Turnover on the Ghana Fixed Income Market (GFIM) fell to GHS 971.56 million on Tuesday, May 12, 2026. This represents a 45.9% decline from the GHS 1.79 billion recorded in the previous trading session.
Treasury bills heavily dominated trading activity, accounting for GHS 727.34 million. This segment made up about 74.9% of the total market turnover. Investors focused on these short-term instruments due to a lower-yield environment and a desire for liquidity.
This trading pattern fits into Ghana's broader economic narrative of investor caution. Financial markets have been navigating a period of fiscal adjustments and debt restructuring, influencing investment strategies. Previous data has consistently shown a flight to safety during volatile periods, with short-term government securities often serving as a preferred refuge. The high concentration in Treasury bills suggests investors are seeking instruments with limited risk exposure and quicker returns.
Market data from the Ghana Fixed Income Market highlighted the dominance of Treasury bills. The largest trade within this segment was in the GOG-BL-10/05/27-A7034-2006-0, which saw GHS 123.06 million in turnover. This particular instrument closed with a yield of 10.17%.
The market's structure suggests a defensive trading approach by investors. The continued strong demand for short-term paper is likely to persist in future sessions. Activity in longer-dated government bonds and Domestic Debt Exchange Programme (DDEP) bonds may remain selective. Investors will continue to prioritize limited duration risk unless larger institutional investments re-enter the market.
DDEP bonds saw GHS 110.48 million in turnover across 21 trades, marking 11.4% of total market activity. The most active DDEP instrument was the GOG-BD-16/02/27-A6143-1838-8.35, with GHS 90.24 million in turnover. This instrument closed at a yield of 10.95%.
Sell/buy-back trades in Government of Ghana notes and bonds contributed GHS 121.62 million. This accounted for approximately 12.5% of the market turnover. The largest transaction in this category involved the GOG-BD-11/02/31-A6147-1838-8.95, with GHS 60.25 million in turnover. New Government of Ghana notes and bonds recorded only GHS 3.00 million in a single trade.
Corporate bonds saw modest activity, with GHS 9.13 million in turnover across 12 trades. The largest corporate bond trade was in the CMB-BD-31/08/26-A6303-1675-13.00, which reached GHS 6.55 million in turnover. This activity shows some diversification, although it remains small compared to government securities.
The session on May 12 indicates a market that is liquid but careful. Treasury bills carried most of the trading volume. DDEP bonds drew selective interest. Corporate securities showed limited activity. This trend is expected to continue, with a focus on short-term stability.