Trading on the Ghana Fixed Income Market reached GH¢3.69 billion on Friday, August 7, 2026, with restructured government bonds taking nearly four out of every five cedis exchanged during the session.
Official market data showed 602 transactions were completed, but activity was far from evenly distributed. Domestic Debt Exchange Programme bonds generated GH¢2.92 billion from 118 trades, accounting for 79.18 per cent of turnover.
The February 2032 DDEP bond was the day’s busiest security, attracting GH¢1.16 billion across 35 transactions. It closed at a yield of 15.14 per cent and a price of 77.88, contributing almost 40 per cent of all DDEP bond trading.
The February 2034 bond followed with GH¢795.81 million from 14 trades. Its yield eased from 15.63 per cent at the opening to 15.39 per cent at the close, while its price settled at 73.80.
Demand was also visible at the shorter end of the restructured curve. The February 2027 bond recorded GH¢414.71 million across 35 transactions, although its closing yield increased from 11.20 per cent to 11.47 per cent.
The numbers carry a useful warning: “liquidity was not spread evenly across the restructured debt curve.” Most of it sat in a handful of maturities, particularly the 2032 and 2034 bonds.
Treasury Bills Retain Their Pull
Treasury bills generated GH¢740 million from 478 transactions, representing just over 20 per cent of total turnover.
The August 2027 bill led the segment with GH¢326.59 million traded. It closed at a yield of about 12.79 per cent and a price of 88.77.
Bills maturing in September and October 2026 generally traded at yields between 5.96 per cent and 6.69 per cent. That gap against DDEP yields in the mid teens helps explain the interest further along the curve, where investors can seek higher returns but accept greater exposure to interest rate and sovereign risk.
Corporate Bond Market Stays Quiet
Trading outside government securities was barely visible. Old Government of Ghana bonds recorded GH¢92,269 from one transaction, while corporate securities generated only GH¢91,717.
A Cocoa Marketing Board bond maturing in August 2028 accounted for the notable corporate trade. New government bonds recorded no outright transaction.
Sell and buy back deals added GH¢27.83 million across four trades. Of that amount, GH¢20 million involved the February 2034 DDEP bond at a yield of 14.40 per cent.
Liquidity Returns, but Selectively
The session confirms that DDEP bonds are becoming central to secondary market trading after the disruption caused by Ghana’s domestic debt restructuring. It does not yet show a uniformly deep market.
In the primary auction market, persistent demand for the 364 day Treasury bill and recent compression in investor bid ranges could support further moderate yield declines.
Tighter interbank liquidity or weaker risk appetite, however, could slow that movement and put mild pressure on shorter maturities.
For now, the headline is big turnover. Underneath it sits a narrower reality: Ghana’s fixed income liquidity remains strongest in selected restructured government bonds, while corporate debt continues to attract very little activity.
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