Ghana’s fixed income market bounced back sharply on Thursday, with the Ghana Fixed Income Market (GFIM) processing GH¢1.63 billion across 1,446 transactions on March 5, 2026, a strong recovery from Wednesday’s GH¢1.77 billion session that was weighed down by a low trade count of 656.
Treasury bills dominated by transaction volume, recording 683,014,234 cedis across 1,342 separate deals, accounting for 41.96 percent of total market value and 92.8 percent of all trade count. The most active single instrument was a 364-day bill maturing February 22, 2027, which attracted 180,207,727 cedis across 51 transactions, closing at a price of 90.41 cedis per 100 cedis face value. A separate 364-day bill maturing June 1, 2026, recorded 43,156,800 cedis across 77 deals, the highest transaction count among all treasury instruments in the session.
New Government of Ghana (GoG) notes and bonds contributed 509,389,337 cedis across 47 transactions. The benchmark 2023-GC-1 series bond, maturing February 16, 2027, and carrying an 8.35 percent coupon, led all bond instruments with 295,851,810 cedis traded across 18 deals. Its yield tightened to 9.11 percent at close from an opening of 9.29 percent, closing at a price of 99.31 cedis, a signal of improving demand at the short end of the bond curve. The 2023-GC-9 series bond maturing February 6, 2035, was second with 90,910,705 cedis across nine trades at a closing yield of 12.42 percent. The 2023-GC-6 bond maturing February 10, 2032, added 66,342,982 cedis across nine transactions at a yield of 12.05 percent.
Sell and buyback trades, which function as short-term liquidity arrangements collateralised by government bonds, recorded 283,392,021 cedis across 44 transactions. The most active repo instrument was again the 2023-GC-6 bond maturing February 2032, attracting 201,638,830 cedis across 11 deals at a yield of 12.54 percent.
Corporate bonds generated 152,056,793 cedis across nine transactions. Ghana Cocoa Board (CMB) bonds maturing August 28, 2028, and carrying a 13 percent coupon dominated the segment with 150,000,000 cedis across six trades, closing at 96.14 cedis. CMB bonds maturing August 30, 2027, added 2,056,793 cedis across three deals.
Old GoG notes and bonds recorded minimal activity at 21,908 cedis across four trades. A 10-year bond maturing November 2, 2026, registered a closing yield of 30.03 percent, versus an opening of 15.49 percent, reflecting the distressed pricing that continues characterising pre-restructuring era instruments approaching maturity.
The GFIM will be closed on Friday, March 6, 2026, in observance of Ghana’s Independence Day public holiday. Trading resumes on Monday, March 9.
