The Ghana Fixed Income Market (GFIM) processed GH¢196.97 million in securities on November 3, 2025, with treasury bills capturing 87.8 percent of total trading volume as investors maintained their preference for short term government paper. The session featured 143 transactions spanning government bonds, corporate debt, and central bank instruments.
Treasury bills accounted for GH¢172.88 million across 129 separate trades, continuing a pattern that has defined Ghana’s debt markets throughout 2025. Market participants consistently favor liquidity and flexibility over longer duration commitments despite the country’s improving economic fundamentals. While inflation has declined to 11.5 percent as of August 2025, marking its lowest level in four years, bond yields haven’t compressed proportionally.
New Government of Ghana (GOG) notes and bonds contributed GH¢8.93 million through seven transactions. The most actively traded government security was a February 2027 bond carrying an 8.35 percent coupon, which recorded GH¢7.34 million in volume across six deals at a yield of 16.56 percent and closing price of 90.75 cedis.
Corporate bonds saw modest activity with GH¢570,000 traded in two transactions. The Cocoa Marketing Board bond maturing August 2027 with a 13 percent coupon dominated the corporate segment, closing at 97.59 cedis. Corporate activity typically centers on state backed entities like Cocoa Processing Co., highlighting continued preference for sovereign debt.
Bank of Ghana (BOG) bills added GH¢884,329 through a single transaction, priced at 91.94 cedis. These central bank instruments serve crucial roles in liquidity management operations though they typically see less secondary market activity than treasury bills.
Sell and buy back trades in government notes and bonds totaled GH¢13.57 million across three transactions. The most significant repo activity involved a February 2028 bond with an 8.50 percent coupon, which traded GH¢13.57 million at 82.99 cedis. These repo style arrangements allow investors to access temporary liquidity while maintaining exposure to government bond positions.
Old government bonds recorded GH¢140,000 in a single trade. The December 2026 bond carrying a 21 percent coupon changed hands at 105.89 cedis with a yield of 14.51 percent, reflecting the premium pricing on higher coupon legacy securities.
The GFIM offers deeper liquidity in trading of fixed income securities, enhanced overall market efficiency, robust market transparency, and better price discovery. The platform operates on Bloomberg’s electronic bond trading and surveillance system, providing technical infrastructure for a modern fixed income market.
Monday’s concentration in short dated government securities reflects institutional realities in Ghana’s financial system. Banks, the dominant players in Ghana’s fixed income market, must manage short term deposit liabilities and prefer matching those with short term assets like treasury bills.
