Trading activity on the Ghana Fixed Income Market reached GHS1.38 billion on Tuesday, July 28, 2026. Investors overwhelmingly concentrated on Treasury bills and selected post-debt-restructuring government bonds during this period. The market recorded 4,703 transactions across various instruments, including Treasury bills, Domestic Debt Exchange Programme (DDEP) bonds, corporate securities, and sell-buy-back transactions.
Treasury bills alone accounted for GHS1.00 billion, representing 72.88% of the total market turnover. This made the short-term government securities segment the primary source of activity during the trading session. The segment also saw 4,684 transactions, which is 99.60% of all trades executed across the market. This indicates that while some large-value transactions occurred in other markets, daily market participation remained heavily focused on Treasury bills.
This concentration in Treasury bills reflects a broader trend in Ghana's economic landscape. Investors are seeking instruments that offer higher yields without the longer-term risks associated with bonds. The preference for shorter maturities is a direct response to the country's recent economic challenges and the ongoing Domestic Debt Exchange Programme. This program has significantly altered the landscape for government bonds, leading to a repricing of these securities.
The largest individual security traded was a Treasury bill maturing on July 26, 2027. It recorded GHS394.03 million across 65 transactions. This instrument closed at a price of approximately GHS88.64, with a closing yield of 12.85%. It alone accounted for 39.24% of total Treasury bill turnover and 28.60% of the entire fixed-income market’s trading value. This scale reinforces the importance of longer-dated Treasury bills within Ghana’s fixed-income market.
Another significant Treasury bill, maturing on October 26, 2026, attracted GHS206.09 million across 4,266 transactions. Its high transaction count suggests widespread trading among market participants, rather than just a few large deals. This security closed at a yield of 5.83% and a price of approximately GHS98.58. Other notable Treasury bill trades included GHS95.13 million in the bill maturing on August 17, 2026, and GHS49.13 million in the February 1, 2027 maturity.
DDEP bonds generated turnover of GHS221.69 million through eight transactions, accounting for 16.09% of total market activity. Almost all of this volume was concentrated in the government bond maturing on February 12, 2030. This 8.80% coupon instrument recorded GHS211.69 million across seven trades. It closed at a yield of 15.21% and a price of approximately GHS82.59. Its price, substantially below its face value, reflects the relationship between its relatively low coupon and the higher return investors now demand for holding medium- to long-term government debt.
The discount on DDEP bonds illustrates the continuing repricing of these securities. Many DDEP bonds carry coupons below current market yields, requiring them to trade below face value to attract investors. A second DDEP bond, maturing on August 15, 2028, recorded GHS10.00 million in one transaction. It closed at a yield of 12.90% and a price of about GHS94.72.
No outright trades were recorded in either the new Government of Ghana notes and bonds category or the old pre-restructuring government securities segment. This absence highlights uneven liquidity across Ghana’s government bond market. While quoted prices and yields may exist for many securities, actual trading often concentrates in a small number of preferred instruments. This situation suggests that investors remain cautious about longer-term government debt, preferring the perceived safety and liquidity of Treasury bills.
Sell-buy-back transactions involving government notes and bonds amounted to GHS151.18 million through eight trades. This represented 10.97% of total turnover. The largest transaction in this segment involved GHS80.00 million of the DDEP bond maturing on February 11, 2031. These trades are commonly used by financial institutions to manage short-term liquidity or obtain financing against government securities. Their significant contribution to the market indicates active short-term liquidity management by financial institutions.
The continued dominance of Treasury bills suggests that investors prioritize short-term returns and liquidity. This trend will likely persist as Ghana navigates its economic recovery and the full impact of the DDEP. Policymakers will need to monitor these market dynamics closely. The government's ability to attract long-term financing will depend on restoring investor confidence in its fiscal stability and the attractiveness of its longer-dated debt instruments.