Trading on the Ghana Fixed Income Market (GFIM) reached GHS 1.51 billion on Tuesday, July 7, 2026. Treasury bills and Domestic Debt Exchange Programme (DDEP) bonds accounted for nearly all market activity during this period.
Treasury bills recorded the highest value traded, with turnover of GHS 774.98 million from 177 trades. This represented 51.21% of the total market turnover. DDEP bonds followed with GHS 640.83 million in turnover from 21 trades, making up 42.35% of the total market value.
This concentrated activity reflects investors' continued focus on government-backed securities. Ghana’s economy has navigated periods of high inflation and currency volatility. Treasury bills offer shorter-term investment horizons, which many investors prefer during uncertain times. The DDEP bonds, while longer term, are also government-backed and offer attractive yields in the current market environment.
Data from the GFIM trading report confirms these figures, showing total market turnover stood at GHS 1.51 billion across 206 trades. "These figures show that investors remained focused mainly on government-backed securities, especially Treasury bills and DDEP bonds," the report stated. The strong activity in Treasury bills indicates that investors are still interested in short-term government securities due to their ease of trading and lower duration risk.
The current market activity provides important signals for Ghana's financial sector. The sustained demand for government securities ensures the government can continue to raise necessary funds. This trend also means that the Bank of Ghana will watch these market dynamics closely ahead of its Monetary Policy Committee meetings. Decisions on interest rates and liquidity management will likely consider this investor preference for short-term government debt.
Government of Ghana (GoG) bond sell/buy-back trades added GHS 97.49 million from eight trades. This accounted for 6.44% of total turnover. The sell/buy-back segment allows investors and institutions to manage short-term liquidity, highlighting its important, albeit selective, role.
One DDEP bond, maturing on February 10, 2032, with a 9.10% coupon, notably traded GHS 590.21 million across 15 trades. This single bond alone accounted for 38.99% of total market turnover. This shows how large instruments can heavily influence daily activity on the fixed income market.
Conversely, corporate bonds recorded no trading activity during the session. This continues to demonstrate the limited depth of Ghana’s corporate debt market. Companies face fewer active market options for raising long-term funding through listed debt instruments as a result.
Overall, the July 7 trading session highlights three major trends. First, Treasury bills remain the most active market segment due to investor preference for liquidity and short-term flexibility. Second, DDEP bonds continue to attract large institutional trades, showing strong underlying value. Third, corporate bond activity remains weak, confirming Ghana’s fixed income market's heavy reliance on government securities. Market participants will monitor further developments, particularly concerning inflation and interest rates, in the coming weeks.