Ghana’s fixed income market processed GH¢3.75 billion in trades during the week ending January 8, 2026, representing a 16.25 percent decrease from the GH¢4.48 billion recorded the previous week.
Treasury bills dominated trading activity with GH¢1.71 billion in volume, though this marked a 25.46 percent decline from the prior week’s GH¢2.29 billion. New Government of Ghana (GoG) bonds recorded GH¢1.62 billion in trades, up 1.33 percent from GH¢1.60 billion previously.
Corporate securities trading fell 28.44 percent to GH¢211.12 million from GH¢295.01 million the previous week. Sell and buyback trades, commonly known as repo transactions, totaled GH¢217.25 million, down 27.34 percent from GH¢299.01 million.
Old GoG bonds saw minimal activity with only GH¢401,933 traded during the week, representing a complete collapse from GH¢2.03 million the previous week.
Yields on new GoG bonds showed mixed movements across different maturities. The 10 year bond yield rose to 15.98 percent from 15.80 percent, while the 14 year bond yield increased to 16.15 percent from 16.10 percent. The 4 year bond yield declined to 14.75 percent from 14.91 percent.
The most actively traded maturity was the 4 year bond, which recorded GH¢824.61 million in volume compared to GH¢522.74 million the previous week. Trading in 7 year bonds fell sharply to GH¢146.83 million from GH¢539.96 million, while 10 year bonds saw volume increase to GH¢131 million from zero.
The 14 year bond attracted GH¢136 million in trades, up significantly from GH¢19.98 million previously. The 11 year bond recorded GH¢125 million compared to GH¢67.87 million the prior week.
New GoG bonds accounted for 43.14 percent of total market volume during the week. Treasury bills, despite their decline, remained the largest single category by value.
Ghana’s fixed income market has recovered strongly in 2025 following disruption from the 2023 Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange (GSE) Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GH¢200 billion mark.
The market celebrated its 10th anniversary in November and December 2025, having traded over GH¢1 trillion in securities since inception in August 2015. The Ghana Fixed Income Market (GFIM) was established by key stakeholders including the Bank of Ghana (BoG), GSE, Central Securities Depository Ghana Ltd, Ghana Association of Bankers, the Ministry of Finance, and Licensed Dealing Members.
Investor preference for treasury bills over longer dated bonds demonstrates that while confidence has improved following Ghana’s economic recovery, market participants remain reluctant to commit capital for extended periods despite attractive yields on government bonds.
Ghana’s improving macroeconomic fundamentals include inflation that declined from 23.8 percent in December 2024 to single digits by late 2025. Treasury bill rates have fallen dramatically from 28.9 percent at the peak of the debt crisis to levels around 10.7 percent, the lowest in 14 years.
The government faces significant refinancing needs in 2026 as domestic bonds mature following the DDEP restructuring. Finance ministry officials have indicated they will use a combination of treasury bills, medium term notes and bonds to meet financing requirements while maintaining a balanced maturity profile.
The government’s zero Bank of Ghana financing policy announced in the 2026 Budget means all deficit financing will come through market based instruments rather than central bank advances.
