Trading activity on the Ghana Fixed Income Market (GFIM) reached GHS 808.82 million on Tuesday, May 26, 2026. Treasury bills were the primary driver of this activity, reflecting a continued investor preference for short-dated government securities.
Treasury bills generated a turnover of GHS 445.03 million from 321 transactions. This amount represented approximately 55.0% of the total market turnover. The market recorded 389 transactions overall across various instruments, including Domestic Debt Exchange Programme (DDEP) bonds and corporate bonds.
This concentrated demand for short-term government papers highlights ongoing investor caution. The broader Ghanaian economy is navigating various fiscal adjustments and reforms. For instance, the government continues to manage its debt portfolio after implementing the Domestic Debt Exchange Programme. These macroeconomic conditions influence investor behavior, pushing them towards less risky, more liquid assets.
A recent report from the GFIM confirmed these trends. It showed the day’s largest Treasury bill transaction involved the GOG-BL-08/02/27-A6964-1992-0, which recorded GHS 124.10 million in turnover. This single bill accounted for nearly 28% of all Treasury bill turnover for the day. Its yield closed at 8.54% at a price of 94.4391.
This strong preference for short-term securities, like Treasury bills, indicates that market liquidity remains concentrated. Investors are seeking instruments with shorter maturity profiles and lower duration risk. Sell-buy-back trades in Government of Ghana notes and bonds also contributed significantly, reaching GHS 204.15 million. DDEP bonds recorded GHS 158.17 million in turnover, with a specific bond (GOG-BD-16/02/27-A6143-1838-8.35) driving GHS 132.00 million of that total.
The limited trading in new and old Government of Ghana notes and bonds suggests that appetite for longer-dated securities is still selective. Policymakers and market analysts will closely monitor future GFIM activity. An increase in trading for longer-term instruments would signal renewed investor confidence. It would also suggest a clearer yield direction and deeper secondary-market participation are attracting broader investment.