Trading on the Ghana Fixed Income Market (GFIM) reached GHS 3.70 billion on Wednesday, August 12, 2026. Government bonds issued under the Domestic Debt Exchange Programme (DDEP) accounted for more than three-quarters of this market activity. This significant volume underscores the ongoing impact of the DDEP on Ghana's financial landscape.
DDEP bonds recorded GHS 2.86 billion in volume across 78 trades. This represented 77.49% of total securities traded during the session. Treasury bills followed with GHS 518.51 million across 323 trades, making up 14.03% of the overall market volume. Sell-and-buy-back transactions involving government notes and bonds contributed GHS 312.80 million, or 8.46%.
This concentration of activity in DDEP securities highlights their growing importance in Ghana’s secondary fixed-income market. Investors are increasingly distinguishing between instruments based on maturity, yield, and liquidity. The market's focus on these restructured bonds reflects the country's efforts to manage its public debt and stabilize its economy following the DDEP implementation.
The standout security was the DDEP bond maturing in February 2031. It recorded GHS 1.55 billion in volume across 30 trades, making it the most actively traded security. This single bond accounted for approximately 41.83% of all GFIM trading that day. It also represented 53.98% of total DDEP bond activity. The bond ended the session at a yield of 14.75% and a closing price of about GHS 81.36 for every GHS 100 of face value.
The discount to par value, where the bond trades below its face value, is a key feature of Ghana’s post-restructuring bond market. Many DDEP instruments have relatively low coupon rates compared with current secondary-market yields. Their prices must therefore trade below face value to offer investors returns that match prevailing market conditions. This mechanism ensures that investors find these bonds attractive despite their lower coupon payments.
The February 2032 DDEP bond, with a 9.10% coupon, was the second-largest contributor to activity. It saw GHS 594.44 million traded across seven transactions. Its closing yield stood at 14.92%, with the bond priced at approximately GHS 78.64. Another heavily traded instrument was the February 2027 DDEP bond, which has an 8.35% coupon. It recorded GHS 429.39 million in volume across 24 trades and closed at a yield of 11.60% and a price of about GHS 98.41.
These transactions show that liquidity is considerably greater in selected DDEP maturities. This contrasts with the broader bond universe. While headline turnover can suggest widespread market activity, a significant portion is concentrated in a few securities. This pattern is crucial for understanding the true depth and breadth of the market.
Treasury bills presented a different trading picture. Their GHS 518.51 million volume was significantly lower than DDEP bonds. However, this segment generated 323 transactions, far more than any other category. The largest Treasury bill transaction involved a bill maturing on August 9, 2027. It recorded GHS 196.28 million across 42 trades and closed at a yield of approximately 12.85%.
This contrast between transaction numbers and trading value points to different participation patterns. DDEP bond turnover was driven by fewer but much larger transactions. The Treasury bill market, conversely, recorded a significantly greater number of individual trades. This indicates different investor profiles and strategies in each segment.
The market also recorded GHS 312.80 million in sell-and-buy-back transactions involving government securities across six trades. The largest of these involved the February 2032 DDEP bond, with GHS 177.37 million changing hands in a single transaction at a yield of 14.10%. These transactions are vital for market liquidity. They allow financial institutions to raise short-term funding against securities while maintaining economic exposure to the underlying assets.
Old government bonds, by comparison, have become increasingly marginal to daily activity. Only GHS 810,000 was traded across four transactions. The largest volume was GHS 580,000 recorded in a September 2027 bond with an 18.80% coupon. The absence of corporate bond activity is also notable. While GFIM lists securities from companies like Letshego Ghana and Kasapreko, none recorded trades during Wednesday’s session. This reinforces the long-standing imbalance in Ghana’s fixed-income market, where government securities dominate secondary-market activity and corporate debt remains relatively illiquid. Policymakers and market operators will continue to monitor these trends to ensure market stability and growth.