The Ghana Fixed Income Market recorded GH¢2.03 billion in trading activity on Wednesday, September 2, 2026, as government securities and sell and buy back transactions continued to dominate activity.
The market recorded total traded volume of GH¢2,029,979,144 across 1,119 transactions, according to the GFIM trading report.
Sell and buy back transactions involving Government of Ghana notes and bonds accounted for GH¢930.18 million, representing 45.82% of total turnover. Treasury bills generated GH¢390.52 million, while Domestic Debt Exchange Programme bonds contributed GH¢387.42 million.
New Government of Ghana notes and bonds added GH¢307.42 million. Corporate bonds, by contrast, recorded only GH¢14.44 million.
Government linked securities therefore accounted for about 99.29% of the session’s activity, exposing the continuing imbalance between Ghana’s sovereign debt market and its private sector bond market.
Seven Year Bond Leads Outright Trading
Excluding sell and buy back transactions, outright market turnover stood at about GH¢1.10 billion.
The largest outright government bond trade involved the new seven year Government of Ghana bond maturing on March 29, 2033. The security recorded GH¢307.42 million in volume.
It opened at a yield of 12.73% and closed at 12.59%, with an end of day price of approximately 99.59. The lower yield points to stronger pricing during the session, although the movement is too limited to establish a broader market trend.
DDEP bonds also remained active, recording GH¢387.42 million across 31 trades.
The most traded instrument was the February 2032 bond, which recorded GH¢261 million across 11 transactions. It accounted for 67.37% of DDEP turnover and closed at a yield of 14.55%, compared with 14.67% at the opening.
Treasury bills recorded GH¢390.52 million across 1,013 trades, reflecting the market’s continued use of short term instruments for liquidity management.
The 364 day bill maturing on February 22, 2027, was the most traded Treasury bill, with GH¢88.88 million changing hands across 14 transactions. It closed at a yield of approximately 6.69%.
Other notable trades included GH¢38.31 million in the July 2027 maturity, GH¢37.61 million in the August 2027 bill and GH¢29.12 million in the July 2027 instrument.
The 91 day segment also recorded activity, while the 182 day bill maturing in December 2026 generated GH¢20.34 million.
Corporate Bond Market Remains Thin
Sell and buy back transactions remained the largest source of volume, recording GH¢930.18 million across 48 trades.
One DDEP security accounted for GH¢585.34 million, representing 62.93% of the segment. The concentration suggests that much of the activity was linked to short term liquidity positioning rather than outright bets on long term bond prices.
Corporate bond trading remained limited at GH¢14.44 million across 26 transactions. Ghana Cocoa Board securities accounted for almost all of the activity.
The CMB bond maturing in August 2027 generated GH¢12.61 million, while another Cocoa Board bond added GH¢1.83 million.
The September 2 session showed a market with substantial liquidity, but that liquidity remains concentrated in government instruments.
For investors, sell and buy back activity provides an avenue to raise or deploy short term funds using government securities. It should not automatically be read as a surge in long term demand for sovereign debt.
The wider concern is the limited depth of corporate bonds. A stronger private sector bond market would give businesses another route to finance infrastructure, manufacturing and expansion beyond bank lending.
That will require more frequent issuance, stronger disclosure, a wider investor base and better secondary market liquidity.
For now, GFIM remains highly active at its sovereign core. The next challenge is to spread that depth beyond government debt and into instruments that finance productive private sector activity.
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