Trading activity in the corporate debt market accelerated significantly, with the value of corporate securities traded on the Ghana Fixed Income Market (GFIM) rising to GHS 2.8 billion in the first four months of 2026. This figure is more than three times the level recorded during the same period in 2025. The increase reflects growing investor confidence and a strategic repositioning of investments amid changing financial landscapes.
The GFIM April 2026 report indicates that corporate securities traded value reached GHS 2.79 billion between January and April 2026. This compares sharply to GHS 831 million over the same period in 2025. Traded volumes also saw a substantial increase, climbing to 2.78 billion units from 993.7 million units year-on-year.
This growth appears within Ghana's broader fixed income market recovery after a domestic debt restructuring exercise in 2023. That exercise disrupted trading and reshaped investor appetite in the local debt market. Data from the GFIM shows that yields on medium- to long-term government bonds have declined significantly compared to a year earlier.
For instance, the 4-year government bond yield fell to 10.27 percent in April 2026 from 21.21 percent in April 2025. Similarly, the 5-year yield dropped to 9.64 percent from 20.7 percent. This compression of government yields makes corporate debt instruments more appealing to institutional investors seeking higher returns.
Despite this strong growth, the corporate segment remains a relatively small part of Ghana’s overall debt market. Corporate securities accounted for only about one percent of total market volume in April 2026. Treasury bills and government bonds continue to dominate overall market activity.
Ghana Cocoa Board (COCOBOD) continues to dominate the corporate debt segment, holding outstanding securities of more than GHS 7.3 billion. This represents the overwhelming share of listed corporate debt on the market. Other issuers on the market include Letshego Ghana Plc, Bayport Savings and Loans Plc, Kasapreko Company Plc, Izwe Savings and Loans Plc, and Quantum Terminal Plc.
The report also highlighted new issuance activity, including a GHS 25 million bond from Izwe Savings and Loans Plc in April 2026. This bond carries a 14 percent coupon and matures in April 2028. The increase in secondary market turnover points to improving investor liquidity conditions and confidence in the fixed income market.
However, the corporate debt segment still faces challenges, such as limited issuer diversity and concentrated ownership among institutional investors. Banks remain key players in trading activities across the fixed income market. GCB Bank Plc was the largest market participant from January to April, accounting for nearly 25 percent of traded value among banks. This was followed by Stanbic Bank Ghana, Guaranty Trust Bank Ghana, and Fidelity Bank Ghana.
The broader GFIM recorded a total traded value of GHS 136.2 billion in the first four months of 2026. This is more than double the GHS 63.9 billion recorded during the same period last year. Total traded volumes also rose by over 93 percent year-on-year to 149.4 billion units.
Market participants will closely watch further yield movements in government securities and new corporate bond issuances. Continued macroeconomic stability will be crucial for sustaining this recovery and deepening the corporate debt market. This trend suggests increased diversification opportunities for investors beyond traditional government offerings.