Ghana’s Fixed-Income Market recorded GHS13.36 billion in weekly trades, with Treasury bill trading more than doubling to GHS8.19 billion. The increase in Treasury bill activity offset a decline in DDEP bond trading, which fell 44.93% to GHS5.02 billion.
Total trading volume was down 2.82% from the previous week.
The shift in market activity was driven by a 101.79% increase in Treasury bill volume, which accounted for 61.30% of the week’s total volume. DDEP bond trading, on the other hand, contributed 37.55% to overall volume. The February 2038 bond’s yield rose to 15.42% from 14.57%, an increase of 0.85 percentage points.
The Ghana Fixed Income Market report showed a substantial concentration of DDEP transactions in a few maturities, with the February 2029 bond recording approximately GHS2.00 billion. The February 2032 maturity followed with GHS1.33 billion, while the February 2031 bond reached GHS748.25 million.
Outside DDEP securities, new Government of Ghana bonds recorded volume of GHS14.81 million, up 18.74% from GHS12.47 million.
The Bank of Ghana monitors the Fixed-Income Market to assess the impact of monetary policy on the economy. According to the report, the increase in Treasury bill trading may reflect portfolio adjustments or cash management needs. The Ghana Fixed Income Market report provides insights into market conditions, which can inform investment decisions.
The yield on the February 2038 bond increased by 85 basis points, indicating a rise in borrowing costs for the government. The yield on the September 2030 bond also increased, rising to 11%. The report highlights the importance of monitoring bond yields, as they can impact the cost of borrowing for businesses and individuals.