Treasury bills captured the overwhelming majority of trading activity on the Ghana Fixed Income Market (GFIM) on Monday, November 11, 2025, accounting for GH₵133.34 million across 267 transactions. The session recorded total trading volume of GH₵214.92 million through 279 deals as investors maintained their strong preference for short term government securities.
Sell and buy back trades involving Government of Ghana (GOG) notes and bonds contributed GH₵80.97 million through 11 transactions, representing the second largest segment of activity. Old GOG notes and bonds recorded minimal trading of GH₵613,100 in a single transaction. New GOG notes and bonds, corporate bonds, and Bank of Ghana (BOG) bills recorded no trading activity during the session.
The most actively traded treasury bill security was GOG BL 26/01/26 A6818 1965 0, which attracted GH₵67.99 million in volume across 32 separate transactions. The instrument closed at a price of 97.6046, reflecting the tight pricing environment for near term government paper. This bill matures in January 2026, demonstrating investor focus on securities with very short durations.
The highest volume sell and buy back transaction involved GOG BD 10/02/32 A6148 1838 9.10, which recorded GH₵63.38 million across five deals. This bond carries a 9.10 percent coupon and matures in February 2032, offering investors medium term exposure to government debt. The security traded at a yield of 21.33 percent with a closing price of 58.6996, indicating substantial discounts for longer dated instruments.
Old bond activity centered on GOG BD 02/03/26 A5563 1736 18.30, which generated GH₵613,100 in volume through one transaction. The legacy security carries an 18.30 percent coupon and closes at 97.7404 with a yield of 25.34 percent. Higher coupon rates on older bonds reflect the elevated interest rate environment that prevailed when these instruments were originally issued.
Monday’s trading patterns align with broader market trends visible throughout November 2025. Market participants consistently favor government securities over corporate debt and shorter maturities over longer dated instruments despite Ghana’s improving macroeconomic fundamentals. Banks, which represent the largest participants, typically prefer matching short term deposit liabilities with short term assets like treasury bills.
The absence of corporate bond activity highlights ongoing challenges in developing this market segment. Only eight active corporate issuers currently participate in the GFIM after four companies recently exited, down from a previous pool of twelve. The concentration in government securities reflects both structural features of Ghana’s financial system and institutional investor mandates prioritizing safety over yield enhancement.
The GFIM continues its strong recovery trajectory in 2025 following implementation of the Domestic Debt Exchange Programme (DDEP), which temporarily disrupted market confidence and trading volumes. Managing Director of the Ghana Stock Exchange (GSE) Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GH₵200 billion mark, putting the market on track to achieve pre DDEP levels.
Repo transactions remain an important component of market activity, providing investors with flexible tools to manage liquidity while maintaining exposure to government bond positions. The sell and buy back trades executed Monday demonstrate continued demand for these arrangements, particularly involving bonds with medium term maturities.
The trading session’s volume reflects moderation from peak levels recorded earlier in November. Weekly volumes have fluctuated between GH₵1.55 billion and GH₵2.65 billion as market conditions and participant positioning shift in response to monetary policy signals and liquidity conditions in the banking system.
Investor focus on treasury bills spanning 91 day, 182 day, and 364 day tenors demonstrates preferences for capital preservation and immediate liquidity over yield maximization. The pricing structure across Monday’s trading continued reflecting elevated rates that have persisted throughout 2025, with bond yields ranging from roughly 17 percent to 25 percent depending on maturity and security vintage.
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 GH₵1 trillion in securities, becoming one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
Looking ahead, the GSE aims to admit 100 companies to the GFIM and empower 10 million Ghanaians to participate in capital markets, up from the current 2 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.
