Trading on the Ghana Fixed Income Market (GFIM) reached GH¢996.61 million on Thursday, September 10, 2026. Activity was heavily concentrated in Domestic Debt Exchange Programme (DDEP) securities and Treasury bills, underscoring their dominance in secondary market transactions.
DDEP bonds accounted for GH¢767.32 million, representing 76.99% of the total market volume. Treasury bills contributed an additional GH¢187.18 million, or 18.78%. This strong focus on government-related instruments reflects investor confidence and liquidity preferences within Ghana's financial landscape.
This concentration of trading in DDEP bonds and Treasury bills highlights a significant shift in Ghana's financial markets. Following the government's debt restructuring efforts, investors are increasingly directing capital towards these instruments. This trend impacts overall market liquidity and the pricing of other debt categories, including corporate bonds.
The 2023-GC-3 bond, maturing on February 13, 2029, was the most actively traded security. It recorded GH¢360.00 million in volume across six trades. This single instrument alone represented 46.92% of total DDEP turnover and 36.12% of the entire GFIM market for the day.
The high trading volumes in DDEP securities indicate that investors are actively managing their portfolios within the restructured debt framework. This activity helps establish price discovery and liquidity for these new instruments. It also shows a clear preference for government-backed debt over other asset classes.
Yield movements across the DDEP curve were mixed, suggesting varied investor demand based on maturity and security specifics. For instance, the GC-1 bond's yield fell from 11.05% to 10.26%. Conversely, the GC-5 bond's yield edged up from 13.87% to 13.95%. This differentiation in yields reflects specific market assessments of risk and return for various DDEP instruments.
Treasury bills remained the second-largest segment, generating GH¢187.18 million across 424 trades. The most heavily traded bill matured on January 18, 2027, recording GH¢38.14 million in turnover. This activity demonstrates continued demand for short-term government debt, providing liquidity and a safe haven for investors.
The Treasury-bill yield curve showed lower yields at the shorter end, progressively rising for longer maturities. Bills with only a few days to maturity closed around 9.82%. Maturities between October and December 2026 carried yields ranging from 4.93% to 7.12%. This structure reflects market expectations for future interest rates and inflation.
Trading in newly issued Government of Ghana notes and bonds was comparatively modest, totaling GH¢3.06 million. This activity was concentrated in a four-year government bond maturing on September 2, 2030. The limited trading in new issues further reinforces the market's focus on DDEP and existing Treasury bills.
Corporate bonds generated GH¢26.07 million across 19 trades, representing only 2.62% of total GFIM volume. Ghana Cocoa Board (COCOBOD) securities dominated this segment, accounting for approximately 98.54% of all corporate bond turnover. This highlights a significant liquidity gap between sovereign-linked debt and the broader corporate fixed-income market.
The continued concentration of trading in DDEP securities and Treasury bills will likely influence future government borrowing strategies. It also impacts the ability of corporate entities to raise capital through bond markets. Policymakers will monitor these trends to ensure market stability and foster broader economic growth.
Investors will continue to watch yield movements and trading volumes in DDEP bonds closely. These indicators provide insights into market sentiment regarding Ghana's debt sustainability and economic outlook. The market's current structure suggests a cautious approach by investors, prioritizing government-backed instruments.