Ghana’s Fixed Income Market (GFIM) processed 1.34 billion cedis across 978 transactions on Monday, February 2, 2026, with treasury bills capturing the largest share of trading activity as investors maintained strong appetite for short term government securities.
Treasury bills accounted for 624.88 million cedis through 928 separate deals, representing 47 percent of total market volume. New Government of Ghana (GOG) notes and bonds contributed 666.74 million cedis through 30 transactions, accounting for 50 percent of trading activity.
Bond Trading Leads Volume
The session’s most actively traded instrument was a GOG bond maturing December 2, 2030, carrying an 8.80 percent coupon, which recorded 280.02 million cedis in volume across five transactions. The security traded at a yield of 15.29 percent with a closing price of 80.94 cedis per 100 cedis face value.
Among treasury bills, the most active security was a bill maturing February 1, 2027, which saw 139.19 million cedis change hands across 16 transactions at a closing price of 88.77 cedis per 100 cedis face value. The one year maturity reflects ongoing institutional preference for near term instruments offering competitive returns while maintaining easy exit options.
Sell and Buyback Activity
Sell and buyback trades involving GOG notes and bonds added 34.25 million cedis through 14 transactions. The largest repo transaction involved a GOG bond maturing February 13, 2029, carrying an 8.65 percent coupon, which saw 27.51 million cedis traded across seven deals at a yield of 18.81 percent.
These repurchase arrangements allow institutions to maintain liquidity while using government paper as collateral for temporary financing needs.
Corporate Bonds Record Activity
Corporate bonds recorded 10.05 million cedis changing hands across three transactions. A Cocoa Marketing Board bond maturing August 28, 2028, carrying a 13.00 percent coupon, represented the entire corporate segment. This security closed at 68.99 cedis per 100 cedis face value.
Old government notes and bonds contributed 25,916 cedis through three trades. The most active older security was a bond maturing March 8, 2027, which traded at a yield of 30.15 percent and a closing price of 91.62 cedis per 100 cedis face value.
Market Context
The GFIM operates under the Ghana Stock Exchange and provides a platform for secondary trading of fixed income securities including treasury bills, government bonds and corporate bonds. The market uses the Bloomberg E-Bond trading and market surveillance system.
The robust trading activity on Sunday reflects continued investor preference for government securities as Ghana’s economic stabilization efforts continue yielding positive results. Market participants continue monitoring domestic economic indicators, monetary policy decisions from the Bank of Ghana and global market trends that influence emerging market fixed income securities.
Government bond yields remain elevated despite broader improvement in financial conditions. The 15.29 percent yield on the December 2030 bond indicates that medium term government securities still carry significant rate structures, reflecting investor concerns about Ghana’s medium term fiscal trajectory and substantial refinancing needs.
GFIM Performance Trajectory
Since its inception in August 2015, GFIM has traded over one trillion cedis in securities, becoming one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
The market experienced its first decline after seven years of strong performance in 2023 following implementation of the Domestic Debt Exchange Programme (DDEP), when volume traded dropped from 230 billion cedis in 2022 to 98 billion cedis in 2023. The market then recovered by 76 percent in 2024 to reach 174 billion cedis under Ghana’s International Monetary Fund (IMF) supported economic programme.
Cumulative trading volume from January to October 2025 crossed the 200 billion cedis mark, according to Ghana Stock Exchange Managing Director Abena Amoah, putting the market on track to achieve pre DDEP levels.
