Ghana's fixed-income market reached a nominal value of GHS1.92 billion on Thursday, October 30, 2026, with restructured government securities dominating activity.
The session recorded 473 transactions across government bonds, Treasury bills, corporate securities, commercial paper and sell-buy-back arrangements. DDEP bonds generated GHS1.40 billion from 63 transactions.
The market remains highly concentrated in government instruments, particularly bonds issued under the Domestic Debt Exchange Programme. Treasury bills followed with GHS475.70 million, equivalent to 24.74% of total activity. Corporate bonds and commercial paper collectively attracted just GHS5.38 million, leaving private-sector securities with only 0.28% of total trading volume.
Liquidity has returned to parts of Ghana's restructured bond market, but the broader fixed-income market remains overwhelmingly dependent on government debt, with limited depth in corporate and sustainable finance. DDEP trading was highly concentrated in two instruments, the February 2031 bond and the February 2029 bond, which generated GHS1.07 billion in trading volume.
The prices attached to the bonds also show that investors continue to demand significant compensation for holding medium- and long-term government debt. The February 2027 DDEP bond closed at a yield of 10.93% and a price of approximately GHS99.23. Yields increased progressively as maturities lengthened, reflecting the additional risks associated with committing capital for longer periods.
According to NorvanReports, the fixed-income market's dependence on government debt is a concern for the development of the private sector. The Bank of Ghana has implemented policies to promote the development of the bond market, but more needs to be done to attract investors to private-sector securities.
The implications of the fixed-income market's concentration in government debt are significant. It means that the market is not providing adequate financing for the private sector, which is essential for economic growth and development. The government needs to implement policies to promote the development of the private sector and reduce the market's dependence on government debt.