Ghana's fixed income market commenced the week with a strong GHS 3.00 billion in total turnover on Monday, July 20, 2026. This substantial trading volume represents a sharp rebound from the GHS 595.82 million recorded in the previous session, indicating a 404.28% increase in market value. The surge was largely propelled by renewed investor interest in Domestic Debt Exchange Programme (DDEP) bonds.
The market executed 1,134 transactions, a 127.25% rise from the prior 499 transactions. DDEP bonds were the primary driver of this value, contributing GHS 2.21 billion from just 18 trades. This segment alone represented 73.48% of the total market value, despite making up only 1.59% of all transactions. This concentration suggests that large institutional investors are actively engaging with these restructured government securities.
This strong performance in the fixed income market reflects ongoing adjustments and reallocations within Ghana's financial landscape. Following the Domestic Debt Exchange Programme, investors are increasingly seeking opportunities in the restructured bond market. The significant turnover in DDEP bonds indicates a growing confidence among institutional players in these longer-dated instruments, which are crucial for the government's fiscal stability and debt management efforts.
The largest DDEP bond traded was the GOG-BD-12/02/30-A6146-1838-8.80, which generated GHS 1.02 billion in turnover across four transactions. This single security closed at a yield of 15.34% and a price of 82.47, making it the most significant contributor to the day's market activity. Other notable DDEP trades included the GOG-BD-10/02/32-A6148-1838-9.10, which posted GHS 592.00 million in turnover, and the GOG-BD-11/02/31-A6147-1838-8.95, with GHS 240.71 million.
Treasury bills, while contributing less to overall value, remained the most actively traded securities by transaction count. They recorded a turnover of GHS 741.21 million from 1,108 trades, accounting for 24.67% of total market value and 97.71% of all transactions. This high number of trades in Treasury bills underscores their role in providing liquidity and short-term investment options in the market.
The largest Treasury bill traded was the GOG-BL-19/07/27-A7084-2016-0, with GHS 271.20 million in turnover across 11 trades. It closed at a yield of 12.86% and a price of 88.61. The GOG-BL-19/10/26-A6882-1977-0 followed with GHS 111.89 million from 57 trades. New Government of Ghana notes and bonds also saw activity, with GHS 46.60 million traded in one transaction.
This trading pattern suggests a dual dynamic within the fixed income market. It remains highly liquid, with investors balancing short-term instruments like Treasury bills for liquidity and longer-dated DDEP bonds for yield. The strong rebound in turnover signals that market participants are actively reallocating portfolios, responding to recent shifts in interest rates and government securities yields. The dominance of DDEP bonds in market value indicates a renewed confidence in trading restructured securities, even as pricing remains sensitive to yield expectations.
Going forward, market participants will closely monitor the yields and prices of DDEP bonds. Continued strong performance in this segment could signal further stabilization and investor confidence in Ghana's public debt. The balance between short-term liquidity provided by Treasury bills and the longer-term investment in DDEP bonds will be a key indicator of market health and investor sentiment in the coming months.