The Ghana Fixed Income Market (GFIM) closed Friday, April 24, 2026, with brisk activity across all instrument categories, recording a combined total volume of GH¢621.67 million across 424 transactions, as investors maintained strong appetite for short-dated government securities.
Treasury Bills Lead the Market
Treasury bills dominated the session, accounting for GH¢295.11 million in traded volume across 345 transactions, making them by far the most active segment of the market. The most heavily traded bill was the 364-day instrument maturing March 15, 2027, which changed hands in 22 transactions totalling GH¢120.30 million at a closing price of GH¢94.12. Short-dated 91-day and 182-day bills were also actively traded across a wide range of maturities, reflecting continued investor preference for liquidity and near-term yield.
Sell/Buy Back Trades Signal Active Liquidity Management
Sell/buy back transactions, used primarily by financial institutions for short-term liquidity management, registered the second-highest volume at GH¢203.67 million across 27 trades. The largest single sell/buy back transaction involved the Government of Ghana (GOG) bond maturing February 7, 2034, with GH¢68.95 million exchanged across four trades at a closing yield of 13.48 per cent and a price of GH¢80.60.
DDEP Bonds See Strong Secondary Market Activity
Domestic Debt Exchange Programme (DDEP) bonds recorded GH¢100.42 million in total volume across 24 trades, the most active bond segment of the day. The benchmark DDEP instrument, the GOG bond maturing February 10, 2032 with a 9.10 per cent coupon, was the standout performer, recording five trades worth GH¢58.61 million at a closing yield of 13.15 per cent and a price of GH¢83.86. The GOG bond maturing August 15, 2028 also saw significant activity, with two trades totalling GH¢30.25 million closing at a yield of 11.17 per cent.
New GOG Notes and Bonds
In the new Government of Ghana notes and bonds segment, GH¢14.83 million was traded across six transactions. All activity was concentrated in a single seven-year bond maturing March 29, 2033 with a 12.50 per cent coupon, which closed at a yield of 12.08 per cent and a price of GH¢101.92, indicating it was trading at a slight premium to face value.
Corporate Bonds
The corporate bond segment recorded GH¢7.47 million in volume across 20 trades. Ghana Cocoa Board (CMB) bonds dominated corporate activity, with the CMB bond maturing August 28, 2028 generating nine trades worth GH¢5.09 million at a closing price of GH¢103.39. The CMB bond maturing August 31, 2026 accounted for a further 11 trades worth GH¢2.38 million, closing at GH¢101.12. No trades were recorded in Letshego Ghana, Bayport Savings and Loans, Izwe Savings and Loans, Kasapreko, or Quantum corporate instruments during the session.
Old GOG Notes and Bonds
Trading in old Government of Ghana notes and bonds remained thin, with just two transactions totalling GH¢160,000. A six-year bond maturing June 12, 2028 accounted for one trade of GH¢110,000 at a closing yield of 18.05 per cent, while a 10-year bond maturing June 11, 2029 recorded a single trade of GH¢50,000.
