The Ghana Fixed Income Market (GFIM) recorded robust trading activity during the week ending 14 November 2025, with total volume reaching GHS 2.03 billion and representing a 31.10 percent increase compared to the previous week’s GHS 1.55 billion.
Treasury Bills dominated market activity, accounting for 63.33 percent of total volume traded at GHS 1.29 billion. This represented a 33.38 percent surge from the previous week’s GHS 965.14 million. New Government of Ghana (GoG) bonds under the Domestic Debt Exchange Programme (DDEP) contributed 16.08 percent of trading volume, totaling GHS 326.77 million despite declining 18.16 percent from the prior week’s GHS 399.29 million.
Corporate securities trading experienced dramatic growth, with volume reaching GHS 5.25 million. This marked an 820.89 percent increase from the previous week’s GHS 570,000, indicating heightened investor interest in private sector debt instruments.
Special Bond and Bills (SBB) trades demonstrated significant momentum, rising 181.20 percent to GHS 410.88 million from GHS 146.12 million the previous week. Old GoG bonds also showed strong performance, surging 303.55 percent to GHS 2.45 million from GHS 607,782 in the prior trading period.
Bank of Ghana (BoG) Bills recorded no trading activity during the week, representing a 100 percent decline from the previous week’s GHS 38.74 million. The absence of BoG Bills trading suggested shifting investor preferences toward other fixed income instruments during this period.
The yield curve for New GoG bonds showed mixed movements across different tenors during the week. The nine year bond yield climbed to 16.50 percent from 15.88 percent the previous week, marking the most significant increase. The seven year bond yield declined to 14.90 percent from 15.39 percent, representing the sharpest drop across the curve.
Other notable yield movements included the five year bond decreasing to 15.77 percent from 15.96 percent, while the eight year bond fell to 15.33 percent from 15.64 percent. The four year bond yield edged down marginally to 16.00 percent from 16.04 percent. Several longer dated bonds including the six year, ten year, eleven year, twelve year, thirteen year, fourteen year, and fifteen year instruments maintained stable yields week over week.
Monthly data through November showed cumulative Government Notes and Bonds trading reaching GHS 729.12 million, while Treasury Bills totaled GHS 2.25 billion for the month. October had recorded the highest monthly volumes with Government Notes and Bonds at GHS 12.41 billion and Treasury Bills at GHS 12.91 billion.
The year to date pattern revealed fluctuating investor appetite across different months, with May showing particularly strong Government Notes and Bonds activity at GHS 8.40 billion. Treasury Bills peaked in February at GHS 15.08 billion before moderating through subsequent months.
The robust weekly performance reflected sustained investor confidence in Ghana’s fixed income market despite ongoing economic adjustments. The surge in corporate securities trading particularly indicated growing private sector participation in capital markets, while the dominance of Treasury Bills underscored continued demand for short term government paper.
