Trading activity on the Ghana Fixed Income Market (GFIM) more than doubled in April 2026, reaching GHS 32.59 billion. This marks a significant 107.84% increase compared to GHS 15.68 billion recorded in April 2025.
This substantial growth in value was primarily due to strong investor demand for government securities. Investors concentrated heavily on Treasury bills and other government paper. The total volume traded also rose by 93.45% to 35.05 billion in April 2026, up from 18.12 billion in April 2025.
This surge in fixed income trading aligns with broader economic trends in Ghana. Inflation has fallen sharply, and government bond yields have adjusted significantly from previous high levels. This environment makes government securities more attractive to investors seeking stable returns. The market recorded fewer but larger transactions, with total trades decreasing by 24.15% to 35,684 from 47,044 in April 2025.
Data from the Ghana Stock Exchange's April 2026 Fixed Income Market Report confirms these trends. For the first four months of 2026, the cumulative market volume reached 149.44 billion, a considerable rise from 77.36 billion in the same period of 2025. The total value traded from January to April also more than doubled to GHS 136.17 billion, exceeding GHS 63.87 billion from the previous year.
Treasury bills dominated trading in April, accounting for 55.21% of the total market volume, at 19.35 billion. Government notes and bonds followed with 43.80%, or 15.35 billion. Corporate securities represented a small fraction at 1.00%, or 349.39 million. This shows a continued preference for short-term government instruments among investors, despite falling yields.
Government securities robustly underpinned the market in value terms. They recorded a turnover of GHS 32.24 billion in April 2026, up from GHS 14.81 billion in April 2025. Corporate securities improved to GHS 357.53 million from GHS 26.37 million in April 2025, though they remain a minor segment.
The 364-day Government of Ghana bill recorded the highest value traded at GHS 10.63 billion. The 182-day bill followed with GHS 4.92 billion, and the 91-day bill saw GHS 2.89 billion traded. Longer-dated government bonds also exhibited notable activity; the 7-year bond traded GHS 3.58 billion, and the 9-year bond traded GHS 3.56 billion. The 4-year bond recorded GHS 2.44 billion, showing broader investor interest.
The corporate bond market remains comparatively small. Total outstanding corporate securities stood at GHS 8.40 billion in April 2026, a slight increase from GHS 8.39 billion a year earlier. Ghana Cocoa Board remained the largest corporate issuer, with GHS 7.33 billion in outstanding securities.
Local US dollar bonds also saw renewed interest, with US$6.16 million traded in April 2026. This is a dramatic increase of 3,717.05% from US$161,299 in April 2025. This rise suggests growing confidence in dollar-denominated assets locally.
On the primary market, government primary market operations for Treasury bills remained strong. The government tendered GHS 17.40 billion across various short-term bills in April 2026, accepting GHS 16.05 billion. The 91-day bill attracted the highest tender amount at GHS 11.77 billion.
Total outstanding government securities reached GHS 390.48 billion by April 2026, up from GHS 309.69 billion in April 2025. The yield curve data shows a significant compression in government bond yields. For instance, the 4-year yield declined to 10.27% from 21.21% a year earlier. This sharp repricing reflects falling inflation and lower interest rates, prompting market participants to adapt their investment strategies.