Activity retreated sharply from Monday’s session as treasury bills absorbed the bulk of investor demand
Ghana’s secondary debt market retreated on Tuesday, with the Ghana Fixed Income Market (GFIM) recording total volume of GH¢857,315,159 across 768 transactions on March 10, 2026, a significant drop from the GH¢1.07 billion logged the previous session as institutional appetite for longer-dated government paper eased.
Treasury bills dominated the day’s activity, drawing GH¢454,426,293 across 676 separate transactions and accounting for more than 53 percent of total market volume. The sheer number of T-bill trades relative to other segments underscored the persistent preference among market participants for short-duration instruments as they position around Ghana’s continuing economic stabilisation. The most actively traded single instrument was a 364-day bill maturing March 8, 2027, which closed at a price of 91.66, attracting GH¢111,886,161 across 22 deals.
New Government of Ghana (GoG) notes and bonds contributed GH¢104,503,855 from 14 transactions. The highest volume in that segment came from a 2023 restructured bond maturing February 15, 2028, carrying an 8.50 percent coupon, which recorded GH¢78,000,000 across three deals at a closing yield of 11.20 percent and a price of 95.39. That discount to face value reflects the gap between the instrument’s original coupon and current market rates.
Old GoG notes and bonds, which were completely absent from Monday’s session, reappeared on Tuesday with GH¢11,775,530 across 11 trades. Activity was concentrated in the 7-year legacy series maturing August 9, 2027, which accounted for GH¢11,470,536 across 10 transactions at a closing yield of 20.14 percent, a level consistent with the deep discounting applied to pre-restructuring era paper.
Cocoa Board Bonds Drive Corporate Activity
Corporate bonds generated GH¢7,090,800 from 20 transactions, with Ghana Cocoa Board (CMB) instruments accounting for the entirety of executed volume. The most active CMB bond was a series maturing August 30, 2027, carrying a 13 percent coupon, which attracted GH¢5,570,200 across nine deals at a closing price of 103.25. CMB paper maturing August 31, 2026, added GH¢966,500 in seven trades, while the longer-dated August 2028 series contributed GH¢554,100 across four transactions. Letshego Ghana, Bayport Savings and Loans, Izwe Savings and Loans, and Kasapreko all had instruments listed in the corporate segment but recorded no secondary trades on the day.
Sell and buy-back trades on GoG notes and bonds closed out the session at GH¢279,518,681 from 47 transactions. The dominant instrument in the repo segment was the 2023-GC-1 bond maturing February 16, 2027, which accounted for GH¢173,998,926 across eight transactions at a yield of 10.57 percent.
Tuesday’s pullback follows a broader pattern the market has shown in early 2026, where daily volume alternates between stronger institutional activity and quieter sessions driven largely by T-bill rollovers. Year-on-year, January 2026 data showed trading volumes reaching GH¢36.91 billion, representing a 118 percent increase from GH¢16.90 billion in January 2025, pointing to a structurally more active market even on softer single-session days.
