Ghana's Fixed Income Market (GFIM) experienced a significant slowdown in trading activity on Friday, May 8, 2026. Total turnover dropped to GHS 677.25 million across 513 trades. This figure marks a considerable decline from the GHS 901.68 million recorded in the previous trading session.
Sell/buy-back transactions in Government of Ghana bonds were the primary drivers of market activity. These transactions accounted for GHS 500.01 million, representing approximately 73.8% of the total market turnover. This dominance highlights the market's focus on liquidity management through repo-style transactions.
This trend suggests that the financial market is still heavily reliant on managing immediate cash needs rather than extensive secondary market trading or long-term investments. The Ghanaian economy has been navigating high inflation and currency depreciation, making liquidity management a crucial aspect for financial institutions.
Norvan Reports noted that the dominance of sell/buy-back trades reinforces their central role. These short-term agreements allow investors to sell securities with an agreement to repurchase them later. This provides temporary liquidity to market participants.
The continued reliance on such transactions suggests that government securities remain key in setting prices and providing liquidity. This indicates a cautious approach by investors and financial institutions. Market participants will likely continue prioritizing liquidity solutions in the near term.
Following sell/buy-back trades, Treasury bills recorded GHS 103.55 million across 464 trades. This made them the most active segment by transaction count, though they represented only 15.3% of total turnover. Debt Exchange Programme (DDEP) bonds traded GHS 38.39 million from six trades. New Government of Ghana notes and bonds contributed GHS 35.25 million from five trades.
Corporate bonds remained a minimal part of the market, generating only GHS 51,736 from three trades. No trading activity was recorded for old Government of Ghana notes and bonds during the session. These figures underscore the limited breadth of trading beyond government securities.
The largest instrument traded in the sell/buy-back segment was the GOG-BD-10/02/32-A6148-1838-9.10. It recorded GHS 85.00 million from five trades. This bond closed with a yield of 13.92% and a weighted average closing price of 81.2501. Other significant sell/buy-back instruments included the GOG-BD-11/02/31-A6147-1838-8.95 (GHS 135.00 million) and the GOG-BD-15/02/28-A6144-1838-8.50 (GHS 90.00 million).
In the Treasury bills segment, the GOG-BL-08/02/27-A6964-1992-0 was the most traded. It recorded GHS 30.43 million from seven trades. This bill closed at a yield of 8.78%. Only GHS 47,736 was traded for corporate bonds, highlighting their marginal role.
The market's performance signals a prevailing cautious sentiment among investors. This is due to ongoing economic uncertainties even as the country makes strides in fiscal consolidation. The high proportion of sell/buy-back transactions reinforces the need for effective liquidity strategies in Ghana's financial sector. Future trading sessions will be closely watched for any shift towards broader-based secondary trading activity.