Ghana's fixed income market recorded a total turnover of GHS 861.35 million on Thursday, July 30, 2026. This figure represents a significant 57.57% decrease from the approximately GHS 2.03 billion traded in the previous session. Investors primarily focused on Treasury bills and specific Domestic Debt Exchange Programme (DDEP) bonds.
Treasury bills dominated market activity, generating GHS 632.36 million across 247 trades. This segment accounted for 73.41% of the total market turnover and 89.17% of all transactions. The strong preference for short-term government securities continues to be a defining characteristic of Ghana's fixed income landscape, reflecting ongoing investor caution and a demand for liquidity.
The DDEP bonds followed, contributing GHS 222.55 million from 27 transactions. This represented 25.84% of the total value traded on the market. The decline in overall turnover reflects reduced institutional activity in both Treasury bills and DDEP bonds after larger transactions in the July 29 session. This indicates a more subdued trading environment following periods of heightened interest.
Within the DDEP segment, the bond maturing on February 12, 2030, was the most active, generating GHS 93.19 million through 15 trades. This single bond accounted for 41.88% of the total DDEP turnover. The February 10, 2032 DDEP bond followed with GHS 70.67 million from one transaction. Together, these two maturities represented 73.63% of the total DDEP turnover, demonstrating a concentrated liquidity in a few specific instruments within the restructured bond market.
The concentration of trading in a limited number of DDEP securities suggests that while headline turnover figures might appear substantial, they do not necessarily reflect broad liquidity across the entire range of restructured bonds. This narrow focus can pose challenges for investors seeking to trade other DDEP instruments. The market also saw GHS 5.95 million in sell-buy-back transactions involving Government of Ghana securities, while corporate bond turnover remained minimal at GHS 500,000.
The subdued activity in new Government of Ghana notes and bonds, alongside the limited corporate segment, highlights a need for broader liquidity. Expanding the range of actively traded instruments and issuers would enhance the market's depth and resilience. This would provide more diverse opportunities for investors and improve overall market efficiency.
The continued dominance of Treasury bills, particularly the instrument maturing on July 26, 2027, which generated GHS 264.31 million, underscores investor preference for shorter-dated, less risky assets. This trend is consistent with a cautious investment climate. The yields on these shorter-dated instruments generally closed lower, while longer-dated bills offered progressively higher returns to compensate for increased time and reinvestment risks.
Looking ahead, market participants will closely monitor government fiscal policy and central bank actions for signals on future interest rate movements. The government's efforts to broaden the fixed income market beyond Treasury bills and a few DDEP maturities will be crucial. Increased participation in corporate bonds and new government notes could signal a return to more diversified investor confidence and market stability.