Ghana’s fixed income market processed a total of 1,610,747,934 securities across 17,134 transactions on Wednesday, March 25, 2026, with treasury bills overwhelmingly dominating both volume and trade count while the longer-dated government bond market remained subdued.
Treasury bills accounted for 1,174,352,232 securities in 17,067 transactions, representing about 72.9 percent of total market volume and more than 99 percent of all trades recorded during the session. The 91-day bill maturing June 15, 2026, designated GOG-BL-15/06/26, was the most actively traded instrument across the entire market, recording 210,527,859 securities in 7,219 deals at a closing price of 98.88.
New Government of Ghana (GoG) notes and bonds posted 76,538,263 securities across 26 transactions. The standout instrument in this category was the 2023-GC-5 bond, designated GOG-BD-11/02/31 and carrying a coupon of 8.95 percent, which recorded the highest outright bond volume at 39,036,863 securities in nine trades. The bond closed at a yield of 12.21 percent and an end-of-day price of 88.21, reflecting continued market pricing at a discount to par for medium-duration government paper.
The 2023-GC-1 bond, maturing February 2027 with an 8.35 percent coupon, recorded 28,709,274 securities across four trades at a closing yield of 9.84 percent and a price of 98.73. The 2023-GC-3 bond maturing February 2029 contributed 4,132,936 securities across seven trades at a closing yield of 11.01 percent.
Sell and buy-back trades on GoG notes and bonds totalled 351,977,439 securities across 15 transactions. The dominant instrument in this segment was the 2023-GC-6 bond, maturing February 10, 2032 and carrying a coupon of 9.10 percent, which recorded 228,191,249 securities in three trades at a yield of 13.34 percent and a weighted average closing price of 83.37. The 2023-GC-11 bond maturing February 2037 followed with 54,000,000 securities across two trades at a yield of 14.00 percent, while the 2023-GC-12 bond maturing February 2038 contributed 23,119,568 securities across three trades at a yield of 13.32 percent.
Corporate bond activity reached 7,880,000 securities across 26 transactions, with Ghana Cocoa Board (COCOBOD) instruments accounting for all recorded corporate volume. The CMB-BD-31/08/26 bond, maturing August 31, 2026 and carrying a 13 percent coupon, led corporate activity with 2,911,300 securities in 10 trades at a closing price of 101.53. The CMB-BD-30/08/27 bond maturing August 2027 recorded 4,456,400 securities across 11 trades at a closing price of 103.18, while the CMB-BD-28/08/28 bond maturing August 2028 contributed 312,300 securities across four trades at a closing price of 103.56. All three COCOBOD instruments traded at a premium to face value, reflecting the continued investor confidence in quasi-government paper.
No outright trades were recorded in old GoG notes and bonds during the session.
Wednesday’s session contrasted sharply with Tuesday’s activity, when total volume reached 1,520,630,890 securities but sell and buy-back trades commanded the largest share. Wednesday saw treasury bills widen their dominance considerably, consistent with the strong short-term investor preference that has persisted throughout March 2026 as participants favour liquid, lower-duration instruments.
