Ghana's fixed-income market recorded GHS 2.15 billion in securities trading on Monday, August 17, 2026. Treasury bills overwhelmingly dominated this activity, while longer-dated government bonds attracted comparatively limited investor participation.
This significant trading volume was spread across 877 transactions. Treasury bills alone accounted for GHS 1.96 billion, representing 91.16% of the total market volume. This concentration highlights investors' continued preference for short-term government instruments, even as yields on these securities remain lower than previous levels.
The market's strong focus on Treasury bills reflects ongoing investor caution regarding longer-term debt. Ghana's economy has undergone significant adjustments, including a domestic debt restructuring. Investors are currently prioritizing liquidity and lower risk, which short-term instruments like Treasury bills offer. This trend impacts the government's borrowing costs and its ability to fund long-term development projects.
The Ghana Fixed Income Market (GFIM) daily trading report confirmed these figures. It detailed transactions across various instruments, including Domestic Debt Exchange Programme (DDEP) bonds, old government securities, and corporate bonds. The report provides crucial insights into the health and direction of Ghana's debt market.
This market activity indicates that investors are still navigating the post-debt restructuring environment. The government will need to carefully manage its borrowing strategy to balance short-term financing needs with attracting investment into longer-term bonds. Observers will closely watch future trading sessions for shifts in investor sentiment and yield curve dynamics.
A single Treasury bill maturing on January 18, 2027, recorded a volume of GHS 746.90 million. This security alone was responsible for almost 35.00% of the total fixed-income volume during Monday's session. Its reported closing yield was approximately 6.75%, with a closing price of about GHS 97.22.
Activity was also notable further along the Treasury bill maturity curve. A bill maturing on August 2, 2027, recorded GHS 568.04 million in volume at a closing yield of about 12.14%. Another bill, maturing on August 9, 2027, attracted GHS 127.61 million at approximately 12.30%. The newest one-year security, maturing on August 16, 2027, recorded GHS 50.93 million in transactions at a closing yield of 12.45%. This shows investors demand higher compensation for tying up money over longer periods.
The yield structure is important because it shows investors accepting significantly lower returns on securities close to maturity. They demand progressively higher compensation for longer-term investments. This shape reflects the repricing of short-term government borrowing. It also shows the risk premium investors attach to duration, especially with uncertain future inflation and monetary policy.
Domestic Debt Exchange Programme bonds formed the second-largest segment, recording GHS 185.28 million from just three transactions. These bonds contributed 8.63% of total market activity. The concentration in so few trades suggests that large institutional transactions, rather than broad secondary-market participation, drove Monday's DDEP turnover.
The most active DDEP instrument was the 9.10% bond maturing in February 2032. It accounted for GHS 147.89 million in a single transaction. This bond closed at a yield of 14.50% and a price of approximately GHS 80.00. This indicates investors continue to price several restructured government securities at substantial discounts to their face value.
A second DDEP bond maturing in February 2031 recorded GHS 17.39 million in volume at a closing yield of 14.60%. The August 2028 DDEP instrument attracted GHS 20.00 million at 13.56%. These relatively higher yields compared with Treasury bills underline the premium demanded for longer maturity exposure. They also reflect residual risk considerations associated with securities issued under Ghana’s domestic debt restructuring.
Corporate bond activity remained modest, with GHS 3.56 million traded across five transactions. This was equivalent to just 0.17% of the day’s overall market volume. Ghana Cocoa Board (COCOBOD) securities dominated the corporate segment. The 13.00% bond maturing in August 2028 led with GHS 2.41 million in a single transaction. Another COCOBOD security maturing in August 2027 recorded GHS 1.15 million. This contrast with government securities illustrates the continuing depth problem in Ghana’s corporate debt market. Limited secondary-market liquidity makes price discovery and investor exits more difficult.
Old Government of Ghana notes and bonds attracted only GHS 64,500 in trading. No trades were recorded in the new seven-year government bond category. Sell-buy-back transactions across government securities contributed GHS 887,984 from three transactions. This represented only about 0.04% of overall fixed-income activity. These figures underscore the market's current focus on short-term, liquid government instruments.