Ghana’s fixed income market posted a sharp rebound in activity on Thursday, March 26, 2026, processing a total of 1,699,366,293 securities across 1,070 transactions, driven by a dramatic surge in sell/buy-back operations and robust treasury bill demand.
The Ghana Fixed Income Market (GFIM) session marked a significant step up from Wednesday’s GH¢1.61 billion outing, with institutional investors returning in force to the repo market while short-term government paper continued to anchor outright trading volumes.
Sell/Buy-Back Trades Command the Session
Sell and buy-back operations on Government of Ghana (GoG) notes and bonds emerged as the dominant force by value, recording 646,703,344 securities across 71 transactions. The most actively traded instrument in this category was the GOG-BD-10/02/32 bond, a February 2032 maturity paper carrying a coupon of 9.10 percent, which recorded 211,182,829 securities across 32 transactions at a yield of 18.85 percent and a closing price of 66.1111, reflecting the continued steep discount at which the longer-dated paper trades relative to face value.
Treasury Bills Lead Outright Activity
Treasury bills dominated the session by outright volume, recording 1,003,950,494 securities across 965 transactions and accounting for roughly 59 percent of total market activity. The most actively traded bill was the GOG-BL-27/07/26 instrument, a July 2026 maturity paper, which registered 253,329,290 securities across 14 transactions at a closing price of 99.8868, reflecting the continued investor preference for near-term, liquid instruments.
New GoG Bonds Attract Selective Interest
New GoG notes and bonds posted 21,754,049 securities across 18 transactions. The largest single instrument by volume in this category was the GOG-BD-17/08/27 bond, an August 2027 maturity paper carrying a coupon of 10.00 percent, which recorded 20,239,896 securities in 10 transactions at a yield of 10.39 percent and a closing price of 99.4850. The near-par pricing of this instrument signals that investors are reasonably comfortable with medium-term government paper at current yield levels.
Corporate Bonds Post Strong Showing
Corporate bond activity reached 26,954,946 securities across 15 transactions, representing a significant increase over recent sessions. Ghana Cocoa Board (COCOBOD) instruments led corporate activity, with the CMB-BD-28/08/28 bond, a August 2028 maturity paper carrying a 13.00 percent coupon, recording 23,771,546 securities across four transactions at a closing price of 97.0057, trading at a modest discount to face value.
Old GoG Bonds Record Minimal Activity
Old GoG notes and bonds recorded the lightest activity of the session, with just 3,460 securities changing hands in a single transaction. The GOG-BD-13/07/26 instrument, a July 2026 maturity bond carrying a coupon of 19.50 percent, was the sole trade in this category, recording a yield of 32.50 percent against a closing price of 96.0893.
Thursday’s session reinforced patterns visible across Ghana’s fixed income market throughout March 2026, with institutional demand for short-duration instruments and repo operations continuing to dwarf appetite for longer-dated outright bond positions. The high yield of 32.50 percent on the old GoG bond and the steep discount on the 2032 paper contrast sharply with the near-par pricing of the new 2027 bond, illustrating the divergence between legacy restructured instruments and more recently issued government securities as Ghana’s post-Domestic Debt Exchange Programme (DDEP) debt market continues its gradual normalisation.
