Ghana’s Fixed Income Market (GFIM) processed 1.04 billion cedis across 104 transactions on Thursday, February 5, 2026, with new government notes and bonds capturing all trading volume as institutional investors continued showing strong appetite for longer dated government securities.
New Government of Ghana (GOG) notes and bonds accounted for 843.88 million cedis through 60 transactions, representing 81 percent of total market activity. Sell and buyback trades involving government notes and bonds added 194.91 million cedis through 44 transactions, reflecting institutional demand for short term liquidity arrangements while maintaining exposure to government paper.
The largest volume transaction involved a GOG bond maturing August 15, 2028, carrying a 10.00 percent coupon, which recorded 242.76 million cedis across 13 deals. The security traded at a yield of 13.77 percent with a closing price of 92.1433 cedis per 100 cedis face value, indicating investors demand significant premiums for medium term exposure despite the relatively attractive coupon rate.
The most active sell and buyback transaction involved a GOG bond maturing February 13, 2029, carrying an 8.65 percent coupon, which saw 82.29 million cedis traded across 20 deals at a yield of 17.30 percent. These repurchase arrangements allow financial institutions to manage short term liquidity needs while using government securities as collateral.
Treasury bills recorded no trading activity during the session, marking a significant departure from recent market patterns where short term government securities typically dominated volumes. Corporate bonds and old government notes and bonds also saw zero trades, reflecting concentrated institutional focus on newer government debt instruments.
The absence of treasury bill activity on Thursday represents an unusual development for the market. Throughout early 2026, treasury bills have consistently captured between 38 percent and 79 percent of daily trading volumes as investors maintained overwhelming preference for near term maturities offering competitive returns while preserving liquidity.
Government bond yields remain elevated despite broader improvement in Ghana’s macroeconomic fundamentals following implementation of the International Monetary Fund (IMF) supported economic program. The 13.77 percent yield on the August 2028 bond and 17.30 percent yield on the February 2029 bond indicate investors continue demanding substantial risk premiums for exposure beyond short term horizons.
Ghana completed a Domestic Debt Exchange Programme (DDEP) in 2023 that restructured domestic bonds, extending maturities and reducing coupon payments to restore debt sustainability. The program initially disrupted market activity, with trading volumes dropping to 98 billion cedis in 2023 before rebounding 76 percent in 2024 to reach 174 billion cedis.
Trading momentum continued strengthening into 2026, with January volumes reaching 36.91 billion cedis, representing a 118 percent increase from 16.90 billion cedis traded in January 2025. The market processed 56,982 trades during January valued at 32.72 billion cedis.
Yield curves have shown significant compression over the past year, with four year government bonds yielding 14.80 percent in January 2026 compared with 26.22 percent in January 2025, reflecting improved macroeconomic conditions and restored investor confidence following IMF program implementation and successful completion of external debt restructuring under the Group of Twenty (G20) Common Framework.
The GFIM operates under the Ghana Stock Exchange (GSE) and provides a platform for secondary trading of fixed income securities including treasury bills, government notes and bonds, Bank of Ghana (BoG) money market instruments, and corporate bonds. The market uses the Bloomberg E-Bond trading and market surveillance system.
Since its inception in August 2015, the GFIM has traded over one trillion cedis in securities, establishing itself as one of Sub-Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria. Government securities outstanding reached 325 billion cedis as of January 2026, an increase from 304 billion cedis recorded in January 2025.
Market participants continue monitoring domestic economic indicators, monetary policy decisions from the Bank of Ghana, and global market trends influencing emerging market fixed income securities. Inflation reached 6.3 percent in November 2025, falling within the central bank’s target range after years of elevated price pressures.
