The Ghana Fixed Income Market recorded GH¢2.08 billion in trading volume on Tuesday, November 10, down 30.6 per cent from GH¢3.00 billion a day earlier. The number of transactions rose from 323 to 398, a 23.2 per cent increase.
Average volume per transaction fell from about GH¢9.28 million on Monday to GH¢5.23 million on Tuesday.
Treasury bills dominated the market, with a 153 per cent rise in volume to GH¢1.13 billion from GH¢447.36 million. DDEP bonds saw a 63 per cent fall in volume, from GH¢2.49 billion to GH¢920.49 million. Treasury bills became the largest segment by volume, making up about 54 per cent of Tuesday’s total.
The Ghana Fixed Income Market’s shift from DDEP bonds to Treasury bills matters because aggregate turnover can conceal changes in investor preference and market activity. A smaller daily total might appear to signal a broad retreat, but Tuesday’s data show a market with more recorded transactions and a substantially different mix of instruments.
According to NorvanReports, the largest DDEP transaction on Tuesday involved GH¢769.32 million of a bond maturing in February 2029, with a reported yield of 14.27 per cent and closing price of 89.38. The biggest Treasury bill trade was GH¢473.45 million in a security maturing on October 4, 2027, with a reported yield of 9.15 per cent and closing price of 92.38.
The fall in DDEP trading was accompanied by a drop in the number of transactions, from 33 on Monday to 18 on Tuesday. Corporate bond volume rose from GH¢1.32 million to GH¢1.66 million, although the number of trades slipped from nine to eight. Commercial paper trading fell sharply, from GH¢10.98 million across two transactions to GH¢2.42 million across 16 transactions.