The Ghana Fixed Income Market (GFIM) processed 2.16 billion cedis across 549 transactions on Tuesday, January 13, 2026, marking robust activity despite treasury bills losing their typical dominance to longer dated government securities.
Treasury bills captured 1.08 billion cedis through 507 separate transactions, representing just 49.9 percent of total volume in a sharp departure from recent patterns where short term instruments consistently commanded over 70 percent market share. New Government of Ghana (GOG) notes and bonds recorded 402.16 million cedis across 24 trades, while sell and buyback transactions involving government securities totaled 678.01 million cedis through 15 deals.
The session’s highest single volume trade involved a GOG bond maturing February 16, 2027, carrying an 8.35 percent coupon. This security moved 300.34 million cedis across 17 transactions, trading at 93.82 cedis per 100 cedis face value with a yield of 14.63 percent. The premium yield reflects investor demands for compensation despite Ghana’s improving fiscal fundamentals.
Among treasury bills, the most actively traded instrument was a security maturing March 2, 2026, which recorded 464.76 million cedis in volume across 56 transactions at a closing price of 94.62. The instrument’s less than two month maturity attracted buyers seeking near term liquidity while earning competitive returns in Ghana’s compressed rate environment.
Repo trading concentrated heavily in a single transaction worth 628.13 million cedis involving a bond maturing February 11, 2031, with an 8.95 percent coupon. The security traded at a yield of 16.01 percent with a closing price of 75.99, providing short term financing for investors holding longer dated collateral.
Old government bonds saw minimal participation, with just 356,860 cedis changing hands across three transactions. A bond maturing June 12, 2028, carrying an 18.10 percent coupon, accounted for 199,050 cedis in the largest old bond trade. The security closed at 99.06 with a yield of 18.57 percent, reflecting the elevated coupon rates characteristic of securities issued during previous high inflation periods.
Corporate bonds recorded zero trading activity for the third consecutive session, continuing the persistent absence that has characterized Ghana’s private sector debt market throughout early 2026. No Bank of Ghana (BOG) bills changed hands either, as banking system liquidity remained sufficient without central bank monetary policy intervention.
Monday’s activity follows a week where the GFIM processed 3.75 billion cedis in trades during the period ending January 8, representing a 16.25 percent decrease from the prior week’s 4.48 billion cedis. Treasury bill trading declined 25.46 percent week over week to 1.71 billion cedis, while new GOG bonds gained 1.33 percent to reach 1.62 billion cedis.
The evolving composition of trading volume suggests gradual investor willingness to extend duration as macroeconomic conditions stabilize. Inflation declined from 23.8 percent in December 2024 to single digits by late 2025, reaching 6.3 percent in November within the Bank of Ghana’s target range. The cedi appreciated over 35 percent against the United States dollar during 2025, dramatically reducing currency risk concerns.
Treasury bill rates have fallen from 28.9 percent at the peak of Ghana’s debt crisis to current levels around 10.7 percent, marking 14 year lows. However, longer dated bond yields remain elevated as investors weigh medium term fiscal trajectories and refinancing risks. The yield differential between short and long term instruments reflects persistent caution despite improved fundamentals.
Ghana’s fixed income market recovery accelerated throughout 2025 following severe disruption in 2023 from the Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January through October 2025 crossed the 200 billion cedi threshold, positioning the market to approach pre DDEP activity levels.
The government faces significant domestic financing requirements in 2026, targeting approximately 71 billion cedis in local borrowing to fund operations. The zero Bank of Ghana financing policy announced in the 2026 Budget mandates that all deficit spending flow through market based instruments rather than central bank advances, potentially supporting continued trading activity.
Market participants expect several factors to influence fixed income performance throughout 2026. The Bank of Ghana’s monetary policy trajectory, inflation trends, fiscal discipline under International Monetary Fund (IMF) programme commitments, and the government’s debt management strategy will shape yield curves and investor appetite for different maturities.
Credit rating agency Fitch upgraded Ghana to B minus with a stable outlook in 2025, signaling renewed investor trust. The IMF completed its fifth review under Ghana’s Extended Credit Facility arrangement in December 2025, projecting 4.8 percent growth for 2026 while describing performance as broadly satisfactory.
The GFIM operates on Bloomberg’s electronic bond trading and surveillance system, providing technical infrastructure for transparent price discovery and efficient execution. The platform facilitates secondary trading of all fixed income securities listed on the exchange, creating an organized marketplace where institutional buyers and sellers interact.
Banking institutions represent the largest market participants, typically favoring short term treasury bills that match deposit liabilities rather than committing to longer duration exposures that could create balance sheet mismatches. However, improved economic stability may gradually encourage banks and pension funds to pursue higher yielding bonds as confidence builds.
The market celebrated its 10th anniversary in November and December 2025, having traded over one trillion cedis in securities since inception in August 2015. GSE leadership aims to admit 100 companies to the GFIM and expand participation to 10 million Ghanaians from the current two million securities account holders.
Monday’s session concluded with treasury bills yielding approximately 24 to 26 percent on an annualized basis for instruments maturing within 91 days, while five to seven year government bonds offered yields ranging from 14 to 16 percent depending on coupon rates and maturity profiles.
