The Ghana Fixed Income Market (GFIM) recorded substantial trading activity on April 24, 2025, with government bonds and Treasury bills dominating investor interest.
Total volumes across all instruments surpassed GH¢6.5 billion, driven by institutional demand for high-yield sovereign debt amid cautious macroeconomic sentiment.
New Government of Ghana (GOG) bonds led the session, with the 9.25% GOG-BD-08/02/33 bond emerging as the most traded security, attracting GH¢126.3 million in volume. Treasury bills also saw heavy participation: the 0% GOG-BL-21/07/25 bill, maturing in July 2025, traded GH¢456.9 million across 8,582 transactions, closing at GH¢96.70. Shorter-dated bills, including the 91-day GOG-BL-30/06/25, saw volatility, with yields fluctuating between 96.26% and 100% as investors balanced liquidity needs against inflation expectations.
In the secondary market, yields on longer-term bonds remained elevated. The 10.00% GOG-BD-17/08/27 bond closed at a yield of 21.53%, down 91 basis points from its opening, while the 15.00% GOG-BD-17/08/27 bond held steady at 22.64%. Analysts noted tighter spreads on benchmark securities, reflecting improved confidence in Ghana’s debt restructuring efforts.
Corporate bonds, however, languished with no trades reported across issuers like Letshego Ghana PLC and Bayport Savings and Loans PLC. This stagnation underscores persistent risk aversion toward non-government debt despite higher coupon rates.
Repo activity signaled cautious liquidity management, with GH¢4.01 billion in collateralized repos settled, compared to GH¢17 million in GMRA agreements. The disparity highlights banks’ preference for secured, short-term instruments amid uncertain rate outlooks.
The session’s focus on government securities aligns with broader trends in emerging markets, where investors prioritize sovereign stability over corporate exposure. With Ghana’s inflation easing to 15.2% in March 2025 down from 23.6% a year prior the Central Bank’s rate pause at 27% appears to be anchoring short-term confidence. However, lingering fiscal deficits and external debt obligations continue to pressure longer-dated yields.
Market participants anticipate heightened activity in upcoming auctions, particularly for 364-day bills, as the government seeks to refinance maturing obligations. For now, the GFIM remains a bastion of liquidity, even as global headwinds test investor resolve.
