Trading turnover on the Ghana Fixed Income Market reached GHS 2.03 billion on Wednesday, July 29, 2026. This significant activity was largely concentrated in Treasury bills and specific bonds issued under the Domestic Debt Exchange Programme (DDEP). The market executed 730 transactions during the session.
Treasury bills accounted for a substantial GHS 1.31 billion of this turnover, representing 64.28% of all market activity. Bonds from the DDEP followed, contributing GHS 693.44 million, or 34.11% of the total. Corporate bonds made up a smaller portion, generating GHS 24.82 million, which is 1.22% of the market.
This concentration of trading in short-term government securities and specific DDEP bonds highlights a prevailing investor preference for instruments offering clearer pricing and shorter durations. The Ghanaian economy has recently undergone significant fiscal adjustments, including the DDEP, which restructured a substantial portion of the nation's domestic debt. This market behavior suggests investors are seeking stability and liquidity in the current economic climate, often prioritizing less volatile assets.
A notable transaction involved a Treasury bill maturing on July 26, 2027, which generated GHS 627.87 million across 59 transactions. This single instrument alone represented 48.05% of all Treasury bill turnover and 30.88% of the total market value. This indicates strong institutional interest in longer-dated Treasury bills, which provide exposure to government credit without the extended duration and increased price volatility typically associated with medium and long-term bonds.
Another actively traded security was the Treasury bill maturing on October 26, 2026. It recorded over GHS 22.82 million through 416 transactions, closing at a yield of approximately 5.81%. Its high transaction count suggests broad participation, even though its value was lower than the July 2027 maturity. The DDEP segment saw 34 transactions, with activity heavily concentrated in a few securities.
The bond maturing on February 10, 2032, generated the highest value within the DDEP segment, reaching GHS 335.00 million from just two transactions. This 9.10% coupon bond closed at a yield of 14.69% and a price of approximately GHS 79.05. Its substantial discount to face value reflects the difference between the bond’s coupon and the higher return investors demand for holding longer-term government debt.
The February 12, 2030 DDEP bond followed with a turnover of GHS 158.73 million across 22 transactions, closing at a yield of 14.79%. Additionally, GHS 117.00 million was traded in the February 11, 2031 bond through a single transaction. Together, the 2030, 2031, and 2032 DDEP bonds generated GHS 610.73 million, accounting for about 88.07% of total outright DDEP turnover. This concentration indicates that while the DDEP market showed strong headline activity, liquidity remained narrow, dependent on a few large institutional transactions.
Corporate bond turnover was almost entirely led by Ghana Cocoa Board securities. The Cocoa Board bond maturing on August 30, 2027, generated GHS 24.02 million through seven transactions. Corporate debt remains a marginal part of the market, reflecting the limited supply and secondary-market liquidity of non-government securities. Sell-buy-back transactions involving Government of Ghana securities generated GHS 7.74 million.
The market's performance on this day demonstrates significant liquidity within Ghana's financial system. However, the heavy concentration of trades in Treasury bills and a select few DDEP bonds suggests that investors are prioritizing instruments with clear pricing, shorter duration, or established institutional demand. This trend indicates a cautious approach in the market, where participants are seeking to mitigate risk while still engaging with government-backed securities. Future market developments will likely depend on evolving investor confidence and the government's fiscal policies.