Ghana's fixed income market recorded GHS 1.03 billion in trading on Friday, August 14, 2026. A 364-day Treasury bill was the most actively traded instrument, accounting for GHS 242.42 million of this total. This single security represented 23.42% of the entire market turnover for the day.
Treasury bills and Domestic Debt Exchange Programme (DDEP) bonds collectively drove 87.85% of all market activity. Treasury bills alone contributed GHS 543.14 million, or 52.48% of the total turnover. DDEP bonds added GHS 366.08 million, representing 35.37% of the market. This strong focus on government securities indicates investors' continued search for stable returns and liquidity in the Ghanaian market.
This dominance of government debt reflects a broader trend in Ghana's financial landscape. Following the Domestic Debt Exchange Programme, investors have largely shifted towards government-backed instruments. This preference is driven by the perceived safety of government securities compared to other asset classes. The market's reliance on these instruments also highlights the government's significant borrowing needs and its impact on capital allocation.
The Norvan Reports, a key source for financial news, detailed these trading figures. Their report emphasized the concentration of investor interest in specific government debt instruments. This concentration suggests a strategic approach by investors to balance their need for liquidity with the desire for predictable yields.
Going forward, market participants will closely monitor the yields on these government securities. The continued demand for longer-dated Treasury bills, like the August 2027 instrument, suggests investors are willing to lock in returns for longer periods. This trend could influence future government borrowing strategies and the overall cost of debt for Ghana. Policymakers will also observe these patterns to gauge investor confidence and market stability.
The most active Treasury bill, maturing on August 9, 2027, closed at a yield of 12.80%. This yield offers investors a return materially above shorter-dated bills. Its price stood at 88.76, indicating a discount to its face value. This particular bill accounted for 44.63% of all Treasury bill trading, showing a clear preference for instruments nearing a full year to maturity.
DDEP bonds remained the second-largest segment by volume, generating GHS 366.08 million from 17 transactions. A specific February 2032 DDEP bond, with a 9.10% coupon, recorded GHS 138.45 million. This single bond represented 37.82% of DDEP turnover and 13.38% of total GFIM trading. Its closing yield was 14.60% at a price of 79.65.
Corporate bond trading contributed a much smaller GHS 60.04 million, or 5.80% of overall market activity. Almost all of this came from three trades in a Ghana Cocoa Board (COCOBOD) bond maturing in August 2027. This highlights the limited depth and breadth of Ghana’s secondary corporate bond market. The COCOBOD instrument closed at a price of 99.52.
Sell-buyback transactions in government bonds added GHS 65.70 million, making up 6.35% of total GFIM turnover. The February 2031 DDEP bond was central to this activity, recording GHS 65.49 million. This indicates some short-term liquidity management strategies by institutional investors. The weighted average closing price for this bond was 84.32, with a yield of 13.73%.
The large value of individual transactions, especially in longer-dated government bonds, underscores the influence of institutional investors. These large trades can significantly impact daily fixed-income turnover. The pricing of longer-dated DDEP securities, often below par, reflects the higher yield investors demand for holding debt with extended maturities. This distinction between shorter and longer-term pricing remains a key feature of the market.