Trading on the Ghana Fixed Income Market (GFIM) fell sharply on Tuesday, June 23, 2026. Total turnover dropped to GHS 694.61 million. This represented an estimated decline of 51.09% from the previous session's GHS 1.42 billion.
This significant downturn was mainly caused by reduced Treasury bill trading and the complete disappearance of sell-buy-back transactions. These transactions, often used for short-term liquidity management, recorded zero trades after accounting for GHS 220.02 million the day before. The number of trades also decreased from 327 to 315.
The slowdown in the fixed income market reflects ongoing shifts in investor preferences and liquidity dynamics within Ghana's financial system. The Ghanaian economy continues to navigate the aftermath of its debt restructuring program. Market data offers crucial insights into investor confidence and the effectiveness of current economic policies aimed at restoring stability. Recent trends have seen government securities dominate trading, highlighting the cautious approach investors are taking.
Norvan Reports noted that the absence of sell-buy-back activity was particularly notable. This is because this segment had recorded GHS 220.02 million in the previous session. Its disappearance contributed materially to the overall decline in turnover. This suggests reduced short-term funding activity through that channel during the session.
Going forward, market participants will closely watch the liquidity conditions and investor demand for government securities. The Bank of Ghana's monetary policies and future government fiscal announcements will heavily influence market sentiment. This reduced activity could signal a more cautious approach to short-term lending in the interbank market. This might also reflect a re-evaluation of risk versus reward by financial institutions.
Treasury bills remained the largest traded segment, recording GHS 379.96 million across 287 trades. This accounted for 54.70% of total market turnover. However, this value was significantly lower than the GHS 1.04 billion recorded in the previous session. This indicates weaker demand for short-term government securities on the day. The largest Treasury bill trade was in the GOG-BL-15/03/27-A6994-1998-0 security, representing GHS 111.61 million.
Domestic Debt Exchange Programme (DDEP) bonds showed a strong performance. They recorded turnover of GHS 310.75 million from 23 trades. This represented a 116.73% increase from the GHS 143.38 million recorded on Monday. DDEP bonds accounted for 44.74% of total market turnover. The GOG-BD-16/02/27-A6143-1838-8.35 security led this segment with GHS 145.43 million in trades. This rebound suggests investors may be selectively repositioning into restructured bonds offering attractive yields.
Corporate bond activity remained minimal, recording only GHS 3.90 million across five trades. This was a sharp decline from the previous session's GHS 16.76 million. The limited corporate bond turnover highlights the shallow nature of Ghana's non-sovereign fixed income market. Liquidity continues to be concentrated overwhelmingly in government-linked instruments. No trades were recorded in new Government of Ghana notes and bonds, old Government of Ghana notes and bonds, or sell-buy-back trades in Government of Ghana bonds.