Ghana’s fixed income market recorded total trades worth GHS 808.8 million across 389 transactions on Tuesday, May 26, with Treasury Bills commanding the dominant share as investors continued to favour shorter-term government instruments over longer-dated paper.
Treasury Bills accounted for GHS 445 million of the day’s volume, spread across 321 trades, representing more than half of all market activity. The most active bill was a February 2027 instrument carrying a zero coupon rate, which drew GHS 124.1 million across 15 trades and closed at a price of 94.44, implying an effective yield of 8.54%.
Bonds restructured under the Domestic Debt Exchange Programme (DDEP) were the second most active segment, generating GHS 158.2 million across 12 transactions. The largest single DDEP trade involved a February 2027 bond with an 8.35% coupon, which attracted GHS 132 million across seven trades and closed at 98.40, yielding 10.56%.
Sell and buy-back trades on Government of Ghana (GOG) notes and bonds contributed an additional GHS 204.2 million across 50 transactions. The most active instrument in that category was a longer-dated 2032 bond carrying a 9.10% coupon, which changed hands at GHS 100.2 million over six trades. That bond closed at a steep discount of 76.08, with a yield of 15.55%, reflecting the significant risk premium investors continue to demand for extended duration exposure on Ghanaian sovereign paper.
Corporate bonds saw limited activity, with just six trades totalling GHS 1.5 million. The largest corporate transaction involved a 13% coupon bond maturing in August 2027, which traded at a premium price of 102.66, suggesting relatively stronger investor confidence in that particular instrument’s creditworthiness.
No new GOG notes or bonds and no old GOG notes or bonds recorded any trades during the session, pointing to concentrated market interest in restructured debt instruments and short-term bills rather than conventional government securities.
The yield spread between the short-dated DDEP bond at 10.56% and the 2032 sovereign bond at 15.55% underlines how much additional return investors are demanding to commit capital over a longer horizon, a reflection of ongoing caution about Ghana’s fiscal trajectory as the country continues navigating its post-debt restructuring recovery path.
