The Ghana Fixed Income Market (GFIM) recorded a sharp rebound in trading activity on May 6, 2026. Total market turnover rose to GHS 2.15 billion across 363 trades. This increase came as investors showed greater interest in Treasury bills and Domestic Debt Exchange Programme (DDEP) bonds.
This trading day marked a significant improvement from the previous session. Turnover had stood at GHS 430.15 million, indicating a renewed flow of money into government securities. Treasury bills led the market, accounting for GHS 942.05 million from 291 transactions. This segment alone made up about 43.9% of the total market turnover. Investors continue to prefer short-term government paper for quick cash and lower risk exposure.
This renewed activity reflects an ongoing trend of government debt dominating Ghana’s financial landscape. The country has faced significant economic challenges, leading to debt restructuring efforts like the DDEP. Investor confidence in government securities is crucial for public finance and economic stability. The high demand for Treasury bills points to caution among investors. They seek safety and short-term returns amidst broader economic uncertainty. This demand for government instruments also shows the limited alternatives available in the broader market.
The Norvan Reports noted the dominance of Treasury bills and DDEP bonds. Combined, these instruments generated GHS 1.75 billion. This represented over 81% of all market activity. The report highlights that the yield on 91-day Treasury bills ranged between 5.06% and 6.65%. These figures suggest a continued adjustment in short-term interest rates. This adjustment occurs as inflation and central bank policy rates begin to ease.
This return of liquidity to the fixed income market is a positive sign for Ghana’s economy. It suggests that investors are finding government debt attractive again, which can help in managing public finances. Decision-makers will watch closely how these trends evolve. Sustained investor confidence is vital for future government borrowing and overall economic stability. The strong interest in DDEP bonds also indicates growing acceptance of the restructured debt at current prices and yields.
DDEP bonds closely followed Treasury bills, generating GHS 811.41 million from 24 trades. This represented about 37.8% of the total market activity. A specific DDEP bond, GOG-BD-16/02/27-A6143-1838-8.35, saw significant trading. It recorded GHS 747.60 million from 14 trades, closing at a yield of 10.01%. This highlights sustained investor interest in shorter-dated restructured government securities. These bonds offer clearer visibility regarding their maturity and pricing. Sell/buy-back trades involving Government of Ghana notes and bonds added GHS 380.25 million from 30 trades. Corporate bonds recorded a modest GHS 6.80 million from 13 trades. This reinforced the substantial preference for government-backed assets over private sector debt.
The market also saw some activity in new Government of Ghana notes and bonds. These posted GHS 5.05 million from two transactions. Old Government of Ghana notes and bonds contributed GHS 528,646 from three trades. However, corporate bond activity remained thin compared to government securities. The largest corporate bond trade was GHS 5.82 million from nine trades. This trading pattern emphasizes the strong reliance on government paper within Ghana's fixed income market. Such reliance will continue to shape liquidity, pricing, and overall investor sentiment.