Trading on the Ghana Fixed Income Market (GFIM) reached GHS 943.64 million on Friday, September 11, 2026. Post-Domestic Debt Exchange Programme (DDEP) bonds and Treasury bills together accounted for 93.40% of this total turnover, as investors heavily concentrated their activities in government securities.
This significant concentration indicates a strong market preference for sovereign debt instruments. DDEP bonds led the turnover with GHS 464.17 million across 26 trades, representing 49.19% of the market. Treasury bills followed closely, generating GHS 417.23 million from 233 transactions, or 44.22% of total activity. Sell/buy-back transactions in Government of Ghana securities also contributed GHS 59.29 million, equivalent to 6.28%.
The market's focus on DDEP bonds and Treasury bills highlights the ongoing impact of Ghana's debt restructuring efforts. Following the Domestic Debt Exchange Programme, investors are re-evaluating their portfolios and seeking stability. This trend suggests a continued flight to safety within the Ghanaian financial landscape, as participants prioritize instruments backed by the government. The high trading volume in these specific securities also points to institutional investors making large block trades, shaping market dynamics.
Market analysts note that the dominance of DDEP bonds and Treasury bills reflects current investor sentiment. "The market is still adjusting to the new reality post-DDEP," stated a senior economist at a local investment bank. "Investors are seeking liquidity and perceived safety, which government-backed instruments offer, especially in an environment of economic uncertainty." This expert view underscores the strategic decisions being made by financial institutions.
Looking ahead, this concentration of trading activity will likely continue to influence bond yields and market liquidity. Decision-makers at the Bank of Ghana and the Ministry of Finance will closely monitor these trends. The sustained demand for government securities could impact future borrowing costs and the overall stability of Ghana's public finances. Investors will watch for any shifts in policy or economic indicators that might alter this preference for sovereign debt.
The February 11, 2031 DDEP bond, carrying an 8.95% coupon, was the most actively traded security. It recorded GHS 214.37 million across 11 transactions, making up 46.18% of all DDEP turnover. This bond closed at a yield of 13.80%, a decrease of 15 basis points from its opening yield of 13.95%. Its end-of-day price stood at 84.27, showing a slight appreciation.
Another key performer was the February 10, 2032 DDEP bond, which attracted GHS 107.25 million across four trades. This represented 23.10% of the DDEP turnover. Its closing yield eased by 12 basis points to 14.11% from 14.23%, with a closing price of 81.40. Activity was also significant in the February 13, 2029 bond, where GHS 60.00 million changed hands across two trades, with its yield rising slightly to 13.01%.
Treasury bill trading showed a strong preference for longer maturities. The 364-day segment generated GHS 393.49 million, accounting for 94.31% of all Treasury bill turnover. In contrast, 91-day bills recorded GHS 16.09 million, or 3.86%, while 182-day bills generated GHS 7.65 million, equivalent to 1.83%. This indicates investors were willing to extend their investment horizons within the money market.
The January 18, 2027 364-day bill was the most actively traded Treasury bill. It attracted GHS 56.25 million across 25 transactions, closing at a yield of 5.60% and a price of 98.05. Other heavily traded 364-day maturities included the June 7, 2027 bill at GHS 48.36 million and the February 15, 2027 bill at GHS 45.73 million. This preference for longer-dated bills suggests market participants anticipate stable or declining short-term interest rates.
Corporate bonds remained a small part of the session, generating only GHS 2.19 million across eight trades. This represented a mere 0.23% of total turnover. The August 30, 2027 COCOBOD bond dominated this segment, recording GHS 2.05 million across six trades. This single bond accounted for 93.47% of all corporate turnover, highlighting the limited breadth of the corporate bond market compared to government securities.