Ghana's fixed-income market recorded GHS 2.03 billion in trading on Wednesday, September 2, 2026. This significant activity was largely driven by government securities, particularly sell/buy-back transactions and Treasury bills. The market's concentration on sovereign instruments highlights its role in managing the nation's liquidity and debt.
The total traded volume reached GHS 2,029,979,144 across 1,119 transactions, according to the GFIM trading report. Sell/buy-back transactions, involving Government of Ghana notes and bonds, accounted for GHS 930.18 million. This figure represents 45.82% of the total market activity, making it the largest segment. Treasury bills generated GHS 390.52 million, contributing 19.24% of the turnover, while Domestic Debt Exchange Programme (DDEP) bonds added GHS 387.42 million, or 19.08%.
This market structure underscores Ghana's ongoing reliance on government debt instruments for financial activity. The high volume in DDEP bonds reflects the country's recent debt restructuring efforts and investors' continued engagement with these new securities. The dominance of government-linked securities, which comprised approximately 99.29% of overall market activity, shows a limited secondary market for private-sector fixed-income products. This imbalance has been a consistent feature of Ghana's financial landscape, with corporate bonds representing only 0.71% of the total.
The Norvan Reports highlighted that the market's activity was concentrated in sovereign instruments. This indicates that investors are primarily focused on government-backed assets, which are often perceived as safer. The substantial trading in DDEP bonds also suggests that the market is actively pricing and adjusting to the terms of the restructured debt.
Looking ahead, the continued dominance of government securities means that changes in government fiscal policy or interest rates will heavily influence market dynamics. Investors will closely monitor the performance of DDEP bonds, as their yields and prices reflect market confidence in Ghana's long-term debt sustainability. The government's efforts to deepen the corporate bond market will also be crucial for diversifying investment opportunities and reducing reliance on sovereign debt.
Excluding sell/buy-back trades, outright market turnover stood at about GHS 1.10 billion, representing 54.18% of total activity. This indicates substantial underlying secondary-market trading beyond short-term liquidity management. The largest single outright government bond trade involved a new seven-year Government of Ghana bond maturing on March 29, 2033. This bond recorded a volume of GHS 307.42 million, accounting for all trading in the new government notes and bonds category.
The new seven-year bond opened at a yield of 12.73% and closed at 12.59%, with a closing price of approximately 99.59. A decline in yield during a trading session suggests stronger pricing for the security. However, one day of trading is insufficient to establish a broader trend in investor expectations. DDEP securities were also highly active, with a total turnover of GHS 387.42 million across 31 trades. The most heavily traded DDEP instrument was the GOG-BD-10/02/32-A6148-1838-9.10, which recorded GHS 261.00 million across 11 transactions.
This particular DDEP bond accounted for 67.37% of all DDEP bond activity. Its closing yield stood at 14.55%, compared with an opening yield of 14.67%, while the closing price was around 79.94. The substantial discount to its face value illustrates the pricing dynamics surrounding longer-dated restructured government debt. Investors balance coupon structures, maturity risk, and prevailing market yields when valuing these instruments. Other notable DDEP activity included GHS 75.00 million in the February 2031 GC-5 bond and GHS 20.00 million in the February 2030 GC-4 instrument.
Treasury bills remained one of the most active outright segments, generating GHS 390.52 million from 1,013 trades. The high number of transactions for Treasury bills reflects their broader participation and shorter maturities compared to government bonds. The largest Treasury bill transaction by volume was the 364-day bill maturing on February 22, 2027, which traded GHS 88.88 million across 14 transactions. This bill closed at a yield of approximately 6.69% and represented 22.76% of total Treasury bill turnover.
Other significant 364-day bill trades included GHS 38.31 million in the July 26, 2027 maturity and GHS 37.61 million in the August 30, 2027 maturity. A further GHS 29.12 million changed hands in the July 19, 2027 bill. The data show a broad distribution of activity across the longer end of the Treasury bill curve. Investors continue to transact actively in bills with yields ranging from mid-single digits to above 10.00%, depending on their remaining maturity. The 91-day segment also recorded meaningful activity, with the October 19, 2026 bill trading GHS 13.70 million.