Trading activity on the Ghana Fixed Income Market (GFIM) closed at GH¢1.51 billion on Thursday, May 21, 2026, as treasury bills and sell/buy-back transactions continued to dominate investor activity in the domestic debt market.
According to the latest GFIM trading report, total traded volume reached GH¢1.51 billion across 490 transactions, highlighting sustained liquidity demand and continued investor preference for short-term government instruments and collateralised trades.
The session reflected ongoing caution within the fixed-income market as investors balanced declining interest rates, inflation expectations and liquidity management considerations.
Sell/Buy-Back Transactions Dominate Market
Sell/buy-back transactions in Government of Ghana notes and bonds accounted for the largest share of market turnover during the session.
The segment recorded GH¢798.37 million across 74 trades, underscoring the growing importance of structured liquidity transactions within the market environment.
The biggest transaction in the category came from the GOG-BD-10/02/32-A6148-1838-9.10 instrument, which posted GH¢328.80 million across 11 trades. The bond closed with a yield of 13.98 per cent and a weighted average closing price of 81.1241.
Another major transaction involved the GOG-BD-06/02/35-A6151-1838-9.55 bond, which recorded GH¢190.05 million across 10 trades at a yield of 14.43 per cent.
The GOG-BD-11/02/31-A6147-1838-8.95 also attracted significant investor activity, recording GH¢130.30 million from eight trades at a closing yield of 13.88 per cent.
Market analysts say the dominance of sell/buy-back activity reflects investor preference for lower-risk, short-term liquidity arrangements amid evolving monetary conditions.
Treasury Bills Maintain Strong Investor Demand
Treasury bills remained the most active market segment by number of trades, recording GH¢513.02 million across 395 transactions.
The strong activity highlights continued investor appetite for short-duration government securities as yields remain relatively attractive despite the broader decline in interest rates.
The GOG-BL-17/08/26-A7030-2007-0 treasury bill emerged as the most actively traded instrument within the segment, recording GH¢167.84 million across 33 trades. The bill closed at a yield of 4.98 per cent and a price of 98.8111.
Other notable treasury bill transactions included the GOG-BL-27/07/26-A6953-1991-0, which posted GH¢96.04 million at a closing yield of 5.53 per cent.
The GOG-BL-18/01/27-A6954-1990-0 also recorded GH¢51.33 million in traded value at a yield of 8.26 per cent, while the GOG-BL-17/05/27-A7039-2007-0 registered GH¢48.40 million across 28 trades.
DDEP Bonds And Corporate Paper See Limited Activity
Domestic Debt Exchange Programme (DDEP) bonds contributed GH¢196.23 million across 10 trades during the session.
The entire DDEP activity was concentrated in the GOG-BD-16/02/27-A6143-1838-8.35 bond, which closed at a yield of 10.39 per cent and a price of 98.5423.
Corporate bond trading remained relatively subdued, with activity driven solely by Ghana Cocoa Board paper.
The CMB-BD-28/08/28-A6301-1675-13.00 bond recorded GH¢6.99 million across 11 trades and closed at a price of 102.9099.
Notably, there were no outright trades recorded in either new or old Government of Ghana notes and bonds during the session.
Investors Remain Cautious Amid Falling Yields
The latest market performance suggests that Ghana’s fixed-income market remains heavily concentrated around liquidity management and short-term investment positioning rather than aggressive long-duration exposure.
Analysts believe investors are continuing to monitor inflation trends, monetary policy direction and government borrowing requirements before increasing exposure to longer-term securities.
With policy rates and Treasury yields declining sharply over the past year, market participants are expected to remain selective as they assess future interest-rate movements and broader macroeconomic conditions.
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