Trading on the Ghana Fixed Income Market (GFIM) reached GHS 1.04 billion on Monday, September 14, 2026. This represents a 10.03% increase from the GHS 943.64 million recorded in the previous session. The surge in activity was largely due to investors concentrating on Domestic Debt Exchange Programme (DDEP) bonds.
DDEP bonds accounted for GHS 720.28 million of the total turnover, making up about 69.37% of all market activity. This marks a significant 55.18% increase from the GHS 464.17 million recorded for DDEP securities in the prior session. The February 10, 2032 DDEP bond was particularly active, generating GHS 549.38 million across just seven transactions. This single bond alone represented 52.91% of the entire GFIM turnover, highlighting a strong focus on this specific maturity.
This concentration of trading in DDEP bonds reflects a broader trend of investors rotating towards Ghana’s restructured government debt. The market saw a sharp decline in the number of transactions, falling to 188 from 290, a 35.17% drop. This suggests that larger institutional block trades are driving the market rather than a general increase in trading activity. Such movements indicate a strategic shift by major players in response to Ghana's economic adjustments.
The significant turnover in the 2032 DDEP bond occurred without a dramatic repricing of the instrument. Its yield edged slightly lower to 14.09% from 14.11%, while its closing price marginally rose to 81.48. This indicates strong demand absorbing the trading volume without causing major price volatility. Other DDEP bonds showed mixed yield movements, with the February 2027 DDEP bond's yield rising to 10.55% and the February 2034 maturity's yield declining to 14.42%. This suggests investors are carefully differentiating between maturities based on their risk and return profiles.
In contrast to DDEP bonds, Treasury-bill trading moved in the opposite direction. Total T-bill turnover fell by 45.68% to GHS 226.65 million, representing 21.83% of market activity. This decline from GHS 417.23 million in the preceding session shows a clear shift away from shorter-term government securities. Trading remained heavily concentrated in longer-dated Treasury bills, with 364-day bills accounting for GHS 208.29 million of the T-bill turnover. This indicates a preference for longer-term instruments even within the T-bill segment.
Corporate bond activity provided another notable feature of the session, with turnover surging to GHS 85.81 million from just GHS 2.19 million previously. This entire amount was concentrated in Ghana Cocoa Board (COCOBOD) securities. The August 2027 COCOBOD bond alone accounted for GHS 70.38 million. Despite this increase, corporate bonds remained a relatively small component of overall GFIM activity compared to government securities. This highlights the continued dominance of government debt in Ghana's fixed income market.
The market's strong focus on DDEP bonds suggests investor confidence in Ghana's debt restructuring efforts. However, the decline in transaction count points to a market increasingly influenced by large institutional investors. Decision-makers will closely monitor these trends to understand the stability and liquidity of Ghana's fixed income market. The continued preference for longer-dated securities, both DDEP bonds and Treasury bills, indicates a search for higher yields and potentially longer-term stability in the current economic climate. This pattern will likely influence future government borrowing strategies and market sentiment.