Ghana’s fixed income market recorded total trading activity of 363.91 million Ghana cedis (GHC) on Thursday, November 14, 2025, across 178 transactions involving government securities and bonds.
Treasury bills dominated the trading session, accounting for 121 million cedis across 133 trades. Sell and buyback trades involving Government of Ghana (GOG) notes and bonds generated the largest value at 227.22 million cedis through 42 transactions, reflecting active liquidity management by market participants.
New GOG notes and bonds attracted 15.43 million cedis in fresh investments across two trades, while old GOG notes and bonds recorded modest activity of 262,000 cedis in a single transaction. No corporate bonds or Bank of Ghana (BoG) bills changed hands during the session.
The most actively traded treasury bill was the GOG-BL-23/02/26 instrument, which recorded volume of 57.23 million cedis across six transactions at a closing price of 96.83 percent of face value. This instrument matures in February 2026, offering investors a short term placement option.
Among government bonds, the GOG-BD-08/02/33 security with a coupon rate of 9.25 percent saw the highest new issuance activity, attracting 15.43 million cedis at a yield of 15.38 percent and closing price of 73.72 percent. The instrument matures in February 2033, providing a long term investment avenue for institutional and retail investors.
In the old bonds segment, the GOG-BD-03/05/27 security carrying a 22.30 percent coupon traded 262,000 cedis at an 18 percent yield and premium price of 105.29 percent. The higher than face value price reflects strong demand for this older instrument, which offers attractive returns relative to current market rates.
Sell and buyback transactions, which allow investors to temporarily exchange securities for cash while agreeing to repurchase them later, were dominated by the GOG-BD-06/02/35 bond. This instrument recorded 65.27 million cedis across 13 trades at a yield of 16.98 percent and closing price of 65.89 percent.
The robust trading activity in treasury bills reflects continued investor preference for shorter dated government securities, which offer flexibility and relatively lower interest rate risk. The strong performance of sell and buyback trades indicates active cash management by financial institutions seeking to balance liquidity needs with investment returns.
Market analysts note that yields on government securities remain elevated, reflecting the Bank of Ghana’s monetary policy stance and investor expectations about inflation and fiscal conditions. The premium pricing on older bonds with higher coupon rates suggests that investors are willing to pay above par value to secure superior yields compared to newly issued instruments.
The fixed income market plays a crucial role in Ghana’s financial system, providing government with funding for development projects while offering investors relatively stable returns. Banks, pension funds, and insurance companies are the primary participants, using these securities for both investment and liquidity management purposes.
Trading volumes in the fixed income market have remained steady throughout 2025, supported by government’s regular issuance schedule and strong institutional demand. However, the high yields reflect ongoing concerns about debt sustainability and the need for fiscal consolidation to reduce borrowing costs over time.
