Ghana’s fixed income market processed 211.72 million cedis across 255 transactions on Monday, November 18, 2025, with treasury bills maintaining their dominant position as investors continued favoring short term government securities over longer duration instruments. Treasury bills captured 137.69 million cedis through 233 separate deals, accounting for 65.03 percent of total trading volume.
The session’s most actively traded instrument was a treasury bill maturing July 27, 2026, which recorded 40.48 million cedis in volume across three transactions and closed at 91.33 cedis per 100 cedis face value. This concentration in bills demonstrates ongoing patterns where market participants prioritize liquidity and flexibility despite Ghana’s improving economic fundamentals.
New Government of Ghana (GOG) notes and bonds attracted 16.93 million cedis in fresh investments across four trades. The highest value transaction involved a GOG bond maturing August 15, 2028, carrying a 10.00 percent coupon, which saw 16.93 million cedis change hands in four deals at a yield of 16.51 percent and closed at 86.00 cedis.
Sell and buyback trades involving GOG notes and bonds contributed 56.96 million cedis through 17 transactions, representing the second largest segment of market activity. The most significant repo transaction involved a GOG bond maturing February 6, 2035, carrying a 9.55 percent coupon, which recorded 29.17 million cedis across five deals at a yield of 17.42 percent and closed at 64.40 cedis.
Corporate bond activity provided a rare highlight, with CMB Corporate Bond maturing August 30, 2027, recording 149,200 cedis in a single transaction at 98.69 cedis. This limited corporate participation continues reflecting challenges in developing this market segment, where only eight active corporate issuers currently operate after four companies recently exited.
Old GOG notes and bonds, along with Bank of Ghana (BoG) bills, recorded no trading activity during Monday’s session. The absence of these instruments indicates market participants are concentrating focus on newly issued government securities that offer greater liquidity.
The elevated yields visible in Monday’s trading continue reflecting risk premiums that investors demand for holding Ghanaian government debt. The 16.51 percent yield on the new GOG bond and the 17.42 percent yield on the decade long bond in the repo segment indicate that medium and long term government securities still carry significant rate structures.
The treasury bill market’s continued dominance underscores structural features of Ghana’s financial system. Banks, which represent the largest market participants, typically favor matching short term deposit liabilities with short term assets like treasury bills rather than committing to longer duration exposures. This preference persists despite inflation declining to 11.5 percent as of August 2025, marking its lowest level in four years.
The Ghana Fixed Income Market (GFIM) continues its strong recovery trajectory in 2025 following its first significant downturn in 2023 after implementation of the Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange (GSE) Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the 200 billion cedi mark, putting the market on track to achieve pre DDEP levels.
Monday’s trading volume reflects moderation from peak levels recorded earlier in November, when weekly volumes fluctuated between 1.55 billion and 2.65 billion cedis as market conditions and participant positioning shifted in response to monetary policy signals and liquidity conditions in the banking system.
The GFIM celebrates its 10th anniversary in November and December 2025 under the theme “10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities.” Since inception in August 2015, the market has traded over one trillion cedis in securities, becoming one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
Looking ahead, GSE aims to admit 100 companies to the GFIM and empower 10 million Ghanaians to participate in capital markets, up from the current two million securities account holders. The exchange plans launching an academy providing preparatory programs designed to demystify capital markets for companies and their boards while guiding them through listing requirements and finance access procedures.
