Ghana’s Fixed Income Market saw GHS 1.52 billion in trading activity on May 13, 2026. This activity was largely due to sell/buy-back transactions involving government securities. Strong investor interest in Treasury bills also contributed significantly to the total volume.
The GFIM trading report stated a total market turnover of GHS 1.517 billion from 653 trades. Sell/buy-back trades in Government of Ghana notes and bonds accounted for GHS 935.49 million of this turnover. These trades represented about 62% of the total market volume, highlighting the importance of liquidity management and short-term funding.
This market behavior fits into Ghana’s broader economic narrative of careful investor positioning. Despite improvements in macroeconomic indicators, market participants still favor shorter-duration instruments. Easing inflation and stronger currency sentiment support a gradually improving economic environment. However, investors remain sensitive to risk and liquidity. The subdued trading in longer-dated bonds follows the domestic debt restructuring period, making investors selective.
According to the GFIM report, Treasury bills recorded GHS 580.13 million in turnover across 556 trades. This segment was the most actively traded by the number of transactions. The strong showing in Treasury bills signals investors' continued preference for shorter-duration instruments. These instruments help market participants manage liquidity, interest-rate expectations, and portfolio risk. Conversely, activity in the bond market remained quiet, with Domestic Debt Exchange Programme bonds trading only GHS 1.58 million.
The current trading patterns suggest a market focused on managing short-term yields and collateralized funding. Investors are cautious but active, preferring instruments that offer flexibility and shorter exposure. Future market movements will likely depend on continued fiscal consolidation efforts and changes in interest rates. Decision-makers and market watchers will closely monitor investor confidence and secondary market liquidity to understand the next phase of market development.
The largest single sell/buy-back trade involved the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GHS 577.98 million. This instrument closed with a yield of 13.77%. In the Treasury bills market, the GOG-BL-30/11/26-A6919-1983-0 was the most traded security, with GHS 129.85 million turnover. Its yield closed at 7.43%. Corporate bond activity remained modest, totaling GHS 707,100, with Ghana Cocoa Board securities accounting for the largest share.