Trading on the Ghana Fixed Income Market (GFIM) reached GHS 1.97 billion on Wednesday, July 1, 2026. Treasury bills led this activity, contributing GHS 1.13 billion to the total turnover.
Treasury bills represented 57.19% of all transactions on the GFIM. This dominance shows investors still prefer short-term government debt. They use these instruments to manage cash flow, re-invest maturing funds, and take positions at the short end of the interest rate curve. Debt Exchange Programme (DDEP) bonds also saw strong activity, adding GHS 827.27 million from 51 trades.
This trading pattern highlights a continued focus on government securities within Ghana's financial markets. These securities remain central for both liquidity management and investment. The significant volume in Treasury bills suggests market participants are prioritising quick access to their funds and limiting their risk over longer periods. This trend aligns with broader economic conditions in Ghana, where investors seek stability and shorter commitment periods in their holdings.
The Ghana Fixed Income Market's trading report for July 1, 2026, confirms this pattern. "The day's trading pattern points to a market still anchored around short-term securities, even though DDEP bonds continue to attract meaningful secondary-market interest," the report stated. It also noted that selective activity in longer-dated DDEP instruments indicates an appetite for restructured bonds, especially where yields and prices remain attractive.
The continued strong performance of Treasury bills and DDEP bonds means regulators and investors will closely watch interest rate movements. The Bank of Ghana's monetary policy decisions will heavily influence investor behaviour and the attractiveness of these short-term instruments. Corporate bond trading, which remained subdued at GHS 2.86 million, underlines the limited depth of Ghana's non-government fixed-income market. This indicates a need for more diverse investment options outside of government-backed instruments. Future policy initiatives might aim to encourage growth and liquidity in the corporate bond sector.
On Wednesday, 370 trades occurred across the market. Treasury bills accounted for 304 of these trades, highlighting their frequent exchange. DDEP bonds combined with Treasury bills made up 99.12% of the total GFIM turnover. This strong concentration suggests that government debt remains the primary focus for most fixed-income investors in Ghana. One specific DDEP bond, GOG-BD-10/02/32-A6148-1838-9.10, traded GHS 330.42 million. This single bond represented 39.94% of all DDEP bond turnover. Similarly, a Treasury bill, GOG-BL-05/04/27-A7009-2001-0, recorded GHS 231.32 million in trades. This bill alone accounted for 20.50% of the entire Treasury bill segment's turnover.