The Ghana Fixed Income Market (GFIM) recorded a total turnover of GHS 3.33 billion on Monday, June 8, 2026. Trading in restructured government bonds from the Domestic Debt Exchange Programme (DDEP) dominated this activity.
DDEP bonds generated GHS 1.95 billion from 79 trades, making up about 58.5 percent of the total market volume. Treasury bills followed closely, with GHS 1.21 billion traded across 209 transactions. This significant activity in DDEP bonds suggests renewed investor confidence in certain medium-term government securities.
This trading pattern reflects Ghana's ongoing efforts to stabilize its public finances. The DDEP was a crucial component of the government's strategy to address its high debt burden. Strong activity in these restructured bonds indicates investors are gradually re-engaging with these instruments. This plays a vital role in the broader economic narrative of recovery and market recalibration.
According to the GFIM trading report, the market volume stood at GHS 3.33 billion. This figure comes from 306 individual trades across various instruments. The concentration in DDEP bonds and Treasury bills highlights the market's current preference for government-backed instruments.
What happens next hinges on sustaining investor confidence in these restructured bonds. Authorities will closely monitor the market's evolving liquidity across the DDEP curve. Economic managers will also watch for broader participation beyond short-term instruments to ensure deeper market development. This is crucial for Ghana's long-term financial stability.
The largest traded DDEP instrument was the GOG-BD-13/02/29-A6145-1838-8.65 bond. It saw GHS 815.14 million in volume from 42 trades. This bond closed with a yield of 12.82 percent, reflecting its attractiveness to investors. The GOG-BD-12/02/30-A6146-1838-8.80 also showed strong demand, trading GHS 393.64 million from 24 transactions.
Other DDEP instruments registered notable activity. The GOG-BD-07/02/34-A6150-1838-9.40 recorded GHS 240 million. The GOG-BD-10/02/32-A6148-1838-9.10 recorded GHS 179.16 million. The GOG-BD-11/02/31-A6147-1838-8.95 traded GHS 150 million. The GOG-BD-15/02/28-A6144-1838-8.50 also traded GHS 123.03 million.
This concentration of DDEP activity in specific maturities shows investors are selective. They are balancing yield, duration, and liquidity when choosing restructured securities. This careful selection suggests that price discovery, which is the process of determining the true market price, is still uneven across the DDEP curve.
Treasury bills maintained their importance for investors, especially the GOG-BL-17/05/27-A7039-2007-0. This bill recorded GHS 286.05 million from four trades. It closed at a yield of 10.41 percent. Treasury bills provide investors with liquidity and shorter maturity exposures. This is important as market participants assess inflation trends and monetary policy direction.
Sell-buy-back transactions also contributed GHS 166.29 million from 13 trades. This segment allows market participants to manage their liquidity effectively. Corporate bonds, however, saw minimal activity, contributing only GHS 2.06 million from five trades. This highlights the continued dominance of government securities in Ghana's fixed income market.
Overall, the market on June 8, 2026, demonstrated active but highly concentrated liquidity. DDEP bonds and Treasury bills formed nearly all market turnover. This shows investor interest remains heavily in instruments backed by the government. The growing activity in DDEP bonds suggests the secondary market for restructured securities is slowly deepening. However, liquidity is not yet evenly distributed across all instruments.