Trading activity on the Ghana Fixed Income Market (GFIM) reached GHS 1.73 billion on Wednesday, July 8, 2026. This significant increase resulted from investors focusing heavily on Treasury bills, showing a strong market preference for short-term government securities. Total market turnover stood at GHS 1,726,296,194, conducted across 1,801 trades.
Treasury bills were the primary driver of this activity, contributing GHS 1.21 billion from 1,756 trades. This segment alone made up 69.90% of the total GFIM turnover. The high concentration in Treasury bills highlights that investors continue to favor liquid, shorter-maturity instruments in the current interest rate environment.
This dominance of Treasury bills suggests how investors position themselves in Ghana's fixed income market. When there are expectations of interest rate changes, persistent inflation concerns, or a need for high liquidity, short-term securities become more attractive. These instruments allow investors to earn yields while avoiding the longer-term risks associated with bonds.
The largest Treasury bill traded during the session was a Government of Ghana bill maturing on February 22, 2027. This single bill recorded GHS 182.98 million in turnover across 21 trades, closing at a yield of 9.05% and a price of 94.6118. Its strong trading reinforced the demand for bills with relatively longer short-term maturities, despite older bills also trading.
DDEP bonds, which are part of the Domestic Debt Exchange Programme, were the second-largest contributor to market turnover. They recorded GHS 506.49 million from 25 trades, accounting for 29.34% of total GFIM activity. This still marks a significant gap between Treasury bill activity and bond trading.
The most active DDEP bond was a Government of Ghana bond maturing on February 12, 2030, with a coupon of 8.80%. It generated GHS 123.36 million in turnover from seven trades, closing at a yield of 14.00% and a price of 85.6046. Trading in DDEP bonds gives an insight into secondary market confidence after the debt restructuring.
While investors remain highly active in Treasury bills, there is still meaningful demand for selected restructured bonds if their yields and prices are considered attractive. However, the difference in turnover figures indicates the market prefers short-term government paper over longer-term restructured instruments. This is common in a market still rebuilding depth and confidence after the domestic debt exchange.
Old Government of Ghana notes and bonds saw modest activity, with GHS 1.90 million in turnover across eight trades, representing only 0.11% of the total. The largest old bond traded was a Government of Ghana bond maturing on January 18, 2027, with a 19.25% coupon. This bond recorded GHS 1.46 million from five trades, closing at a yield of 55.71% and a price of 84.8449. The high yield shows the specific risk and pricing associated with legacy securities.
New Government of Ghana notes and bonds recorded only GHS 495,671 in turnover from a single trade, making up just 0.03% of total market activity. This limited trading in new bonds suggests that investor attention remains firmly concentrated on the short end of the market. Corporate bonds recorded GHS 3.40 million in turnover across five trades, representing 0.20% of total GFIM turnover.
The current market trend, favoring short-term securities, will likely persist as investors seek stability and liquidity. Policymakers will be watching bond market performance closely to gauge investor confidence and the overall health of Ghana's public finances. This ongoing preference for shorter maturities could impact the government's long-term borrowing costs and strategy.