reached GHS 2.73 billion across 487 transactions. Restructured Government of Ghana securities, specifically Domestic Debt Exchange Programme (DDEP) bonds, drove this activity. These bonds alone recorded GHS 1.48 billion in turnover from 64 trades.
This significant activity means DDEP bonds represented 54.26% of the entire market's trading volume. It underscores a clear investor preference for selected post-restructuring government securities. Treasury bills followed with GHS 693.20 million in turnover from 361 transactions, making up 25.42% of total GFIM activity.
The Ghanaian economy has been navigating a period of fiscal adjustment and debt restructuring. The strong performance of DDEP bonds on the secondary market indicates a degree of renewed investor confidence in government debt. This trend suggests that the market is beginning to price in the outcomes of the Domestic Debt Exchange Programme, which concluded earlier this year. The Bank of Ghana's recent monetary policy decisions and efforts to stabilize the cedi also contribute to this environment.
Market analysts observe that the concentration of trading in DDEP bonds reflects a flight to quality within the domestic fixed income space. "Investors are seeking stability and predictable returns in a post-restructuring environment," stated a leading market strategist. This sentiment is crucial for the government's ongoing efforts to restore fiscal health and attract investment.
Looking ahead, market participants will closely monitor the yields and prices of these DDEP bonds. Their performance will serve as a key indicator of broader investor confidence in Ghana's economic recovery. The government's ability to meet its debt obligations and maintain fiscal discipline will be paramount in sustaining this positive momentum. Future bond issuances and their reception will also be critical to watch.
Within the DDEP segment, the GOG-BD-16/02/27-A6143-1838-8.35 bond was the most actively traded. It recorded GHS 575.57 million across 20 transactions. This single bond's trading volume accounted for 38.90% of total DDEP turnover. It also represented about 21.11% of overall GFIM activity. The bond closed at a yield of 10.97% and a price of GHS 98.7987.
Demand was also strong for longer-dated DDEP maturities. The February 2030 8.80% bond saw GHS 289.63 million in turnover from 14 trades. It closed at a yield of 14.15% and a price of GHS 85.6652. The February 2031 8.95% bond followed with GHS 144.93 million. Other significant trades included the February 2029 and February 2032 securities, which posted GHS 140.00 million and GHS 135.00 million respectively. The August 2028 DDEP bond also recorded GHS 104.52 million in trades, closing at a yield of 13.15%.
This pattern shows that while investors favor the relatively short February 2027 maturity, liquidity extends across the medium- and longer-dated DDEP curve. This broad interest suggests a diversified approach by investors within the restructured bond market. It provides a more robust foundation for the secondary market's health.
Treasury bills generated GHS 693.20 million in total turnover, with activity heavily concentrated in the 364-day segment. This category accounted for GHS 633.92 million, representing 91.45% of all Treasury-bill turnover. In contrast, 91-day bills recorded GHS 37.12 million, and 182-day bills generated GHS 22.16 million. The concentration in longer Treasury-bill maturities indicates a preference for one-year money-market instruments. This suggests investors are locking in yields for a slightly longer duration.
Trading in newly issued Government of Ghana notes and bonds remained modest. Only GHS 4.69 million changed hands in this segment. Old Government of Ghana bonds recorded just GHS 455,000. These two categories combined accounted for less than 0.20% of total market turnover. This highlights the market's current focus on the restructured DDEP instruments.
The corporate debt market also saw limited activity, recording only GHS 2.86 million. This figure is approximately 0.10% of total GFIM activity. All corporate turnover came from Ghana Cocoa Board securities. This disparity between sovereign and corporate securities underscores Ghana's comparatively shallow corporate bond market. Developing this segment remains a key challenge for financial market growth.