Trading on the Ghana Fixed Income Market reached GHS 570.07 million on Wednesday, June 17, 2026. Domestic Debt Exchange Programme (DDEP) bonds drove this activity, accounting for GHS 553.72 million of the total volume. This 97.13% share of all trades means DDEP bonds almost entirely dictated market movement across 58 transactions.
The concentration in DDEP instruments highlights their ongoing prominence in Ghana’s fixed income market. Investors used these restructured domestic bonds for managing cash flow (liquidity), adjusting their investment portfolios, and determining fair market prices (price discovery). This pattern continues to shape trading behavior following the significant domestic debt restructuring.
This market trend reflects the ongoing adjustments within Ghana’s domestic debt market after the December 2022 Domestic Debt Exchange Programme. The programme swapped original bonds for new ones with different terms, significantly altering the landscape for institutional investors like banks and pension funds. The dominance of these new instruments shows a market still adapting to its post-restructuring structure, where DDEP bonds are a major part of investor holdings and trading strategies.
The Ghana Fixed Income Market trading report for its 7,233rd session confirmed the DDEP segment recorded 36 transactions. This makes it the leading driver in the secondary bond market. Sell/buy-back trades in Government of Ghana notes and bonds contributed GHS 16.36 million across 22 trades. These trades represented the remaining 2.87% of the total market volume. There were no trades recorded in new or old Government of Ghana notes and bonds, Treasury bills, or corporate bonds during the session.
The most traded DDEP bond was the GOG-BD-16/02/27-A6143-1838-8.35. It saw GHS 137.08 million in activity across 10 trades. This bond closed with a yield of 10.29% and a price of 98.7476. Its strong trading volume suggests investors prefer shorter-dated DDEP instruments, especially those maturing sooner. These shorter maturities are often more appealing in uncertain economic times because they reduce risk over time (duration risk) and offer faster repayment to investors.
Sell/buy-back trades, despite being a smaller segment, are crucial for short-term cash management and using bonds as collateral by investors and dealers. The leading bond in this category was the GOG-BD-13/02/29-A6145-1838-8.65, with GHS 6.89 million across four trades. This bond closed at a yield of 13.03% and a price of 90.3535. Its activity shows market participants continue to use Government of Ghana bonds for financing and ensuring they have enough cash (liquidity).
The absence of Treasury bill trading was notable, as these short-term government securities are typically very active. However, secondary market activity can shift quickly due to changes in investor cash needs, auction schedules, settlement positions, and varying returns (yields) across different maturities. In this session, investors clearly prioritised DDEP bonds over shorter-term government paper.
The heavy concentration in DDEP bonds has important implications for market transparency. When trading focuses on a few instruments, those securities provide clearer signals about market conditions. Less traded bonds may show old prices or have more uncertain values. This affects fund managers, banks, and pension funds who need accurate prices to value their investments and manage risks effectively. The 10.29% yield on the most active DDEP bond offers a key reference for the shorter end of the restructured bond market.