The Ghana Fixed Income Market recorded GH¢2.83 billion in turnover on Monday, August 10, 2026, with Domestic Debt Exchange Programme (DDEP) bonds taking the biggest slice of activity as investors traded heavily in restructured government debt.
Market data showed GH¢2.831 billion changed hands through 745 transactions during the session. DDEP bonds alone accounted for GH¢1.697 billion from just 37 trades, representing about 59.95% of total market volume.
The figures point to a market where a relatively small number of large bond transactions are driving much of the day's activity.
Treasury bills were the next most actively traded instruments, recording GH¢865.70 million across 676 transactions.
That represented 30.58% of total turnover, but the much higher number of trades compared with DDEP securities highlights a different trading pattern. Treasury bill activity was spread across hundreds of smaller transactions, while DDEP bonds attracted fewer but significantly larger deals.
Sell and buy back transactions involving government notes and bonds generated another GH¢267.32 million through 30 trades.
Corporate bonds, by contrast, remained marginal, with GH¢742,600 recorded from a single transaction. Newly issued government notes and bonds were also lightly traded, posting just GH¢282,624.
2028 DDEP bond attracts GH¢309m
The most actively traded DDEP security was the government bond maturing on February 15, 2028.
It recorded GH¢308.77 million across three transactions, trading at a yield of 13.35% and a closing price of approximately 93.51.
The below par price suggests investors continued to transact the restructured instrument at a discount to its face value.
Among Treasury bills, the security maturing on July 26, 2027, led activity with GH¢267.93 million across seven trades. It traded at a yield of about 12.56% and closed at approximately 89.22.
The largest sell and buy back transaction involved the government bond maturing on February 8, 2033. It generated GH¢156.22 million from two trades at a yield of 14.45%, with a closing price of about 77.27.
The trading figures also expose the continued weakness of Ghana's corporate bond market.
Only one corporate bond transaction was recorded during the session, worth GH¢742,600. That is tiny beside the billions of cedis traded in government securities.
The imbalance matters. A deeper corporate debt market could give businesses another route to long term financing while reducing their reliance on commercial bank credit.
For now, government securities continue to absorb almost all fixed income liquidity.
Turnover is not new borrowing
Monday's GH¢2.83 billion turnover should not be interpreted as fresh government borrowing.
These were secondary market transactions, meaning investors were buying and selling securities already in circulation. The government does not necessarily receive new financing from such trades.
Still, an active secondary market has wider implications. Investors can adjust portfolios, manage liquidity and respond to changes in interest rates without having to hold securities until maturity.
For Ghana, the prominence of DDEP securities is particularly significant. The debt exchange reshaped the country's domestic debt profile, but its instruments are now becoming major sources of secondary market liquidity.
With DDEP bonds accounting for nearly 60% of Monday's activity, the securities that emerged from Ghana's debt restructuring have become central to the functioning of the country's fixed income market.
The bigger test is whether that liquidity can eventually spread beyond government paper and create a stronger market for corporate and other long term debt.
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