Trading activity on the Ghana Fixed Income Market (GFIM) fell by 31.82% to GHS 6.03 billion in the week ending July 2, 2026. This marks a decrease from GHS 8.84 billion recorded in the previous week.
The sharp reduction was largely caused by a significant downturn in Treasury bill activity and sell/buy-back transactions. Treasury bill turnover dropped by 47.73% from GHS 6.15 billion to GHS 3.22 billion. Treasury bills still represented 53.31% of total market turnover, showing they remain the most traded instrument despite the decline.
This market trend indicates a potential shift in investor behavior, with a reduction in trading volumes for short-term government securities. Investors continue to favor shorter-duration instruments with liquid secondary markets. This concentration in sovereign instruments, mainly Treasury bills and DDEP bonds, highlights the limited depth of Ghana’s non-sovereign fixed-income market.
According to the Norvan Reports, the fall in Treasury bill trading suggests investors might be reducing their activities after strong recent participation in short-term securities. However, they continue to prefer instruments with shorter maturity periods and conditions that allow easy buying and selling.
Looking ahead, market participants will monitor whether this trend of reduced Treasury bill activity continues or is a temporary fluctuation. The sustained preference for government bonds, especially DDEP instruments, suggests investors are carefully balancing yield potential against risk and liquidity. This market behavior will influence future government borrowing costs and debt management strategies.
Despite the overall market decline, certain segments showed resilience. Bonds under the Domestic Debt Exchange Programme (DDEP) experienced a strong improvement. DDEP bond turnover increased by 55.43% to GHS 2.44 billion, up from GHS 1.57 billion the previous week. These restructured bonds made up 40.51% of total market turnover, becoming the second-largest contributor.
This rise in DDEP bond trading suggests renewed interest in selected restructured instruments. Investors may find their yields attractive, especially those willing to hold these bonds for longer periods. The 9-year DDEP bond saw the largest volume with GHS 1.08 billion traded. Other DDEP bonds, including the 4-year and 7-year instruments, also showed considerable activity.
Conversely, sell/buy-back trades fell by 66.53% to GHS 364.09 million from GHS 1.09 billion. Corporate securities turnover also declined significantly by 76.19% to GHS 8.65 million. New Government of Ghana bonds recorded minimal activity, with GHS 430,000.00 in turnover, while old government bonds saw no trades.
Yields on different bonds showed mixed movements. For example, the 4-year DDEP yield decreased to 10.75%, while the 9-year yield rose sharply to 14.75%. These mixed yield movements indicate that investors are adjusting their positions based on the bond's maturity period, ease of trading, and expected returns. The fixed-income market remains active, with Treasury bills and DDEP bonds forming the core of its liquidity.