Ghana's Fixed Income Market experienced a significant increase in trading activity on Thursday, June 25, 2026. Turnover jumped by 81.42% to GHS 3.59 billion. This rise was largely due to renewed investor interest in Treasury bills.
Total market turnover reached GHS 3.59 billion, up from GHS 1.98 billion the previous day. This increase occurred even as the number of trades fell by 23.59% to 1,435 from 1,878. The data shows that larger individual transactions dominated the market, especially in short-term government securities.
This performance highlights investors' ongoing preference for short-term government securities in Ghana's economic landscape. Treasury bills provide liquidity and reduce duration risk. This trend aligns with the broader financial market's need for stable, easily convertible assets amid evolving economic conditions. Such large swings in market activity can impact the government's borrowing costs and overall financial stability.
Norvan Reports indicates Treasury bills were the main driver of the day's performance. They accounted for GHS 2.75 billion of total turnover across 1,380 trades. This represented 76.68% of total market turnover. Trading in these short-term securities rose by 76.51% compared to the previous session's GHS 1.56 billion. The largest Treasury bill trade involved the GOG-BL-23/11/26-A6914-1982-0 security, which recorded GHS 815.11 million from three trades.
Activity in sell/buy-back transactions also strengthened significantly. These transactions involve investors selling an asset and agreeing to repurchase it later, often used for short-term financing. Turnover from sell/buy-back trades involving Government of Ghana notes and bonds was GHS 451.21 million from 29 trades. This represents a 168.86% increase from the prior session's GHS 167.82 million. The largest of these was GHS 191.48 million from three trades in the GOG-BD-15/02/28-A6144-1838-8.50 security.
Bonds from the Domestic Debt Exchange Programme (DDEP) also saw increased activity. Turnover in DDEP bonds rose to GHS 385.24 million, up from GHS 242.75 million in the preceding session, an increase of 58.70%. The DDEP bonds made up 10.72% of the total market turnover. The biggest DDEP bond trade was GHS 182.29 million for the GOG-BD-16/02/27-A6143-1838-8.35 bond. Corporate bonds, however, saw a sharp decline, with turnover falling 84.35% to GHS 1.42 million.
This strong performance, concentrated in Treasury bills, suggests a continued focus on short-term liquidity by investors. Market participants will monitor whether this trend continues. They will also watch for broader participation across different types of securities in upcoming trading sessions. Decision-makers in the financial sector will analyze these activity patterns to understand investor confidence and market preferences.