Trading on the Ghana Fixed Income Market (GFIM) rose sharply in the week ending April 2, 2026, with total volume reaching GHS 7.71 billion, an 18.22 percent increase from the GHS 6.53 billion recorded the previous week, despite the period spanning a shortened holiday trading week.
New Government of Ghana (GoG) bonds drove the surge, with volume jumping more than six-fold to GHS 2.49 billion from GHS 335.32 million the prior week, a week-on-week rise of 642.5 percent. The spike signals renewed investor appetite for longer-dated government paper, a significant shift from the dominance of shorter-tenor instruments seen in recent weeks.
Treasury bills (T-bills) remained the most heavily traded instrument, although activity edged lower. T-bill volume came in at GHS 3.64 billion, down 2.24 percent from GHS 3.72 billion the previous week, suggesting a modest rotation toward bonds as yields on certain tenors remained attractive.
Sell-Buy-Back (SBB) trades, which reflect short-term liquidity management activity among financial institutions, declined notably, dropping 39.60 percent to GHS 1.46 billion from GHS 2.41 billion. Corporate securities recorded GHS 136.10 million in volume, more than doubling from GHS 61.81 million the week before, a 120.19 percent increase that points to growing secondary market interest in non-government fixed income paper.
Old GoG bonds, by contrast, registered minimal activity at GHS 350,000, effectively unchanged from the previous week’s GHS 554,108.
On the yield curve for new GoG bonds, movements were mixed across tenors. The 4-year yield rose to 10.67 percent from 9.52 percent, while the 5-year yield fell to 9.10 percent from 11.05 percent. The 7-year and 8-year yields ticked up marginally to 12.73 percent and 12.41 percent respectively. Yields on the 9-year to 15-year tenors were largely stable compared to the prior week, with the 9-year easing slightly to 12.52 percent from 12.78 percent.
In terms of volume distribution for new GoG bonds, the 9-year tenor attracted the most interest, recording GHS 1.24 billion in trades. The 4-year followed with GHS 579.23 million, while the 8-year registered GHS 361.47 million. The 7-year and 5-year tenors also saw meaningful activity at GHS 133.76 million and GHS 98.06 million respectively. Tenors of 10 years and above recorded no trades during the period.
The week’s data suggests that investors are concentrating their new bond activity at the short-to-medium end of the curve, with the 4-year to 9-year segment accounting for all new GoG bond volume.
