Ghana’s Fixed Income Market recorded a total turnover of GHS 1.5 billion on Thursday, May 14, 2026. This significant activity occurred across 326 trades, driven mainly by sell-buy-back transactions involving Government of Ghana bonds.
Total market turnover reached GHS 1,499.23 million, reflecting a return of liquidity after slower trading sessions earlier in the week. Sell-buy-back trades accounted for 61.85% of this activity, totaling GHS 927.26 million across 69 trades. Treasury bills followed with GHS 404.64 million, representing 26.99% of all trades. Bonds from the Domestic Debt Exchange Programme (DDEP) contributed GHS 166.29 million, while corporate bonds had a marginal GHS 1.04 million in trades.
This renewed market activity highlights ongoing efforts by financial institutions to manage their short-term cash reserves and funding needs. The dominance of sell-buy-back trades suggests investors are using repurchase agreements to secure short-term liquidity. This strategy is common in periods where institutional investors prioritize managing their cash flow and balance sheets carefully. The Ghana Fixed Income Market (GFIM) reflects the broader economic landscape, where investors are keenly watching interest rates and government borrowing.
Norvan Reports indicates that the largest sell-buy-back transaction involved the GOG-BD-10/02/32-A6148-1838-9.10 bond, trading GHS 696.70 million. This particular bond traded at a yield of 14.05%, reflecting investor appetite for specific government instruments. Treasury bills, while still active, were less dominant compared to previous sessions, suggesting a shifting focus among market participants.
Looking ahead, market activity will likely remain concentrated in Treasury bills and these sell-buy-back transactions. Investors will continue to monitor liquidity conditions, changes in yields, and the actions of the Bank of Ghana regarding its open market operations. This focus indicates a cautious approach, with investors preferring instruments that offer short-term visibility and secured exposure. The selective demand for DDEP bonds, especially shorter-dated ones, also points to a preference for manageable risk within the fixed income sector. The absence of trading in new or old Government of Ghana notes and bonds shows that activity is mostly limited to specific, established instruments.