Trading on the Ghana Fixed Income Market (GFIM) moderated sharply on Thursday, July 23, 2026. Total market turnover settled at GHS 1.17 billion across 392 trades. Restructured government bonds, known as DDEP securities, dominated this activity.
DDEP bonds accounted for GHS 982.01 million of the total turnover. This represented 84.15% of all market activity. Treasury bills followed with GHS 177.18 million, making up 15.18% of turnover. Corporate bonds and old Government of Ghana notes contributed less than 1.00%.
This session marked a significant change in market structure from the previous day. Turnover then stood at GHS 2.05 billion. Thursday’s GHS 1.17 billion market activity represents a 43.02% decline in turnover. The number of trades also fell by 9.26% from 432 to 392.
The decline was largely driven by a sharp pullback in Treasury bill activity. In the previous session, T-bills accounted for GHS 950.96 million in turnover. This figure plummeted to GHS 177.18 million on Thursday. By contrast, DDEP bond turnover remained comparatively strong, easing only modestly from GHS 1.09 billion to GHS 982.01 million.
This shift pushed restructured bonds back to the centre of market activity. It reinforced the growing importance of the post-debt exchange bond curve in secondary market trading. The Debt Exchange Programme (DDEP) was a government initiative to restructure domestic debt. It aimed to restore macroeconomic stability and debt sustainability.
The most actively traded security was the 2023-GC-6 DDEP bond. It recorded GHS 415.00 million in turnover across two trades. This bond closed at a yield of 14.75% and an end-of-day closing price of 79.00. Its dominance was substantial, accounting for 42.26% of all DDEP bond turnover. It also represented 35.56% of total GFIM market activity for the session.
The 2023-GC-4 bond followed with GHS 209.21 million across eight trades. It closed at a yield of 15.04% and a price of 83.22. The 2023-GC-5 bond recorded GHS 178.00 million across two trades. It closed at a yield of 14.50% and a price of 81.88. Together, these top three DDEP bonds generated GHS 802.21 million in turnover. This represented 81.69% of DDEP trading and 68.74% of total market turnover.
This concentration suggests that while the broader market slowed, liquidity remained heavily focused on selected medium-to-longer dated restructured bonds. Other DDEP securities also traded, including the 2023-GC-3 bond with GHS 89.00 million. The 2023-GC-8 bond saw GHS 75.00 million in activity. The 2023-GC-2 bond recorded GHS 10.49 million. The 2023-A-2 bond had GHS 3.84 million, and the 2023-GC-1 bond traded GHS 1.47 million.
This pattern indicates that investors continue to show appetite for specific DDEP instruments. These are particularly those offering double-digit yields and deeper discounts to their face value. The market remains selective, however. Several DDEP securities recorded no trades during the session.
At the short end of the market, Treasury bills remained the most active segment by number of trades. They recorded 352 transactions out of the market’s total 392 trades. This represented 89.80% of all trades. However, T-bills contributed only 15.18% of turnover. This contrast shows that the Treasury bill market remains broad and active in ticket count. Thursday’s large-value activity was firmly concentrated in bonds.
Within the T-bill segment, the 364-day bill dominated trading. Turnover in 364-day bills amounted to GHS 159.45 million. This represented 89.99% of all Treasury bill activity. The 91-day bill accounted for GHS 10.18 million, or 5.75%. The 182-day bill recorded GHS 7.55 million, or 4.26%. The most actively traded Treasury bill was GOG-BL-01/02/27-A6964-1992-0. It recorded GHS 50.77 million across three trades. It closed at a yield of 8.01% and a price of 95.92.
The dominance of 364-day bills within the short-term securities segment suggests investors seek relatively higher yields. This occurs along the longer end of the bill curve. This happens even as total T-bill turnover softened sharply. Corporate bond activity remained subdued. It had a turnover of GHS 3.97 million across three trades. This activity was recorded in the COCOBOD bond CMB-BD-28/08/28-A6301-1675-13.00, which closed at a price of 102.52.
The shift in market dynamics highlights the ongoing re-evaluation of risk and return by investors. The government's efforts to stabilize the economy through debt restructuring continue to influence market behaviour. Future trading sessions will likely show whether this trend of DDEP bond dominance persists. It will also reveal if Treasury bill activity recovers. This will be crucial for Ghana's broader economic recovery and investor confidence.