Corporate securities trading on the Ghana Fixed Income Market (GFIM) more than tripled in the first four months of 2026, rising to GH¢2.79 billion from GH¢831 million a year earlier, as declining yields and improving investor confidence drove a sharp acceleration in market activity.
The surge, detailed in the GFIM April 2026 report, comes as Ghana’s fixed income market continues to recover from the domestic debt restructuring exercise that upended trading in 2023 and dampened investor appetite across local debt instruments.
Traded volumes climbed to 2.78 billion units from 993.7 million units over the same comparative period. In April alone, corporate securities traded value jumped to GH¢357.5 million from GH¢26.4 million in April 2025, while traded volume rose to 349.4 million units from 28.3 million units. Since inception, 118 corporate security tranches have been admitted to the market, with cumulative corporate funds raised reaching GH¢24.4 billion.
Despite the robust growth, the corporate segment remains a minor share of Ghana’s debt market, accounting for only about one percent of total market volume in April. Treasury bills and government bonds continue to dominate overall activity.
Benchmark sovereign yields fell sharply over the period, increasing the relative appeal of selected corporate debt instruments for institutional investors seeking higher returns. The 4-year government bond yield dropped to 10.27 percent in April 2026 from 21.21 percent in April 2025, while the 5-year yield fell to 9.64 percent from 20.7 percent.
Outstanding corporate securities stood at GH¢8.4 billion as of April 2026, only slightly above the GH¢8.39 billion recorded a year earlier. Ghana Cocoa Board dominates the corporate debt segment with outstanding securities exceeding GH¢7.3 billion, representing the overwhelming bulk of all listed corporate debt.
Other active issuers include Letshego Ghana Plc, Bayport Savings and Loans Plc, Kasapreko Company Plc, Izwe Savings and Loans Plc and Quantum Terminal Plc. Izwe Savings and Loans Plc issued a GH¢25 million bond in April 2026 at a 14 percent coupon, maturing in April 2028.
Structural constraints persist despite the improved trading momentum. Limited issuer diversity, shallow secondary market depth and heavy concentration among institutional investors continue to cap the segment’s full growth potential.
Banks remained the dominant force across the broader fixed income market. GCB Bank Plc led all bank participants between January and April, accounting for nearly 25 percent of traded value, followed by Stanbic Bank Ghana, Guaranty Trust Bank Ghana and Fidelity Bank Ghana.
Across the full GFIM, total traded value reached GH¢136.2 billion in the first four months of 2026, more than double the GH¢63.9 billion recorded over the same period in 2025. Total traded volumes rose by over 93 percent year on year to 149.4 billion units.
