The Ghana Fixed Income Market (GFIM) processed GH₵1.71 billion in trades across 299 transactions on Friday, January 23, 2026, with new government bonds dominating activity as investors balanced portfolio requirements across different maturities.
New Government of Ghana (GOG) notes and bonds captured GH₵1.11 billion through 70 transactions, representing 64.9 per cent of total market volume. Treasury bills contributed GH₵395.94 million across 214 deals, accounting for 23.2 per cent of trading activity.
The session’s most actively traded instrument was a GOG bond maturing November 2, 2031, carrying an 8.95 per cent coupon, which recorded GH₵433.20 million in volume across 23 transactions. The security traded at a yield of 15.72 per cent with a closing price of 76.90 cedis per 100 cedis face value.
The elevated yield reflects continued investor demand for premium returns on medium to long term government securities despite Ghana’s improving macroeconomic fundamentals. Bond yields in the 15 to 16 per cent range indicate that investors still price in significant risk premiums following the Domestic Debt Exchange Programme (DDEP) restructuring.
Treasury bill activity concentrated on a security maturing February 23, 2026, which moved GH₵96.03 million across four transactions at a closing price of 98.96 cedis. Short dated government paper continues to attract strong institutional demand from banks and fund managers managing liquidity requirements.
Sell and buyback trades, commonly known as repo transactions, totaled GH₵202.42 million through 12 deals. The largest repo transaction involved a GOG bond maturing February 7, 2034, carrying a 9.40 per cent coupon, which saw GH₵30.00 million change hands in a single transaction. The security traded at a yield of 15.66 per cent with a price of 71.17 cedis.
Old GOG notes and bonds recorded minimal activity at GH₵26,886 across three transactions. A bond maturing November 2, 2026, carrying a 19.00 per cent coupon, changed hands at 103.77 cedis with a yield of 13.60 per cent. The premium pricing on higher coupon legacy securities remains visible as these instruments approach maturity.
Corporate bonds and Bank of Ghana (BoG) bills recorded zero trading activity during Thursday’s session, continuing patterns that have characterized the market throughout early 2026. Corporate debt issuances remain limited in Ghana’s debt market, with only eight corporate issuers currently maintaining active bonds trading on the GFIM.
Thursday’s trading volume represents a substantial increase from recent sessions, indicating robust institutional participation as market makers and investors rebalance portfolios following the completion of primary market auctions earlier in the week.
The distribution of trading volume between new government bonds and treasury bills indicates continued preference for sovereign securities across the yield curve. Investors appear willing to extend duration selectively to capture yields on medium term government bonds while maintaining significant allocations to highly liquid short dated bills.
Ghana’s fixed income market has recovered strongly throughout 2025 following significant disruption in 2023 from the DDEP. Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GH₵200 billion mark, positioning the market to achieve pre DDEP levels.
The GFIM celebrated its 10th anniversary in November and December 2025, having traded over GH₵1 trillion in securities since inception in August 2015. The market has become one of sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
Ghana’s improving macroeconomic fundamentals include inflation that declined from 23.8 per cent in December 2024 to single digits by late 2025. The cedi appreciated approximately 40 per cent against the US (United States) dollar throughout 2025, enhancing stability in the debt market.
Treasury bill rates have fallen dramatically from 28.9 per cent at the peak of the debt crisis to current levels around 10.7 per cent, representing 14 year lows. However, yields on longer dated government bonds remain elevated as investors demand compensation for duration risk and lingering concerns about fiscal sustainability.
The government faces significant refinancing needs in 2026 as domestic bonds mature following the DDEP restructuring. Finance ministry officials have indicated they will use a combination of treasury bills, medium term notes and bonds to meet financing requirements while maintaining a balanced maturity profile.
Government’s zero Bank of Ghana financing policy announced in the 2026 Budget means all deficit financing will come through market based instruments rather than central bank advances. This commitment to market discipline has helped restore investor confidence and supported the gradual compression of yields across the curve.
The GFIM operates as a secondary market for all fixed income securities issued in Ghana. The platform, which uses the Bloomberg E Bond trading and market surveillance system, provides electronic execution, price transparency and straight through processing for debt securities.
Trading hours run from 9:00 in the morning to 4:00 in the afternoon on business days. Government securities including treasury bills, notes and bonds are automatically admitted to trade on the platform upon issuance.
The market’s governing committee comprises representatives of the Bank of Ghana, the Ghana Stock Exchange, Central Securities Depository Ghana Ltd, the Ghana Association of Bankers, and Licensed Dealing Members.
