The Ghana Fixed Income Market (GFIM) processed 1.70 billion cedis across 962 transactions on Thursday, February 6, 2026, with treasury bills capturing the dominant share of trading activity as institutional investors maintained their preference for short term government securities.
Treasury bills accounted for 608.52 million cedis through 855 separate deals, representing 36 percent of total market volume. New Government of Ghana (GoG) notes and bonds contributed 935.27 million cedis across 88 transactions, accounting for 55 percent of trading activity. Sell and buyback trades involving government notes and bonds added 144.30 million cedis through 14 transactions.
The session’s most actively traded treasury bill was a security maturing March 23, 2026, which recorded 311.51 million cedis in volume across 34 transactions at a closing price of 98.54 cedis per 100 cedis face value. The six week maturity reflects institutional demand for ultra short duration exposures offering competitive returns while preserving maximum liquidity.
Among government bonds, the highest volume transaction involved a security maturing August 15, 2028, carrying a 10.00 percent coupon, which saw 221.29 million cedis change hands across six deals. The bond traded at a yield of 13.43 percent with a closing price of 92.84 cedis per 100 cedis face value, indicating investors demand significant premiums for medium term exposures despite improved macroeconomic fundamentals.
The largest sell and buyback transaction involved a government bond maturing February 12, 2030, carrying an 8.80 percent coupon, which processed 90.33 million cedis across three deals. The security traded at a yield of 12.90 percent with a closing price of 87.42 cedis, reflecting institutional use of repurchase arrangements to access short term liquidity while maintaining longer dated bond positions.
Old government notes and bonds recorded minimal activity with only 81,836 cedis changing hands through three trades. The most active older security was a bond maturing January 17, 2028, carrying a 21.75 percent coupon, which processed 78,596 cedis across two transactions at a yield of 15.51 percent and a closing price of 110.11 cedis.
Corporate bonds showed limited participation with 10.03 million cedis in volume through two transactions. A CMB bond maturing August 30, 2027, carrying a 13.00 percent coupon, closed at 96.17 cedis, though no yield data was available for this transaction.
Thursday’s trading patterns demonstrate continued institutional preference for either highly liquid short dated treasury bills or attractively priced medium term government bonds over older securities or corporate instruments. The concentration of activity in these segments reflects strategic positioning by banks, pension funds, insurance companies, and asset managers navigating Ghana’s evolving fixed income landscape.
Market participants continue monitoring domestic economic indicators and monetary policy decisions from the Bank of Ghana (BoG). Inflation reached 6.3 percent in November 2025, falling within the central bank’s target range after years of elevated price pressures. Government bond yields remain elevated despite broader macroeconomic improvement, reflecting investor caution about medium term fiscal sustainability.
The GFIM operates under the Ghana Stock Exchange (GSE) and provides a platform for secondary trading of fixed income securities including treasury bills, government notes and bonds, BoG money market instruments, and corporate bonds. The market uses the Bloomberg E-Bond trading and market surveillance system.
Since its inception in August 2015, the GFIM has traded over one trillion cedis in securities, establishing itself as one of Sub-Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria. The market experienced significant disruption in 2023 following implementation of the Domestic Debt Exchange Programme (DDEP), when trading volumes dropped from 230 billion cedis in 2022 to 98 billion cedis in 2023 before recovering 76 percent in 2024 to reach 174 billion cedis.
