Trading activity on the Ghana Fixed Income Market (GFIM) declined significantly at the start of the week. Total turnover fell by 30.02% to GHS 1.42 billion on Monday, June 22, 2026, as investors shifted strongly into Treasury bills.
This drop means overall market activity decreased from approximately GHS 2.03 billion in the previous session. Treasury bills accounted for GHS 1.04 billion of the total turnover. This represents 73.24% of all market activity during the period. Investors showed a clear preference for short-term instruments because of changing interest rate expectations and ongoing portfolio adjustments.
This shift to Treasury bills highlights a broader trend in Ghana's financial markets. Investors are prioritizing liquidity and shorter maturity periods for their investments. This behavior often happens when there is uncertainty about future interest rates or economic conditions. It also shows the market's reliance on government-linked instruments, overshadowing corporate debt.
Market data from the GFIM trading report confirms the dominance of Treasury bills. These instruments recorded 256 trades, accounting for 78.29% of all trades executed. Treasury bill turnover increased by 30.53% from GHS 797.03 million in the previous session. The largest Treasury bill trade was valued at GHS 479.66 million, closing with a yield of 10.86%.
Conversely, Domestic Debt Exchange Programme (DDEP) bonds saw a sharp decline in activity. DDEP bonds recorded turnover of just GHS 143.38 million from 23 trades. This represents only 10.09% of total market turnover. This figure is an 82.70% fall from GHS 828.79 million in the previous session. The largest DDEP bond trade was GHS 135.45 million, closing at a yield of 10.02%.
Sell-buy-back transactions in government bonds, however, increased by 9.92% to GHS 220.02 million. These transactions signal continued use of repurchase-style agreements for short-term funding and managing liquidity. Corporate bond activity slumped, falling by 89.56% to GHS 16.76 million. This indicates limited liquidity in the private and quasi-public debt market compared to government instruments.
This strong preference for Treasury bills suggests that market participants are seeking safety and stability. Decision-makers will closely monitor interest rate trends and government borrowing strategies. The shift implies a cautious outlook, with investors favoring instruments that offer quicker returns and lower perceived risk. This trend could impact the government's ability to issue longer-term debt smoothly.