The Ghana Fixed Income Market (GFIM) recorded total trading volume of 11.43 billion cedis for the week ending February 6, 2026, representing a 28.34 percent increase from the previous week’s 8.91 billion cedis as treasury bills and government bonds attracted strong institutional demand.
Treasury bills dominated weekly activity with 6.72 billion cedis in transactions, marking a 235.01 percent surge from the previous week’s 2.00 billion cedis. New Government of Ghana (GoG) bonds contributed 3.94 billion cedis to total volume, though this represented a 38.27 percent decline from the prior week’s 6.39 billion cedis. Corporate securities recorded 266.78 million cedis in trades, advancing 30.14 percent from 205.00 million cedis the previous week.
Sell and buyback transactions involving government bonds reached 504.73 million cedis, climbing 63.22 percent from 309.24 million cedis recorded the prior week. These repurchase arrangements allow institutional investors to access short term liquidity while maintaining exposure to government securities.
Old government bonds posted minimal activity with 342,752 cedis changing hands, down 44.05 percent from the previous week’s 612,570 cedis. The sharp decline in older securities reflects continued investor preference for newly issued instruments with clearer pricing and liquidity characteristics.
Yield movements across the government bond curve showed mixed patterns during the week. The seven year bond yield increased to 15.38 percent from 14.84 percent, while the ten year bond yield declined to 14.68 percent from 15.86 percent. Four year bonds yielded 13.29 percent compared with 13.01 percent the previous week, while fifteen year bonds offered 15.37 percent yields versus 16.15 percent previously.
Trading volumes across bond tenors displayed significant variation. Seven year bonds recorded the highest weekly volume at 603.43 million cedis, followed by eight year bonds at 657.41 million cedis. Four year bonds attracted 435.50 million cedis compared with 681.20 million cedis the previous week, representing a 36.08 percent decline.
The weekly data demonstrates sustained investor appetite for government securities despite ongoing macroeconomic challenges facing Ghana. Treasury bill dominance reflects institutional preference for shorter duration exposures that offer competitive returns while preserving liquidity.
Market participants continue monitoring domestic economic indicators and monetary policy decisions from the Bank of Ghana (BoG). Inflation reached 6.3 percent in November 2025, falling within the central bank’s target range after years of elevated price pressures. Government bond yields remain elevated despite broader improvement in Ghana’s fiscal position.
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, 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. The market experienced significant disruption in 2023 following implementation of the Domestic Debt Exchange Programme (DDEP), when trading volumes dropped from 230 billion cedis in 2022 to 98 billion cedis in 2023. The market then recovered 76 percent in 2024 to reach 174 billion cedis under Ghana’s International Monetary Fund (IMF) supported economic programme.
January 2026 data showed robust market growth, with trading volumes reaching 36.91 billion cedis, representing a 118 percent increase from 16.90 billion cedis traded in January 2025. Government notes and bonds accounted for 61 percent of January volume, while treasury bills contributed 38 percent.
Corporate bond activity remains limited despite efforts to deepen this market segment. Only eight active corporate issuers currently participate in the GFIM following recent exits by several companies. Ghana Cocoa Board leads corporate trading, though participation from other issuers including Letshego Ghana, Bayport Savings and Loans, and Kasapreko remains minimal.
