Trading on the Ghana Fixed Income Market gathered momentum on Wednesday, with turnover exceeding GH¢2.03 billion as investors poured money into Treasury bills and a handful of bonds issued under the Domestic Debt Exchange Programme (DDEP).
By the close of the July 29 session, the market had recorded 730 transactions. Treasury bills accounted for GH¢1.31 billion, representing 64.28 percent of total turnover.
DDEP bonds followed with GH¢693.44 million, while corporate bonds contributed GH¢24.82 million. Sell-buy-back transactions generated GH¢7.74 million, and trading in old Government of Ghana bonds remained negligible at GH¢275,000.
One detail stood out. The new Government of Ghana bond segment recorded no trades at all, reinforcing the market's current preference for short-term government securities and a limited number of post-restructuring bonds.
Treasury bills attract bulk of investor demand
Treasury bills also dominated by transaction count, recording 671 trades, or nearly 92 percent of all deals executed during the session.
The largest transaction involved the Treasury bill maturing on July 26, 2027. It generated GH¢627.87 million through 59 trades and closed at a price of about GH¢88.69. That single security accounted for almost half of Treasury bill turnover and roughly one-third of the market's total value traded.
Another actively traded bill, maturing on October 26, 2026, recorded GH¢22.82 million across 416 transactions. Although the individual trades were smaller, the volume of activity pointed to broad participation from investors.
Activity in the DDEP market was driven by a small number of large institutional trades.
The February 10, 2032 bond led the segment after recording GH¢335 million through just two transactions. It closed with a yield of 14.69 percent and traded at around GH¢79.05.
The February 12, 2030 bond followed with GH¢158.73 million from 22 trades, while the February 11, 2031 security generated GH¢117 million through a single transaction.
Combined, those three bonds accounted for more than 88 percent of outright DDEP turnover, highlighting how liquidity remains concentrated in a narrow group of benchmark securities.
Corporate debt sees limited activity
Corporate bond trading remained modest, with Ghana Cocoa Board securities accounting for almost all activity.
The Cocoa Board bond maturing in August 2027 generated GH¢24.02 million through seven transactions, while a second maturity in August 2028 added GH¢804,200.
Despite the strong headline turnover, the session revealed a market where liquidity continues to flow into familiar government instruments rather than being spread across the broader fixed income landscape.
The GH¢2.03 billion traded on Wednesday underscores robust demand for government securities. At the same time, it reflects investors' continued preference for instruments offering greater liquidity, clearer pricing and lower uncertainty in an evolving domestic debt market.
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