Trading on the Ghana Fixed Income Market (GFIM) reached GHS 1.53 billion on Tuesday, September 8. Treasury bills and Domestic Debt Exchange Programme (DDEP) bonds together accounted for approximately 89.19% of all transactions during this session.
This significant concentration demonstrates the market's heavy dependence on government-backed instruments for secondary-market liquidity. Treasury bills were the most actively traded category, recording GHS 782.11 million across 310 transactions. This volume represented about 51.24% of the total market activity. DDEP bonds followed closely with GHS 579.28 million from 26 trades, making up approximately 37.95% of the session's turnover.
This reliance on government securities reflects Ghana's ongoing efforts to manage its public debt and stabilize its economy. The DDEP, launched in late 2022, aimed to restructure a significant portion of the nation's domestic debt. The high trading volume in DDEP bonds suggests these restructured instruments are now a key part of the market. New Government of Ghana notes and bonds also contributed GHS 150.71 million, or 9.87% of the total market volume. This indicates continued government borrowing and investor interest in new issuances.
The Norvan Reports highlighted that excluding corporate bonds, government-linked securities accounted for approximately 99.27% of the entire session. This underscores the limited participation of private sector debt in the market. The most actively traded individual security was a Treasury bill maturing on December 7, 2026, which recorded GHS 377.39 million.
The market's structure implies that government fiscal policies and debt management strategies will continue to heavily influence investor sentiment and market liquidity. The dominance of Treasury bills and DDEP bonds means that changes in interest rates or government borrowing plans will have a direct and substantial impact on the GFIM. Investors will closely monitor government announcements regarding future debt issuances and economic reforms. This will help them gauge the risk and return prospects of Ghana's sovereign debt.
A Treasury bill maturing on December 7, 2026, was the most active, trading GHS 377.39 million across 53 transactions. This single instrument alone represented about 24.73% of total GFIM activity. Its closing yield was approximately 4.88%, with a closing price of GHS 98.81. This short-dated government paper clearly served as a primary center of liquidity during the session.
Activity was also substantial across other Treasury bill maturities. A bill maturing on July 26, 2027, recorded GHS 122.37 million. The August 2, 2027, instrument generated GHS 77.43 million, and the March 15, 2027, bill traded GHS 68.47 million. This spread of trading across various maturities shows that investors were not limited to only the shortest-term instruments. However, the Treasury bill market remained significantly more liquid than the corporate segment.
DDEP bonds provided the second major source of activity. The 2023-GC-6 bond, maturing in February 2032, traded GHS 378.62 million in seven transactions. This single bond accounted for about 65.36% of total DDEP turnover. Its closing yield eased to 14.22% from an opening level of 14.28%. Other DDEP securities also saw meaningful activity, though at smaller volumes. For example, the 2023-GC-1 bond traded GHS 80.55 million.
Corporate debt remained a marginal part of the market, generating only GHS 11.09 million across 17 transactions. This represented approximately 0.73% of overall turnover. Ghana Cocoa Board (COCOBOD) securities dominated this segment, with the August 2027 bond recording GHS 10.09 million. This highlights the ongoing challenge of developing a diversified corporate bond market in Ghana. The market continues to be heavily skewed towards sovereign securities, limiting options for private sector financing.