The Ghana Fixed Income Market (GFIM) processed GH¢1.28 billion across 8,485 transactions on Wednesday, November 26, 2025, with treasury bills capturing 66.19 percent of total activity as investors maintained their preference for short term government securities.
Treasury bills accounted for GH¢850.14 million through 8,388 separate deals, continuing patterns that have characterized the market throughout November. The most actively traded instrument was a treasury bill maturing February 23, 2026, which recorded GH¢431.92 million in volume across 7,833 transactions at a closing price of 99.8639 cedis per 100 cedis face value.
Sell and buy back trades involving Government of Ghana (GOG) notes and bonds contributed GH¢427.25 million through 95 transactions, representing 33.26 percent of market activity. The highest value repo transaction involved a GOG bond maturing February 16, 2027, carrying an 8.35 percent coupon, which saw GH¢149.84 million change hands across seven deals at a yield of 90.9778 cedis.
Corporate bond activity provided limited market diversity. A CMB bond maturing August 30, 2027, with a 13 percent coupon recorded GH¢7.01 million through two transactions at a closing price of 95.6610 cedis. This represented the session’s only corporate securities trading.
New GOG notes and bonds, old GOG notes and bonds, and Bank of Ghana (BOG) bills recorded no trading activity during the session. The absence of new government paper and central bank instruments suggests investors focused on existing securities and liquidity management tools.
Wednesday’s volume represents a substantial increase from typical daily sessions recorded throughout November. Earlier in the month, trading sessions fluctuated between GH¢197 million and GH¢815 million, with most days settling around GH¢200 million to GH¢400 million. The surge to GH¢1.28 billion marks one of the strongest single sessions recorded this month.
The transaction count of 8,485 deals demonstrates exceptional market participation. This figure far exceeds previous November sessions, where transaction numbers typically ranged from 143 to 1,204 deals. The high number of individual transactions alongside elevated volume suggests broad based investor engagement rather than a few large institutional trades.
Treasury bill dominance reflects institutional realities in Ghana’s financial system. Banks, which represent the largest market participants, typically favor matching short term deposit liabilities with short term assets rather than committing to longer duration exposures. This preference persists despite Ghana’s improving macroeconomic fundamentals, including inflation that has declined significantly from peak levels recorded in 2022 and 2023.
The concentration of over GH¢431 million in a single treasury bill instrument demonstrates substantial demand for near term maturities. The February 2026 bill’s closing price near par value indicates investors are comfortable with current pricing levels for securities approaching maturity within three months.
Repo transactions remain an important component of market activity, providing investors with flexible tools to manage liquidity while maintaining exposure to government bond positions. The GH¢149.84 million repo transaction involving the February 2027 bond demonstrates continued demand for these arrangements, particularly involving bonds with medium term maturities.
Corporate bond activity continues highlighting ongoing challenges in developing this market segment. Only eight active corporate issuers currently participate in the GFIM after four companies recently exited, down from a previous pool of twelve. The limited depth in corporate debt reflects various factors including company preferences for bank financing, regulatory requirements for bond issuances, and investor concentration in government securities perceived as lower risk.
The GFIM continues its strong recovery trajectory in 2025 following its first significant downturn in 2023 after implementation of the Domestic Debt Exchange Programme (DDEP). Managing Director of the Ghana Stock Exchange (GSE) Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GH¢200 billion mark, putting the market on track to achieve pre DDEP levels.
Market yields visible in Wednesday’s trading continue reflecting risk premiums that investors demand for holding Ghanaian government debt. Medium term government securities still carry significant rate structures despite improvements in the country’s fiscal position and declining inflation.
The GFIM is celebrating its 10th anniversary in November and December 2025 under the theme “10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities.” Since inception in August 2015, the market has traded over GH¢1 trillion in securities, becoming one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
Looking ahead, GSE aims to admit 100 companies to the GFIM and empower 10 million Ghanaians to participate in capital markets, up from the current two million securities account holders. The exchange plans launching an academy providing preparatory programs designed to demystify capital markets for companies and their boards while guiding them through listing requirements and finance access procedures.
Wednesday’s exceptional trading volume and transaction count suggest momentum could carry through the remainder of November as institutional investors position portfolios ahead of year end. Whether such elevated activity levels become sustained or represent period end portfolio rebalancing remains to be seen as December approaches.
