Ghana Fixed Income Market trading reached GH¢2.55 billion on Tuesday, September 22, 2026, with Treasury bills accounting for more than seven out of every GH¢10 traded.
The official GFIM report showed Treasury bill turnover of GH¢1.83 billion, representing 71.54% of the day’s activity. A total of 332 transactions were recorded across the market.
The figures reveal substantial liquidity in government securities, although much of the activity was concentrated in a few instruments.
Four Treasury Bills Attract GH¢1.39bn
The Treasury bill maturing on August 23, 2027, recorded the highest turnover at GH¢405.36 million across just two transactions. It closed at a yield of 9.55%.
Another GH¢390.58 million changed hands in the May 31, 2027 maturity, while the April 12, 2027 bill attracted GH¢326.39 million in a single trade.
The August 2, 2027 instrument added GH¢268.03 million across 25 transactions.
Together, those four securities generated more than GH¢1.39 billion, accounting for roughly three-quarters of Treasury bill turnover.
Closing yields ranged from 4.87% on the December 21, 2026 maturity to 9.88% on the September 20, 2027 bill.
DDEP Bonds Record GH¢465m Turnover
Outright trading in Domestic Debt Exchange Programme bonds reached GH¢465.24 million across eight transactions, equivalent to 18.21% of total market activity.
The February 2031 bond dominated the segment, recording GH¢319.27 million in four trades at a closing yield of 14.24%.
The 2032 maturity followed with GH¢70 million, while the 2038 bond attracted GH¢60 million.
Sell and buy back transactions in government securities contributed another GH¢246.70 million. The February 2037 DDEP bond accounted for GH¢180 million of that amount.
Trading in newly issued government bonds was considerably thinner.
The September 2030 bond recorded GH¢156,805 across two trades, closing at a yield of 11.50%. The March 2033 security attracted only GH¢10,000.
Corporate Bonds Account for Less Than 1% of Activity
Corporate bond turnover stood at GH¢14.92 million across 19 transactions, representing just 0.58% of the day’s total.
Petrosol Platinum Energy’s August 2031 bond led the segment with GH¢6.24 million.
Ghana Cocoa Board’s August 2027 and August 2028 securities followed with GH¢4.44 million and GH¢4.24 million respectively.
No turnover was recorded in old government securities.
The September 22 session exposed a familiar imbalance in Ghana’s debt market: substantial amounts changed hands, but private-sector bonds attracted only a fraction of the liquidity available to government instruments.
For businesses seeking long-term financing through the capital market, the gap remains significant. Strong trading in Treasury bills has yet to translate into comparable activity in corporate debt.
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