Ghana’s fixed-income market experienced a sharp increase in August 2026. The value of securities traded more than doubled, reaching GHS 43.20 billion. This surge indicates a significant return of investor confidence in government debt instruments.
This substantial growth represents a 102.65% increase from August 2025, when trading stood at GHS 21.32 billion. Investors actively increased their exposure to government debt, even as short-term Treasury yields declined. The volume of securities traded also rose sharply, climbing 104.77% to 48.99 billion units from 23.92 billion a year earlier.
This market expansion highlights a notable improvement in secondary-market activity. Increased liquidity has returned to government securities, allowing investors to adjust their holdings across different maturities. The dominance of government instruments remains clear, with notes and bonds accounting for 52.77% of transactions. Treasury bills contributed another 45.98%, showing their continued importance in the market.
SIC Brokerage’s monthly market report confirmed these figures. The report noted 36,124 trades during August, underscoring the heightened activity. This strong demand extended to the primary market, where Treasury Tender #2024 attracted bids of GHS 8.20 billion. This amount significantly exceeded the government’s auction requirement, with GHS 7.21 billion ultimately accepted.
SIC Brokerage described the auction as attracting “strong investor demand.” This reinforces the idea that investors are willing to deploy substantial funds into short-dated government paper. This willingness persists despite the continued decline in yields, reflecting a search for safe assets.
The 91-day Treasury bill dominated accepted bids at GHS 4.52 billion. The 182-day bill followed with GHS 1.82 billion, and the 364-day security accounted for GHS 867.93 million. These figures show investors prefer shorter maturities, even as rates continued to fall across all three Treasury-bill tenors.
Yields declined at the latest auction. The 91-day yield fell by 11 basis points to 4.69%. The 182-day yield dropped 17 basis points to 6.51%. The 364-day bill eased two basis points to 10.10%. This trend suggests that robust demand allows the government to refinance short-term obligations at progressively lower nominal rates.
However, investors’ continued acceptance of these lower yields depends on inflation expectations and the broader economic outlook. The steep yield curve, as presented by SIC Brokerage, shows that investors demand a substantial premium for longer-term commitments. For example, the 91-day rate was 4.95%, while the 20-year rate stood at 21.50%.
This steep curve reflects the additional duration, inflation, and fiscal risks associated with long-term securities. For policymakers, this creates an incentive to exploit cheaper short-term funding. However, an excessive reliance on Treasury bills would increase refinancing exposure and concentrate maturities over shorter periods, posing future risks.
The secondary-market numbers are crucial because they indicate demand beyond primary auctions. A fixed-income market where securities trade actively after issuance gives investors greater flexibility. It helps them manage portfolios and reduces the liquidity penalty of holding government debt. August’s GHS 43.20 billion turnover therefore points to a substantially more active market for repricing and reallocating existing securities, not just government borrowing demand.