Ghana Fixed Income Market turnover reached GH¢1.86 billion on Thursday, August 27, 2026, with investors concentrating heavily on Treasury bills and Domestic Debt Exchange Programme bonds.
The latest GFIM trading report shows total turnover of GH¢1,864.44 million across 4,581 transactions.
Treasury bills led activity with GH¢837.55 million, representing 44.92% of the market, while DDEP bonds followed closely at GH¢807.19 million, or 43.29%.
Sell and buy back transactions in Government of Ghana securities added GH¢190.37 million. Old government bonds recorded GH¢27.93 million, while corporate bonds generated only GH¢1.41 million.
Government linked securities consequently accounted for more than 99.90% of total market activity.
Investors Favour 364 Day Treasury Bills
Treasury bills also dominated by transaction count, recording 4,489 trades, almost 98% of all deals executed during the session.
The strongest activity came from the 364 day segment, where turnover reached GH¢619.17 million. That represented 73.93% of all Treasury bill trading.
The 91 day category recorded GH¢210.78 million, while the 182 day segment attracted only GH¢7.60 million.
The Treasury bill maturing on November 23, 2026 recorded GH¢198.82 million across 3,101 transactions and closed at a yield of about 5.16%.
Meanwhile, the 364 day instrument maturing on August 23, 2027 generated GH¢161.01 million in turnover.
The trading pattern suggests investors remain willing to extend maturity where pricing remains attractive.
Longer DDEP Bonds Draw Heavy Trading
Activity in restructured government bonds was also concentrated further along the yield curve.
The February 2031 DDEP bond led the segment with GH¢310.91 million across eight transactions, accounting for 38.52% of DDEP turnover. It closed at a yield of 14.43%.
The February 2032 bond followed with GH¢179.07 million and a closing yield of 14.55%.
Together, the two instruments generated more than 60% of DDEP trading.
Other active maturities included the August 2028 bond at GH¢82.55 million and the February 2030 security at GH¢81.39 million.
Corporate Bonds Remain Peripheral
Corporate debt barely featured.
Only GH¢1.41 million was traded across three transactions, all involving Ghana Cocoa Board securities. The August 2027 COCOBOD bond accounted for nearly the entire segment.
Thursday’s session again underlined the structural imbalance in Ghana’s fixed income market. Sovereign securities continue to provide almost all secondary market liquidity, while corporate debt remains a small fringe.
The concentration in 364 day Treasury bills and longer dated DDEP bonds also points to selective investor appetite for duration.
For the market to deepen beyond government borrowing, however, sustained liquidity in private sector bonds will have to become far more visible.
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