Trading on the Ghana Fixed Income Market (GFIM) suffered its sharpest weekly decline in recent months during the week ending April 24, 2026, with total volume collapsing to GHS 2.24 billion from GHS 8.70 billion the prior week, a fall of 74.21 percent, as broad institutional disengagement pulled activity lower across every market segment simultaneously.
Treasury bills (T-bills) retained their position as the most actively traded instrument but bore the steepest proportional decline of any segment, with volume plunging 77.78 percent to GHS 1.28 billion from GHS 5.78 billion the previous week. Despite the contraction, T-bills still accounted for approximately 57 percent of total weekly turnover, sustaining their dominance of the short end of the market.
Domestic Debt Exchange Programme (DDEP) bonds retreated 66.85 percent to GHS 543.56 million from GHS 1.64 billion, while Sell and Buy-Back (SBB) trades fell 67.75 percent to GHS 388.80 million, signalling a broad pullback in repo market financing activity. New Government of Ghana (GoG) bonds recorded just GHS 15.52 million, down 67.83 percent from GHS 48.25 million. Old GoG bonds nearly vanished from the market, with only GHS 160,000 in trades registered for the entire week. Corporate securities contributed GHS 11.60 million, down 53.06 percent from GHS 24.71 million the prior week.
Within the bond segment, the 9-year DDEP tenor emerged as the week’s standout performer, attracting GHS 269.30 million in volume against just GHS 21.20 million the prior week, a surge that points to selective institutional demand at that specific point of the curve even as overall market activity fell sharply. The 4-year DDEP tenor followed at GHS 147.10 million, though it pulled back steeply from GHS 722.16 million recorded the previous week, and the 7-year DDEP bond placed third at GHS 81.04 million.
On the yield curve, rates declined across several tenors, offering a modest positive signal despite the volume retreat. The 4-year yield fell to 9.62 percent from 10.33 percent the prior week, its largest single-week move in recent periods. The 8-year rate eased to 11.85 percent from 12.61 percent, while the 7-year DDEP and 7-year New Bond yields fell to 12.85 percent and 12.08 percent respectively. Tenors from 10 years to 15 years held steady week on week, with no change recorded at those maturities.
The week’s outturn represents a sharp reversal from the elevated levels that characterised earlier April trading. GFIM total volume had reached GHS 10.65 billion in the week ending April 10 before retreating to GHS 8.70 billion the following week. The week ending April 24 now marks the lowest weekly reading in at least six weeks, suggesting a period of consolidation may be underway after a sustained run of strong secondary market activity.
