Ghana’s fixed income market closed the week on Friday, March 27, 2026, with activity dominated by outright trades in longer-dated Government of Ghana (GoG) notes and bonds, capping a week that saw the Ghana Fixed Income Market (GFIM) process well over GH¢1 billion daily across multiple sessions.
New GoG notes and bonds recorded the heaviest outright volume of the session. The standout instrument was the GOG-BD-10/02/32 bond, a February 2032 maturity paper carrying a coupon of 9.10 percent, which registered 589,962,059 securities across 21 transactions at a yield of 13.03 percent and a closing price of 83.94, reflecting the continued discount at which longer-duration government bonds trade as investors seek compensation for term risk. The next most actively traded outright bond was the GOG-BD-07/02/34 paper, a February 2034 maturity instrument carrying a coupon of 9.40 percent, which recorded 231,497,348 securities across six transactions at a steep yield of 18.14 percent and a closing price of 64.01. The sharp discount on the 2034 bond illustrates the yield premium the market continues to demand for securities at the longer end of the curve.
The GOG-BD-08/02/33 bond, maturing February 2033 with a 9.25 percent coupon, contributed 15,000,000 securities across two transactions at a yield of 14.01 percent and a closing price of 79.37. The GOG-BD-13/02/29 bond, maturing February 2029 and carrying an 8.65 percent coupon, recorded 29,924,477 securities across two transactions at a yield of 11.25 percent, while the GOG-BD-12/02/30 bond, a February 2030 maturity paper with an 8.80 percent coupon, contributed 7,724,000 securities across three transactions at a yield of 13.30 percent. A single trade was recorded in the GOG-BD-02/02/38 bond, the longest maturity instrument on the official list, with 183,196 securities changing hands at a yield of 14.20 percent and a closing price of 76.18.
Treasury bills remained active across all three tenor categories during the session. The 91-day segment saw broad participation, with the GOG-BL-22/06/26 bill recording the highest single-instrument volume at 6,375,376 securities across 46 transactions at a closing price of 99.22. The GOG-BL-27/07/26 bill, a 182-day instrument maturing late July 2026, dominated that segment with 71,130,051 securities across 23 transactions at a closing price of 97.04. In the 364-day segment, the GOG-BL-14/09/26 bill recorded the highest volume at 6,769,158 securities across seven transactions at a closing price of 96.36.
No corporate bond trades were recorded during the Friday session. The absence of corporate activity on the final trading day of the week follows a pattern observed throughout March, as institutional participants have concentrated their outright corporate exposure earlier in the week, typically through Ghana Cocoa Board (COCOBOD) instruments.
Friday’s session concluded a week marked by sharp divergence between activity levels on different days. Monday, March 23, was a public holiday, effectively shortening the trading week to four sessions beginning Tuesday. Thursday’s session had registered GH¢1.70 billion in total volume before Friday pulled the close-of-week focus squarely toward the longer end of the yield curve, a signal that some institutional participants remain willing to extend duration at current yield levels despite the broad preference for short-term instruments that has defined Ghana’s post-Domestic Debt Exchange Programme (DDEP) fixed income market since 2023.
