Ghana’s Fixed Income Market (GFIM) trading volume jumped to GHS 9.37 billion during the week ending January 16, 2026, marking a 149 percent increase from the previous week’s GHS 3.75 billion.
The weekly surge reflects renewed investor appetite for government securities as Ghana’s debt market continues recovering from disruptions caused by the 2023 Domestic Debt Exchange Programme (DDEP). New Government of Ghana (GoG) bonds led the expansion with GHS 4.63 billion in trades, representing a 185 percent spike from the prior week’s GHS 1.62 billion.
Treasury bills contributed GHS 3.78 billion to total volume, advancing 121 percent from GHS 1.71 billion the previous week. Sell and buyback transactions, commonly known as repo trades, reached GHS 946.12 million, surging 335 percent from GHS 217.25 million.
Corporate securities trading collapsed 94 percent to just GHS 13.32 million from GHS 211.12 million the prior week, continuing the pattern of minimal private sector debt market activity that has characterized early 2026. Old GoG bonds recorded GHS 1.10 million in trades.
The yield curve for new government bonds showed mixed movements across different tenors. Seven year bonds saw yields drop to 14.76 percent from 15.35 percent, while nine year securities fell to 14.25 percent from 15.60 percent. Conversely, eight year bonds rose to 15.53 percent from 15.03 percent, and 13 year instruments climbed to 16.05 percent from 15.84 percent.
Trading volume patterns revealed strong investor interest in medium term securities. Seven year bonds attracted GHS 1.45 billion compared to just GHS 146.83 million previously, while eight year instruments jumped to GHS 1.53 billion from a mere GHS 610,428. Four year bonds processed GHS 1.05 billion, up from GHS 824.61 million.
The data indicates investors are gradually extending duration to capture yields on government securities before anticipated further rate declines. Ghana’s improving macroeconomic conditions have restored confidence in domestic debt markets after inflation fell from 23.8 percent in December 2024 to single digits by late 2025.
Treasury bill rates have declined dramatically from 28.9 percent at the peak of the debt crisis to approximately 10.7 percent currently, representing 14 year lows. The government faces significant refinancing needs in 2026 as domestic bonds mature following the DDEP restructuring.
Finance ministry officials plan to use a combination of treasury bills, medium term notes and bonds to meet financing requirements while maintaining a balanced maturity profile. The zero Bank of Ghana financing policy announced in the 2026 Budget means all deficit financing will flow through market based instruments rather than central bank advances.
The GFIM was established by key stakeholders including the Bank of Ghana, Ghana Stock Exchange (GSE), Central Securities Depository Ghana Ltd, Ghana Association of Bankers, the Ministry of Finance, and Financial Market Association. The market celebrated its 10th anniversary in late 2025, having traded over GHS 1 trillion in securities since inception in August 2015.
Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GHS 200 billion threshold, positioning the market to approach pre DDEP activity levels.
