Ghana’s fixed income market closed the trading week on a robust note Friday, with the Ghana Fixed Income Market (GFIM) recording a grand total of 633,379,243 units across 421 transactions, as Treasury bills (T-bills) once again anchored activity and Domestic Debt Exchange Programme (DDEP) bonds attracted the second-heaviest volume of the session.
T-bills accounted for 449,835,262 units in 357 trades, representing more than 71 percent of the day’s total activity and continuing the pattern of institutional preference for short-tenor government paper that has defined trading across this week. The most active single instrument was a 364-day bill maturing January 18, 2027, which generated 91,711,939 units across 14 transactions, closing at a price of ₵93.90 per ₵100 face value.
DDEP bonds ranked second, recording 144,332,679 units in 30 trades. Within that segment, the 2023-GC-4 bond maturing February 12, 2030, carrying an 8.80 percent coupon, was the volume leader, generating 79,435,520 units across six deals and closing at a yield of 13.15 percent. The 2023-GC-1 bond maturing February 16, 2027, a near-term benchmark within the DDEP series, followed with 59,207,594 units in 17 transactions, closing at a yield of 10.33 percent and a price of ₵98.42 per ₵100 face value. A third DDEP instrument, the 2023-GC-3 bond maturing February 13, 2029, traded 4,800,000 units in three deals, closing at a yield of 10.43 percent.
New Government of Ghana (GoG) bonds recorded modest but positive activity. The 7-year bond maturing March 29, 2033, carrying a 12.50 percent coupon, changed hands in three transactions totalling 1,245,100 units, closing at a yield of 12.27 percent and a price of ₵101.02 per ₵100 face value, a marginal tightening from Thursday’s close.
Old GoG notes and bonds registered 1,363,600 units across seven trades. The most active instrument in that legacy category was a 6-year bond maturing January 18, 2027, which traded 1,320,000 units in six deals, closing at a yield of 29.32 percent, a level that continues to reflect the sustained yield premium attached to pre-restructuring paper.
Corporate bonds contributed 4,801,800 units across 14 transactions, with Ghana Cocoa Board (COCOBOD) dominating the segment as in prior sessions. The COCOBOD bond maturing August 28, 2028 led with 2,937,100 units in eight trades, closing at a price of ₵103.39 per ₵100 face value. Its shorter-dated companion bond maturing August 31, 2026 followed with 1,864,700 units in six deals, closing at ₵101.36.
Sell and buy-back trades involving GoG notes and bonds added 31,800,802 units across 10 transactions. The most active repo instrument in that category was the DDEP 2023-A-2 bond maturing August 15, 2028, which recorded 10,137,742 units in four transactions at a weighted average price of ₵80.54, carrying an implied yield of 20.91 percent.
Friday’s session closes a week that saw GFIM volume trend progressively lower from Monday’s levels before a recovery today, as investors balanced shorter-term positioning in T-bills against selective demand in medium-dated DDEP instruments ahead of the weekend.
