Trading activity on the Ghana Fixed Income Market (GFIM) experienced a significant slowdown on Tuesday, July 21, 2026. Total turnover declined to GHS 1.56 billion, a 48.24% reduction from the GHS 3.005 billion recorded in the previous session. This sharp fall in traded value occurred despite a 194.09% increase in the number of transactions, which rose from 1,134 to 3,335 trades.
The primary driver for this substantial decrease in turnover was a steep retreat in activity related to bonds from the Domestic Debt Exchange Programme (DDEP). Monday's session had seen a boost from large institutional block trades in these restructured government securities. However, on Tuesday, DDEP bonds recorded only GHS 432.62 million in turnover, a significant 80.40% drop from the GHS 2.21 billion seen previously.
This shift highlights a broader trend in Ghana's financial markets, where investors are increasingly favouring short-term government securities, known as Treasury bills, for liquidity and stability. The DDEP, implemented to restructure Ghana's public debt, has introduced new dynamics to the bond market. While DDEP bonds are crucial for institutional investors, their trading volumes can be volatile, leading to fluctuations in overall market turnover.
Treasury bills dominated Tuesday's trading, accounting for GHS 1.10 billion in turnover from 3,295 trades. This represented 71.05% of the total market value and 98.80% of all transactions. This confirms the continued importance of short-term government securities as the market's liquidity anchor. The largest Treasury bill traded was the GOG-BL-19/07/27-A7084-2016-0, which alone recorded GHS 440.96 million across 254 transactions.
The trading pattern suggests broad participation in Treasury bills, with value concentrated in a few larger-dated instruments. This indicates that investors remain active in the short end of the market. The GOG-BL-19/07/27-A7084-2016-0 closed at a yield of 12.87% and a price of 88.62, representing 39.91% of Treasury bill turnover. Other notable Treasury bill trades included the GOG-BL-18/01/27-A6954-1990-0, with GHS 186.48 million, and the GOG-BL-18/01/27-A7079-2016-0, which posted GHS 123.84 million.
In contrast, DDEP bonds, while representing 27.82% of total market value, accounted for only 0.60% of total transactions. The largest DDEP bond traded was the GOG-BD-12/02/30-A6146-1838-8.80, which posted GHS 260.00 million across three transactions. This bond closed at a yield of 15.27% and a price of 82.65. New Government of Ghana notes and bonds recorded a minimal GHS 2.00 million in turnover from one trade, while corporate bonds saw GHS 3.90 million from 10 trades.
The market's performance on Tuesday presents a clear picture of investor preference for short-term, liquid assets. This trend is likely to continue as market participants seek stability amidst ongoing economic adjustments. Decision-makers will closely monitor these shifts to understand investor confidence and the effectiveness of debt management strategies. The sustained demand for Treasury bills suggests a flight to safety, while the reduced DDEP bond activity indicates a more cautious approach to longer-term government debt.