The Ghana Fixed Income Market (GFIM) recorded a sharp slowdown in trading activity on Thursday, May 7, 2026. Total turnover fell to GHS 901.68 million, across 297 trades. This represents a significant 58% drop from the GHS 2.15 billion recorded on May 6, 2026.
Slower activity followed a strong rebound in the previous session. Sell/buy-back transactions, involving Government of Ghana notes and bonds, led the day's trading. These transactions amounted to GHS 375.91 million across 27 trades. Treasury bills followed, contributing GHS 267.74 million from 227 trades. This made Treasury bills the most actively traded segment by number of transactions.
This market trend shows Ghana's fixed income market remains concentrated in government-backed instruments. The Domestic Debt Exchange Programme (DDEP) bonds added GHS 157.21 million across 25 trades. New Government of Ghana notes and bonds contributed GHS 100.30 million from 11 trades. Old Government of Ghana notes and bonds showed modest activity, while corporate bonds represented only a marginal share of total turnover.
This reflects the ongoing impact of Ghana's recent debt restructuring efforts. Investors are prioritising instruments offering perceived stability and liquidity. This includes short-term government securities and structured sell/buy-back arrangements. Corporate bond activity remained thin, highlighting a hesitance to invest in less liquid, longer-term private sector debt.
The largest sell/buy-back transaction involved the GOG-BD-10/02/32-A6148-1838-9.10, trading GHS 234.07 million. This instrument closed at a yield of 13.54% and a weighted average price of 82.5382. Treasury bill activity was led by the GOG-BL-27/07/26-A6819-1965-0, with GHS 92.50 million in trades. This bill closed at a yield of 5.41%.
The DDEP bond segment saw the GOG-BD-16/02/27-A6143-1838-8.35 as most traded. It recorded GHS 85.80 million across 15 trades. New Government of Ghana notes and bonds were driven entirely by the GOG-BD-29/03/33-A6155-2001-12.50, trading GHS 100.30 million. These figures highlight the continued dominance of government paper on Ghana’s fixed income market.
The May 7 session reinforced the continued importance of government securities in Ghana's financial landscape. Sell/buy-back transactions, Treasury bills, and DDEP bonds together accounted for over 88% of total turnover. This concentration signals that market liquidity remains primarily within these instrument types. The sharp decline in turnover after the previous day's stronger activity suggests a more cautious trading sentiment. However, the continued presence of active trades in Treasury bills and DDEP bonds indicates liquidity is still available in specific instruments.
Ghana's fixed income market continues to be shaped by short-duration positioning. Selective trading in restructured bonds and liquidity management through sell/buy-back deals also play a role. Investors are adjusting to new market realities post-debt restructuring. The overall cooler yet active market shows government securities continue guiding pricing, liquidity, and investor sentiment. Market participants will continue watching for sustained recovery in broader market activity beyond government instruments.