Ghana's Fixed Income Market (GFIM) recorded a total turnover of GHS 2.02 billion on Monday, September 7, 2026. Government-related securities accounted for the vast majority of this trading activity.
Domestic Debt Exchange Programme (DDEP) bonds and Treasury bills were the main drivers of this significant turnover. DDEP bonds alone generated GHS 1.29 billion across 31 trades, representing 63.73% of the total market volume. Treasury bills followed with GHS 563.51 million from 144 trades, making up 27.88% of the day's turnover. This concentration underscores the market's heavy reliance on sovereign instruments for liquidity.
This dominance of government securities reflects a persistent trend in Ghana's financial markets. Following the recent Domestic Debt Exchange Programme, investors have largely gravitated towards government bonds and Treasury bills. These instruments are perceived as safer havens amidst ongoing economic adjustments. The limited participation of corporate bonds, which contributed only GHS 70.04 million or 3.47% to the total, highlights the challenges in developing a robust private sector debt market. This structural reality impacts capital allocation and long-term economic growth.
The Norvan Reports indicated that the GOG-BD-10/02/32-A6148-1838-9.10 DDEP bond was the single largest instrument traded. It recorded GHS 454.80 million across six transactions. This particular bond represented 22.50% of the entire market's turnover for the day. Its closing yield stood at 14.28%, with a closing price of 80.84.
The continued concentration of liquidity in government securities has several implications for Ghana's economy. It suggests that the government remains the primary borrower in the domestic market, potentially crowding out private sector access to capital. Policymakers will need to monitor this trend closely to ensure a balanced financial ecosystem. Efforts to deepen the corporate bond market could help diversify investment opportunities and support private sector expansion. Investors will continue to watch government fiscal policies and interest rate movements, which directly influence the attractiveness of sovereign debt. The market's structure also impacts the Bank of Ghana's monetary policy transmission mechanisms, as government yields often set the benchmark for other financial instruments. Developing a more diversified fixed-income market remains a key objective for Ghana's financial sector regulators.
Other DDEP securities also saw substantial activity. The 2029 GC-3 bond traded GHS 275.00 million, while the 2028 GC-2 security recorded GHS 184.00 million. The 2030 GC-4 bond added approximately GHS 173.86 million to the DDEP segment. This indicates that liquidity was spread across several restructured government maturities, although the 2032 instrument maintained its clear dominance. Treasury bills, while second in turnover, were the most heavily traded segment by transaction count, with 144 trades. The largest bill, GOG-BL-26/07/27-A7089-2017-0, recorded GHS 159.70 million and closed at a yield of 9.62%. This single bill represented 7.90% of overall GFIM turnover. New Government of Ghana notes and bonds contributed GHS 63.71 million, with a four-year bond accounting for GHS 60.00 million of this amount. Corporate bond trading was highly concentrated in Ghana Cocoa Board securities, with one 2027 COCOBOD instrument recording GHS 60.04 million. This highlights that corporate activity is often limited to a few large issuers rather than broad market participation. Sell/buy-back transactions, primarily for financing and liquidity management, were modest at GHS 35.85 million.