Ghana’s fixed income market posted a sharp surge in trading activity in March 2026, with volume more than doubling compared to the same month last year, according to the latest monthly status report from the Ghana Fixed Income Market (GFIM), published by the Ghana Stock Exchange (GSE).
Total volume traded on GFIM in March 2026 reached 35.84 billion units, up 77.13 percent from 20.23 billion units in March 2025. Value traded climbed to GH¢32.59 billion, nearly double the GH¢16.33 billion recorded in the same period a year earlier, representing a 99.60 percent increase. The number of trades rose modestly, from 40,662 to 41,350, a gain of 1.69 percent, suggesting that the volume surge was driven by larger individual transactions rather than a broad expansion in market participation.
For the first quarter of 2026, cumulative volume reached 114.39 billion units, up 93.08 percent compared to 59.24 billion units traded in the same period of 2025. Value traded for January through March stood at GH¢103.57 billion against GH¢48.19 billion a year earlier, a gain of 114.93 percent.
Government securities dominated market activity, accounting for 55.09 percent of March volume through treasury notes and bonds, with Treasury Bills (T-Bills) contributing a further 43.25 percent. Corporate securities made up the remaining 1.66 percent of volume traded.
The yield environment has shifted dramatically over the past year. The four-year government bond yield stood at 10.52 percent in March 2026 compared to 22.48 percent in March 2025. Across all tenors from four to fifteen years, yields have roughly halved, reflecting Ghana’s improved macroeconomic conditions and restored investor confidence in domestic debt instruments following the country’s debt restructuring programme.
In a notable development, the GFIM recorded its first US dollar-denominated bond trades in March 2026, with 18.01 million units valued at US$16.89 million changing hands across 19 transactions. No dollar trades were recorded in March 2025. For the quarter, US dollar bond trades totalled 18.92 million units worth US$17.82 million across 29 transactions.
Among individual institutions, GCB Bank Plc led all participants in March trading with 19.38 percent of total bank volume, valued at GH¢3.52 billion. Stanbic Bank Ghana Limited came second with a 12.40 percent market share by volume, followed by OmniBSIC Bank Ghana Limited with 8.47 percent. On the broker-dealer side, One Africa Securities Limited dominated with a commanding 76.68 percent of broker-dealer volume, valued at GH¢3.84 billion. For the full first quarter, the broker-dealer rankings mirrored the same pattern, with One Africa Securities again leading at 75.16 percent of volume.
On the primary market, government Treasury Bill issuance fell significantly year-on-year. Total bills tendered across 91-day, 182-day, and 364-day maturities reached GH¢38.05 billion in March 2026, down from GH¢67.01 billion in March 2025. Total bills accepted came in at GH¢26.20 billion, compared to GH¢34.14 billion a year earlier, consistent with reduced government borrowing pressure at the short end of the yield curve.
Total outstanding government securities stood at GH¢340.08 billion as at the end of March 2026, up from GH¢313.09 billion a year prior. The market also holds GH¢791.77 million in local US dollar bonds, unchanged from March 2025. Outstanding corporate securities on GFIM totalled GH¢8.38 billion, with Ghana Cocoa Board (COCOBOD) accounting for the largest share at GH¢7.33 billion.
Since GFIM’s inception in 2015, cumulative trading volume on the platform has reached 1.21 trillion units across 2.67 million transactions.
