Trading on the Ghana Fixed Income Market (GFIM) surged to GH¢1.42 billion on Thursday, August 6, 2026, with bonds issued under the Domestic Debt Exchange Programme (DDEP) overwhelmingly dominating investor activity.
The latest market data showed DDEP securities accounted for GH¢1.37 billion, or about 96.36% of total turnover, highlighting the growing importance of restructured government bonds in Ghana's secondary debt market.
Treasury bills, by comparison, generated just GH¢51.91 million despite recording a higher number of individual transactions.
Government Bonds Attract the Bulk of Investor Interest
The day's trading was concentrated in a handful of longer-dated DDEP bonds, reflecting strong institutional demand for selected maturities rather than broad activity across the entire government bond market.
The 2032 DDEP bond emerged as the most actively traded security after recording GH¢517 million across six transactions. Its closing yield rose from 14.60% to 15.14%, while the bond's price settled at GH¢77.87, suggesting investors demanded higher returns as selling pressure increased.
Close behind was the 2034 DDEP bond, which generated GH¢400 million from three trades. The bond's yield climbed to 15.63% from 15.27%, with its closing price ending the session at GH¢72.96.
The 2031 DDEP bond also featured prominently, attracting GH¢380 million through seven transactions. Unlike the 2032 and 2034 bonds, demand for the 2031 paper strengthened, pushing its yield down from 15.24% to 14.92% while its closing price rose to GH¢80.81.
Together, these three securities accounted for roughly GH¢1.30 billion, representing more than 91% of the entire market's turnover.
Market Liquidity Remains Highly Concentrated
The figures suggest investors are increasingly selective in positioning their portfolios following Ghana's debt restructuring.
Although DDEP bonds dominated trading value, activity was far from evenly spread across the curve. Several restructured government securities recorded no trades during the session despite having quoted opening and closing yields.
Elsewhere, the 2027 DDEP bond recorded GH¢45.78 million in turnover, while the 2030 bond generated GH¢30.29 million, with yields moving in opposite directions as investors differentiated between maturities rather than treating all DDEP instruments alike.
Treasury bills contributed only 3.64% of total market turnover even though they accounted for 59 of the market's 79 transactions.
The disparity illustrates a market where Treasury bills continue to support frequent trading but in much smaller ticket sizes.
The largest Treasury bill transaction involved the security maturing on November 2, 2026, which recorded GH¢12.38 million in a single trade. It closed with a yield of approximately 5.78% and a price of GH¢98.62.
Investors Reposition as Interest Rate Outlook Evolves
Thursday's trading comes as Ghana experiences easing inflation and relatively lower short-term interest rates, developments that are reshaping investment decisions across the fixed-income market.
While Treasury bills continue to offer lower-risk, short-term investment opportunities, longer-dated DDEP bonds are still providing yields around 15%, making them attractive to institutional investors willing to accept longer maturities and higher risk.
The latest figures also underscore how central DDEP bonds have become to Ghana's debt market. More than GH¢96 out of every GH¢100 traded on Thursday went into restructured government securities, with the 2032 bond alone accounting for more than one-third of the day's total turnover.
For market participants, attention will now shift to whether trading activity begins to spread across a wider range of DDEP securities or remains concentrated in a small number of benchmark bonds as investors continue adjusting their portfolios in response to Ghana's evolving interest-rate environment.
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