Ghana’s Fixed Income Market (GFIM) recorded robust growth in January 2026, with trading 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 the month valued at 32.72 billion cedis, marking increases of 14 percent in transaction numbers and 134 percent in trade value compared with the corresponding period last year.
Government notes and bonds dominated trading activity, accounting for 61 percent of total volume with 22.48 billion cedis traded, while treasury bills contributed 38 percent with 13.94 billion cedis in transactions.
Corporate securities recorded 493 million cedis in trades, representing approximately one percent of total market volume during January.
Stanbic Bank Ghana emerged as the leading institutional trader, capturing 31 percent market share with 9.17 billion cedis in transactions, followed by GCB Bank with 10 percent and First National Bank with 10 percent.
Government securities outstanding reached 325 billion cedis as of January 2026, an increase from 304 billion cedis recorded in January 2025, reflecting continued borrowing to finance fiscal operations.
The Ministry of Finance accepted 48.46 billion cedis in government securities during January from 57 billion cedis tendered, maintaining active primary market operations across treasury bills and government bonds.
Corporate bond outstanding amounts declined to 8.38 billion cedis from 8.85 billion cedis a year earlier, as some issuers completed maturities without replacement.
Ghana Cocoa Board led corporate trading with 493 million cedis across three distinct bond series, while participation from other corporate issuers including Letshego Ghana, Bayport Savings and Loans, and Kasapreko remained minimal.
Yield curves showed significant compression, 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.
The market introduced local dollar denominated government bonds during 2025, with outstanding securities totaling 792 million dollars as of January 2026, though trading activity remained limited with only two transactions recorded during the month.
Since inception in August 2015, the GFIM has processed over 1.21 trillion cedis in cumulative trades across 2.35 million transactions, establishing itself as one of Sub Saharan Africa’s most active fixed income platforms.
The exchange currently lists 187 securities including 90 treasury bills, 51 government bonds, 12 eurobonds, and 28 corporate securities from six active issuers.
One Africa Securities dominated broker dealer activity with 56 percent market share in buy side transactions, while IC Securities and Laurus Africa Securities followed with 13 percent and seven percent respectively.
The January performance positions the GFIM for continued growth following recovery from disruption caused by the 2023 Domestic Debt Exchange Programme that temporarily reduced market activity.
