Ghana’s debt market experienced an 83.56% year-on-year surge in trading activity during May 2025, reaching GHS 19.07 billion in total volumes, according to the Ghana Stock Exchange’s latest market report.
While monthly growth was more moderate at 5.26%, year-to-date figures reveal a robust 54.87% increase to GHS 96.43 billion, signaling strengthening investor confidence in fixed-income securities.
Market activity remained heavily concentrated in government debt instruments, with Treasury Bills dominating at 49.38% of total trades. Government Bonds followed at 44.06%, while Bank of Ghana Bills accounted for 5.66%. Corporate Bonds represented a marginal 0.89% share, reflecting continued weak private sector participation in the debt market.
Analysts attribute the sustained rally to stabilizing yields on government securities and improving macroeconomic sentiment. Ghana’s ongoing fiscal consolidation and monetary policy adjustments appear to be restoring institutional investors’ appetite for predictable returns, particularly through short- and medium-term government paper. This trend suggests growing confidence in the country’s economic recovery trajectory, though corporate debt markets continue to lag significantly behind sovereign instruments in trading activity.
