The Ghana Fixed Income Market (GFIM) processed GH₵9.82 billion in trades during the week of January 19 to 23, 2026, representing a 4.79 per cent increase compared to the GH₵9.37 billion recorded the previous week.
New Government of Ghana (GOG) bonds dominated weekly activity with GH₵5.29 billion in volume, up 14.31 per cent from GH₵4.63 billion the prior week. Treasury bills contributed GH₵3.84 billion, rising 1.43 per cent from GH₵3.78 billion.
Corporate securities trading surged 331.70 per cent to GH₵57.52 million from GH₵13.32 million, marking the strongest week for corporate bond activity in recent months. The spike in corporate trading suggests renewed investor interest in non sovereign debt instruments as Ghana’s broader fixed income market continues recovering from the Domestic Debt Exchange Programme (DDEP) restructuring.
Sell and buyback transactions, commonly known as repo trades, declined 32.91 per cent to GH₵634.75 million from GH₵946.12 million. The reduction in repo activity indicates that financial institutions may be holding more securities outright rather than engaging in short term financing arrangements.
Old GOG bonds recorded minimal trading at GH₵1.05 million, down 4.31 per cent from GH₵1.10 million the previous week. These legacy instruments continue to represent a negligible portion of total market activity as most investors focus on post DDEP securities.
The yield curve for new GOG bonds showed mixed movements across different tenors. Eight year bonds recorded the highest yield at 15.72 per cent, up from 15.53 per cent the previous week. Fifteen year bonds yielded 16.45 per cent, rising from 16.16 per cent.
Four year bonds saw yields decline to 14.18 per cent from 14.78 per cent, while five year instruments eased to 14.39 per cent from 14.82 per cent. The compression in shorter dated yields suggests improving investor confidence in Ghana’s near term fiscal outlook.
By volume, eight year bonds attracted the most trading interest with GH₵2.29 billion, up significantly from GH₵1.53 billion the prior week. Four year bonds recorded GH₵883.22 million, down from GH₵1.05 billion.
Seven year bonds saw volume decline sharply to GH₵535.81 million from GH₵1.45 billion, indicating shifting investor preferences across the maturity spectrum. Six year bonds surged to GH₵581.17 million from just GH₵52.15 million, representing more than a tenfold increase.
Nine year bonds traded GH₵359.70 million, up from GH₵104.86 million the previous week. Thirteen year instruments recorded GH₵219.00 million, rising from GH₵81.64 million.
Eleven year and twelve year bonds returned to trading after zero activity the previous week, with volumes of GH₵85.00 million and GH₵24.74 million respectively. Ten year bonds recorded no trading activity for the second consecutive week.
The distribution of trading volume demonstrates investor appetite for medium term government securities in the eight to nine year range, where yields remain attractive relative to shorter dated instruments while avoiding the duration risk associated with bonds beyond 10 years.
Market participants appear to be positioning portfolios toward the middle of the yield curve, capturing yields above 15 per cent while maintaining manageable interest rate risk exposure. The preference for eight year bonds reflects a balance between income generation and capital preservation objectives.
Ghana’s fixed income market has shown sustained recovery momentum following the completion of the DDEP in early 2023. Weekly trading volumes consistently exceeding GH₵9 billion demonstrate robust liquidity and active participation from banks, pension funds, insurance companies, and other institutional investors.
The yield curve structure indicates that investors continue to demand significant risk premiums for extending duration beyond five years. Yields ranging from 14.18 per cent on four year bonds to 16.45 per cent on fifteen year instruments reflect lingering concerns about long term fiscal sustainability despite Ghana’s improving macroeconomic indicators.
Treasury bill activity remained strong at GH₵3.84 billion, accounting for 39.1 per cent of total weekly volume. The consistent demand for short dated government paper reflects ongoing liquidity management needs among financial institutions and preference for highly liquid instruments that can be easily traded or used as collateral.
The modest 1.43 per cent increase in treasury bill trading suggests relatively stable conditions in the money market, with no significant dislocations or unusual funding pressures during the week.
Corporate bond trading volume of GH₵57.52 million, while substantially higher than the prior week, still represents less than one per cent of total market activity. Ghana’s corporate debt market remains underdeveloped, with only eight active corporate issuers maintaining bonds on the GFIM platform.
The surge in corporate trading may reflect specific transactions involving major issuers or increased investor interest as spreads between corporate and government yields become more attractive. However, the corporate bond market’s overall contribution to Ghana’s fixed income ecosystem remains limited compared to sovereign debt.
New GOG bonds accounted for 53.87 per cent of total weekly trading volume, underscoring the dominant role of government securities in Ghana’s debt capital markets. The concentration of activity in sovereign debt reflects both the size of government financing needs and the relative scarcity of alternative fixed income investment opportunities.
Market infrastructure supporting the GFIM continues to function efficiently, with the Bloomberg E Bond platform providing electronic trading, settlement and price transparency for all fixed income securities. Straight through processing capabilities reduce operational risk and support higher trading volumes.
The Bank of Ghana’s commitment to market based financing rather than central bank monetary financing has reinforced credibility with investors and supported stable trading conditions. Government’s adherence to fiscal discipline measures outlined in the International Monetary Fund (IMF) programme continues to underpin market confidence.
Looking ahead, the distribution of trading volume across different bond tenors provides insight into investor expectations regarding interest rate movements and economic conditions. The concentration of activity in medium term bonds suggests market participants anticipate that current yield levels may represent attractive entry points before potential rate declines later in 2026.
