Ghana's fixed-income market achieved a total turnover of GHS 909.15 million on Thursday, September 3, 2026. Government securities overwhelmingly dominated this trading activity, capturing 94.61% of the market share.
The bulk of the trading involved sell/buy-back transactions and Domestic Debt Exchange Programme (DDEP) bonds. Sell/buy-back trades in Government of Ghana notes and bonds alone reached GHS 342.26 million. This represented 37.65% of the total market turnover. DDEP bonds closely followed, contributing GHS 310.20 million, or 34.12% of all trading volume. This concentration underscores the market's reliance on government-backed instruments.
This significant dominance by government instruments reflects Ghana's ongoing economic landscape, particularly post-debt restructuring efforts. The Domestic Debt Exchange Programme was a critical measure to manage the nation's public debt. The continued high trading volume in these restructured bonds indicates their central role in the financial system. It also shows investor engagement with the government's debt management strategies. The market's structure highlights the government's borrowing needs and its impact on liquidity. This trend has been consistent since the DDEP implementation.
The Norvan Reports, citing the GFIM trading report, detailed the market's composition. Treasury bills generated GHS 203.98 million, accounting for 22.44% of the market. Corporate bonds, however, contributed a mere GHS 49.00 million, representing 5.39% of the total. This stark contrast emphasizes the limited depth of non-sovereign debt markets in Ghana.
The market's heavy concentration in government securities has several implications for Ghana's financial sector. It suggests that private sector companies face challenges in raising long-term capital through bond issuance. This could hinder business expansion and economic diversification. Policymakers will need to consider strategies to deepen the corporate bond market. This would provide alternative financing avenues for businesses. Investors will continue to monitor the performance and liquidity of DDEP bonds. Their stability is crucial for overall market confidence. The Bank of Ghana's monetary policy decisions will also influence fixed-income yields. These decisions affect both government and corporate borrowing costs. Further developments in the DDEP bond market will be closely watched. These include trading volumes and yield movements across different maturities. The government's fiscal health remains a key factor for market participants.
Excluding sell/buy-back transactions, outright market activity amounted to GHS 566.88 million. This figure represents 62.35% of the day's total turnover. Within the DDEP segment, trading was highly concentrated in specific maturities. The Government of Ghana bond maturing on February 10, 2032, with a 9.10% coupon, saw GHS 204.85 million in volume. This single bond accounted for approximately 66.04% of all DDEP bond turnover. Its closing yield was 14.56%, with a weighted average closing price of 79.90. This indicates that liquidity is not evenly spread across all restructured bonds. Instead, it is focused on a few preferred instruments. Treasury bills recorded 864 transactions, the highest number for the session. This shows frequent trading in short-term government debt. However, their total value was lower than bonds. This highlights the difference between transaction frequency and value. Corporate bond activity was also concentrated. A Ghana Cocoa Board bond maturing on August 30, 2027, accounted for GHS 43.77 million. This was 89.32% of all corporate bond turnover. This further illustrates the market's narrow focus. Building deeper secondary market liquidity outside government and quasi-government securities remains a challenge. This is essential for a more robust and diversified financial market.