The Ghana Fixed Income Market (GFIM) recorded a total turnover of GHS 10.91 billion in the week ending June 19, 2026. This figure represents a 9.25% decrease from the GHS 12.02 billion recorded in the previous week.
The main reason for this decline was reduced trading in Domestic Debt Exchange Programme (DDEP) bonds and corporate securities. This occurred even though Treasury bills and sell-buy-back (SBB) transactions showed increased activity.
This performance highlights the ongoing adjustments in Ghana’s fixed income market following the national debt restructuring. It also shows a continued investor preference for government-backed securities over private debt. The market's heavy reliance on government instruments shapes liquidity and investment patterns across the economy.
Market data from the GFIM’s weekly report for June 15 to June 19 confirmed the total volume traded falling to GHS 10.91 billion. Trading in DDEP bonds, a key segment, dropped by 25.17% to GHS 5.36 billion from GHS 7.16 billion. Despite this decrease, DDEP bonds still made up nearly half of all market activity, showing their significant role in Ghana’s post-debt restructuring financial landscape.
In contrast, Treasury bills saw a strong increase of 17.92%, reaching GHS 4.66 billion from GHS 3.95 billion. This surge indicates that investors are still keen on short-term government securities. Investors are adjusting their portfolios due to changing access to money and falling interest rates in the country. Sell-buy-back trades, which are like short-term loans, also rose sharply by 38.02% to GHS 675.32 million from GHS 489.28 million. This increase suggests more use of these transactions for managing day-to-day money needs and investment positioning.
New Government of Ghana bonds recorded GHS 46.60 million in trades during the week, showing a re-emergence of activity in this segment. No trades occurred in old Government of Ghana bonds. However, corporate securities faced a significant downturn. Turnover in this segment plummeted by 59.58% to GHS 168.52 million from GHS 416.90 million. This sharp fall highlights the persistent weakness and limited trading in Ghana’s private debt market compared to government debt.
The concentration of trading in government instruments remains evident. DDEP bonds and Treasury bills together accounted for GHS 10.02 billion, or approximately 91.84% of the total weekly turnover. This dominance reflects both the size of Ghana's government securities market and the small scale of corporate bond trading.
For investors, the recent data shows a market still adapting to Ghana’s new interest rate environment following the debt restructuring. DDEP bonds continue to offer trading chances because many are still priced below their face value, providing higher returns than short-term investments. Treasury bills continue to attract investors looking for shorter-term and easier-to-sell securities.
The yield curve, which shows interest rates for different loan periods, displayed mixed movements. The four-year yield increased to 10.59% from 9.92%, while the five-year yield eased to 10.20% from 10.71%. The eight-year yield climbed to 14.10% from 13.35%, but the nine-year yield eased to 13.96% from 14.09%. This mixed movement indicates investors are distinguishing between different maturities and types of securities rather than uniformly repricing the entire curve. The market's reliance on government securities will likely continue to shape investment decisions in the foreseeable future.