Ghana’s fixed income market recorded total trading volume of GH¢6.53 billion for the week ending March 27, 2026, a 17.12 percent increase from GH¢5.57 billion posted in the prior week, even as Monday’s public holiday trimmed the session count to four trading days.
The weekly data, compiled by the Ghana Fixed Income Market (GFIM), shows that activity was heavily concentrated in Treasury bills, which accounted for GH¢3.72 billion or approximately 57 percent of total turnover. Sell/Buy-Back (SBB) repo transactions contributed a further GH¢2.41 billion, up from GH¢2.14 billion the previous week, reflecting steady demand for short-term liquidity management among market participants.
Outright trades in new Government of Ghana (GoG) bonds totalled GH¢335.32 million for the week, a sharp pullback from GH¢942.66 million recorded the week before, and pointing to reduced appetite for government paper at the longer end of the curve compared to the prior period. The 4-year tenor dominated outright bond activity, attracting 192.37 million units, followed by the 8-year tenor at 41.60 million and the 5-year tenor at 8.52 million. Tenors of seven years and above drew negligible outright interest, with the 7-year, 9-year, 10-year, 11-year, 13-year, 14-year, and 15-year instruments recording zero outright volume for the week.
Old GoG bond trades, covering legacy pre-Domestic Debt Exchange Programme (DDEP) securities, registered a nominal GH¢554,108 for the week after recording nothing the week prior.
Corporate securities were a relative bright spot. Volume in that segment reached GH¢61.81 million, up from GH¢33.99 million the previous week, an increase of just over 81 percent, though corporate bonds remain a small share of overall GFIM turnover.
On the yield curve, short-to-medium tenors eased modestly during the week. The 4-year yield moved to 9.52 percent from 10.39 percent, the 5-year dropped to 11.05 percent from 11.39 percent, and the 6-year declined to 10.31 percent from 11.00 percent. Yields on tenors from 7 years to 15 years were broadly stable, with the 7-year holding at 12.48 percent, the 8-year at 12.20 percent against 12.60 percent the prior week, and the 15-year unchanged at 12.40 percent. The pattern suggests that near-term rate expectations among institutional investors have softened slightly, consistent with the Bank of Ghana’s (BoG) recent 100 basis point policy rate cut to 27 percent.
The shortened week, combined with sustained T-bill dominance and a yield curve that continues to compress at shorter tenors, reflects a market that remains structurally cautious about duration risk more than two years after the DDEP restructuring, while incremental improvements in macroeconomic conditions gradually rebuild appetite for longer-dated instruments.
