Ghana’s fixed-income market recorded GHS 1.51 billion in trading volume on July 27, 2026. Bonds issued under the Domestic Debt Exchange Programme (DDEP) accounted for GHS 853.93 million of this activity, representing 56.50% of the total market turnover.
This significant concentration indicates that investors are continuing to focus their transactions on restructured government securities. The Ghana Fixed Income Market executed 315 transactions during the trading session. Treasury bills followed DDEP bonds in activity, with GHS 647.61 million traded across 288 transactions, making up 42.85% of the total volume. Together, DDEP bonds and Treasury bills comprised 99.35% of all securities traded.
The dominance of DDEP bonds in trading volume reflects the ongoing adjustments in Ghana's financial landscape following the government's domestic debt restructuring. This programme aimed to manage the nation's debt burden by inviting holders of government bonds to exchange them for new, longer-dated securities with different coupon structures. The secondary market prices of these DDEP instruments continue to reflect investors' assessments of factors like duration, liquidity, repayment risk, and the opportunity cost of holding longer-term securities.
According to the official trading report, the largest single transaction of the day involved a DDEP bond maturing in February 2032. This specific bond, identified as GOG-BD-10/02/32-A6148-1838-9.10, saw GHS 420.00 million change hands through just two transactions. This amount represented 49.18% of the total DDEP bond volume and 27.79% of all fixed-income trading for the session. The bond recorded a yield of 14.75% and a weighted average closing price of GHS 79.03 for every GHS 100.00 of face value. This substantial discount to its face value indicates the higher yield investors demand for holding this longer-dated restructured security.
The concentration of trading in a single 2032 bond suggests that large institutional transactions, rather than broad-based retail activity, largely drove the day's turnover. Corporate bond turnover remained comparatively limited at GHS 946,900.00 across six trades, accounting for only 0.06% of the market. This highlights the continuing dominance of government securities in Ghana’s fixed-income market. The limited depth of corporate bond trading has historically constrained private companies' ability to raise long-term capital through the domestic securities market.
Treasury bills, while having a smaller share of total volume than DDEP bonds, were the most frequently traded instruments. The 288 Treasury bill transactions accounted for 91.43% of all trades executed on the market. The most actively traded Treasury bill by volume was the instrument maturing on March 15, 2027, which recorded GHS 88.03 million in turnover across 15 transactions. It closed with an average yield of 9.15% and a weighted average closing price of GHS 94.51. This difference in activity shows that Treasury bill trading involved more frequent but generally smaller transactions, while DDEP trading was dominated by a limited number of high-value deals.
Sell-and-buy-back transactions, typically used by market participants for short-term liquidity, contributed GHS 8.91 million from five trades. The largest of these involved a DDEP bond maturing in February 2029, with GHS 5.84 million traded in a single transaction. This security recorded a yield of 11.79% and an average closing price of GHS 93.20. The distribution of activity during this session reinforces the central role of government obligations in Ghana’s capital market. While DDEP bonds generated the largest volume, Treasury bills remained the most frequently traded instruments, offering investors shorter maturities and comparatively straightforward liquidity management. Longer-dated restructured bonds generally offered higher yields but continued to trade at discounts to their face value.