Ghana’s Fixed Income Market (GFIM) processed GHS1.30 billion across 674 transactions on Monday, February 16, 2026, with new government notes and bonds leading trading activity as institutional investors maintained strong appetite for government securities.
New Government of Ghana (GOG) notes and bonds captured GHS342.40 million through 17 transactions, representing 26 percent of total market volume. Sell and buyback trades involving GOG notes and bonds contributed GHS799.41 million through 38 transactions, accounting for 62 percent of trading activity and reflecting institutional demand for short term liquidity arrangements.
Treasury bills accounted for GHS66.82 million through 574 separate deals, while corporate bonds recorded GHS87.07 million changing hands across 43 transactions. Old government notes and bonds contributed GHS52,168 through two trades.
The session’s largest volume transaction involved a GOG bond maturing February 16, 2027, carrying an 8.35 percent coupon, which recorded GHS192.48 million across five deals. The security traded at a yield of 11.85 percent with a closing price of 96.7498 per 100 cedis face value, indicating continued investor demand for medium term government paper.
Among treasury bills, the most active security was a bill maturing December 28, 2026, which saw GHS15.96 million change hands across seven transactions at a closing price of 89.9760 cedis. The one year maturity reflects ongoing institutional preference for near term instruments offering competitive returns while maintaining easy exit options.
The largest sell and buyback transaction involved a GOG bond maturing February 11, 2031, carrying an 8.95 percent coupon, which saw GHS651.23 million traded across five deals at a yield of 16.54 percent. These repurchase arrangements allow institutions to maintain liquidity while using government paper as collateral for temporary financing needs.
Corporate bonds showed robust activity on Monday, with a Cocoa Marketing Board (CMB) bond maturing August 30, 2027, carrying a 13.00 percent coupon, representing the entire corporate segment at GHS87.07 million across 43 transactions. This security closed at 96.1988 cedis per 100 cedis face value.
Old government notes and bonds recorded minimal activity, with the most traded security being a bond maturing May 29, 2028, carrying a 17.50 percent coupon. This legacy bond traded at a yield of 19.53 percent with a closing price of 96.2981 cedis, reflecting the premium pricing typically associated with higher coupon securities issued before Ghana’s debt restructuring.
Market capitalization of the Ghana Stock Exchange (GSE) reached GHS199.31 billion on Monday, reflecting sustained investor confidence in the exchange.
The GFIM operates under the GSE and provides a platform for secondary trading of fixed income securities including treasury bills, government notes and bonds, Bank of Ghana (BoG) money market instruments and corporate bonds. The market uses the Bloomberg E Bond trading and market surveillance system.
Government bond yields have stabilized in recent months amid improving macroeconomic fundamentals. The 11.85 percent yield on the February 2027 bond indicates investors are accepting lower risk premiums for medium term government securities compared to yields exceeding 14 percent recorded in early 2026.
Since its inception in August 2015, GFIM has traded over GHS1 trillion in securities, establishing itself as one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
The market experienced its first decline after seven years of strong performance in 2023 following implementation of the Domestic Debt Exchange Programme (DDEP), when volume traded dropped from GHS230 billion in 2022 to GHS98 billion in 2023. The market then recovered by 76 percent in 2024 to reach GHS174 billion under Ghana’s International Monetary Fund (IMF) supported economic programme.
Market participants continue monitoring domestic economic indicators, monetary policy decisions from the Bank of Ghana and global market trends influencing emerging market fixed income securities.
