Trading on the Ghana Fixed Income Market (GFIM) reached GHS2.83 billion on Monday, August 10, 2026. Restructured government bonds, specifically those from the Domestic Debt Exchange Programme (DDEP), accounted for the largest share of this activity. Investors focused heavily on this post-debt-restructuring segment of the market.
The trading report showed a total market volume of GHS2.831 billion across 745 transactions. DDEP bonds contributed GHS1.697 billion from 37 trades. This represented approximately 59.95% of all securities traded during the session. This made DDEP bonds the dominant source of secondary-market activity.
This concentration of activity in DDEP bonds is significant for Ghana's economic story. It shows how the market has adapted to the debt restructuring. The DDEP fundamentally changed the structure and cash-flow profile of domestic government debt. These securities have now become a key source of liquidity for institutional investors. These investors are repositioning their portfolios and managing the duration of their investments.
Treasury bills followed DDEP bonds in trading volume. They recorded a turnover of GHS865.70 million across 676 transactions. This was equivalent to about 30.58% of the day’s total volume. The much larger number of transactions in the Treasury-bill segment, compared to DDEP bonds, suggests more fragmented activity across shorter-term government instruments. The bond market, however, was driven by fewer but considerably larger trades.
Sell-and-buy-back transactions involving government notes and bonds added GHS267.32 million through 30 trades. This represented another 9.44% of total market activity. Corporate bonds contributed GHS742,600, while newly issued government notes and bonds recorded only GHS282,624 in turnover. This distribution underlines the continuing importance of Ghana’s restructured government securities in the fixed-income market.
The largest DDEP security traded during Monday’s session was a Government of Ghana (GOG) bond. This bond matures on February 15, 2028. It recorded GHS308.77 million across three trades. This instrument traded at a yield of 13.35% and a closing price of approximately 93.51. This indicates that investors continued to transact the bond below its par value.
Treasury-bill activity was led by a government bill maturing on July 26, 2027. This generated GHS267.93 million across seven transactions. The instrument traded at a yield of about 12.56% and closed at approximately 89.22. The market’s largest sell-and-buy-back transaction involved a government bond maturing on February 8, 2033. This security generated GHS156.22 million across two trades, at a yield of 14.45% and closing price of about 77.27.
The concentration of activity in DDEP bonds is important because secondary-market liquidity affects how efficiently investors can adjust portfolios. A liquid market allows pension funds, banks, and asset managers to manage liquidity and interest-rate exposure more flexibly. This means they can buy and sell existing securities without waiting for them to mature.
The comparatively modest trading in new government notes and bonds provides a useful contrast. Only one transaction worth GHS282,624 was recorded in that segment. This involved a government bond maturing in March 2033 with a 12.50% yield and a closing price close to par at 99.96. Corporate bond trading remained negligible relative to sovereign securities. Just one transaction worth GHS742,600 was recorded. This continuing imbalance illustrates the challenge facing Ghana’s capital market in developing a deeper corporate debt segment.
A broader corporate bond market would help channel long-term capital towards productive private-sector investment. It would also reduce dependence on traditional bank credit. Government securities continue to absorb the overwhelming majority of fixed-income liquidity. While this provides a functioning market for sovereign debt, a more diversified market is needed for overall economic growth.
Monday’s trading also reinforces the distinction between market turnover and new government borrowing. Secondary-market transactions involve investors buying and selling existing securities among themselves. They do not necessarily represent fresh financing raised by the government. The GHS2.83 billion turnover should therefore be read primarily as an indication of market liquidity and investor activity rather than additional public debt issuance.
For policymakers, a more liquid secondary market can indirectly support future government financing. It improves price discovery and gives investors greater confidence that securities can be sold before maturity when necessary. With DDEP securities alone contributing nearly 60.00% of Monday’s trading, Ghana’s post-restructuring bonds have clearly become central to that liquidity. The broader question is whether this improvement can extend beyond government debt to other market segments.