Trading on the Ghana Fixed Income Market (GFIM) retreated during the week ending Friday April 17, 2026, with total volume falling to ₵8.70 billion from ₵10.65 billion the prior week, a decline of 18.33 percent, as a sharp pullback in Domestic Debt Exchange Programme (DDEP) bond activity more than offset continued strength in Treasury bills (T-bills).
T-bills were the only major segment to record a gain for the week, with volume edging up 3.61 percent to ₵5.78 billion from ₵5.58 billion, reinforcing the persistent institutional preference for short-tenor government paper. T-bills accounted for approximately 66 percent of total weekly turnover, their largest proportional share in recent weeks.
DDEP bonds, which had driven much of the prior week’s surge, reversed sharply. Volume in that segment fell to ₵1.64 billion, down 52.37 percent from ₵3.44 billion recorded in the week to April 10. Within the DDEP category, the 4-year tenor held up relatively well, rising to ₵722.16 million from ₵486.54 million. The 7-year DDEP bond, which had dominated the prior week with ₵1.93 billion in volume, contracted to ₵768.67 million, accounting for much of the segment’s overall decline. The 8-year tenor moved in the opposite direction, climbing to ₵102.11 million from ₵57.80 million.
Sell and Buy-Back (SBB) trades on Government of Ghana (GoG) bonds also retreated, falling 20.47 percent to ₵1.21 billion from ₵1.52 billion the prior week, suggesting a pullback in repo market activity following a period of elevated short-term financing demand.
New GoG bonds recorded ₵48.25 million in volume, down 44.66 percent from ₵87.19 million, with the 7-year bond maturing March 29, 2033 accounting for all activity in that segment. The bond closed the week at a yield of 12.27 percent, a marginal rise from 12.17 percent the week before. Old GoG bonds returned from zero the prior week to register ₵1.80 million in trades, a negligible figure but notable as the first activity in that legacy segment for at least two consecutive weeks.
Corporate securities traded ₵24.71 million, down 15.72 percent from ₵29.32 million, with Ghana Cocoa Board (COCOBOD) bonds continuing to account for all corporate activity on the market.
On the yield curve, pressure was broadly upward at the short to medium end of the DDEP structure. The 4-year tenor closed the week at 10.33 percent, up from 9.97 percent, while the 5-year moved to 9.70 percent from 9.55 percent and the 6-year rose to 10.43 percent from 10.10 percent. The 7-year DDEP yield climbed to 13.15 percent from 12.77 percent, the most significant single-tenor move of the week. At longer tenors, the 8-year eased to 12.61 percent from 13.00 percent, providing a partial offset. The 9-year closed at 13.32 percent, up from 13.22 percent, while the 10-year ticked higher to 12.49 percent from 12.30 percent.
The week’s overall picture reflects a market consolidating after a period of elevated post-Easter activity, with T-bill dominance reasserting itself as investors maintained their preference for liquidity over duration.
