Activity on the Ghana Fixed Income Market (GFIM) reached GHS 1.39 billion on Friday, May 22, 2026. This significant trading volume resulted from sell-buy back transactions, Treasury bills, and Domestic Debt Exchange Programme (DDEP) bonds.
The market logged 274 trades across various government securities, Treasury bills, corporate bonds, and sell-buy back transactions. This activity shows investors remain interested in liquid, short-dated fixed-income instruments. Sell-buy back trades of Government of Ghana notes and bonds accounted for GHS 590.06 million from 63 trades. Treasury bills followed with GHS 495.70 million across 174 trades, making them the most frequently traded segment.
This trading pattern suggests investors continue to favour instruments with liquidity, shorter maturity periods, and clear pricing. Ghana's fixed-income market is adjusting to the country's economic changes after the debt restructuring. The focus on short-term instruments helps investors manage risk.
About 42.6 per cent of all market activity came from sell-buy back transactions. Treasury bills made up roughly 35.8 per cent of the total turnover. DDEP bonds contributed about 21.3 per cent, while corporate bonds and new Government of Ghana bonds accounted for a small share.
Norvan Reports indicated that the largest sell-buy back trade involved a specific Government of Ghana bond, valued at GHS 172.59 million. This bond traded at a yield of 15.10 per cent. In the DDEP bond segment, the most actively traded security recorded GHS 238.39 million in volume, closing at a yield of 10.92 per cent.
Treasury bill activity was led by a specific bill that recorded GHS 163.01 million across eight trades. This bill closed with a yield of 5.67 per cent. Corporate bond activity concentrated on Ghana Cocoa Board securities, with one emerging as the largest traded corporate instrument at GHS 2.34 million.
The day's intense trading confirms Ghana’s debt market is still heavily reliant on government and quasi-sovereign paper. Corporate bond activity remains minor compared to sovereign instruments. Treasury bills continue to dominate the number of transactions, serving as a vital tool for liquidity and cash management for investors.
However, the larger amounts in sell-buy back trades indicate that institutional investors are using repurchase agreement (repo) structures. These structures help them manage liquidity and positions in longer-dated securities. The market's high turnover highlights the importance of secondary market liquidity for Ghana's debt market recovery.
Yields have decreased significantly from crisis levels. However, investors still prefer instruments that offer visible yields, shorter durations, and active market pricing. The fixed-income market will face its next challenge in expanding activity beyond Treasury bills and certain DDEP bonds. This expansion relies on improved macroeconomic conditions, lower inflation, and reduced policy rates to foster a more diversified corporate and long-dated securities market.