Ghana’s Fixed Income Market (GFIM) processed GH₵1.00 billion in trades across 429 transactions on Tuesday, January 14, 2026, with treasury bills and government bonds sharing activity as investors maintained strong appetite for government securities.
Treasury bills captured GH₵591.44 million through 407 separate deals, accounting for 59 percent of total market volume. New Government of Ghana (GOG) notes and bonds contributed GH₵401.98 million through 19 transactions, representing 40 percent of trading activity.
The session’s most actively traded instrument was a GOG bond maturing February 16, 2027, carrying an 8.35 percent coupon, which recorded GH₵247.86 million in volume across 13 transactions. The security traded at a yield of 14.60 percent with a closing price of 93.8682 cedis per 100 cedis face value, reflecting continued investor demand for medium term government paper despite elevated yields.
Among treasury bills, the most active security was a bill maturing April 20, 2026, which saw GH₵162.95 million change hands across six transactions at a closing price of 96.6957 cedis. The three month maturity reflects ongoing institutional preference for near term instruments offering competitive returns while maintaining easy exit options.
Sell and buyback trades involving GOG notes and bonds added GH₵8.21 million through three transactions. The largest repo transaction involved a GOG bond maturing February 11, 2031, carrying an 8.95 percent coupon, which traded at a yield of 16.01 percent with a closing price of 75.9865 cedis.
Corporate bonds and Bank of Ghana (BOG) bills recorded zero trading activity during Tuesday’s session, continuing patterns that have characterized the market throughout early 2026. Old GOG notes and bonds also saw no trades, as investors concentrated on either highly liquid treasury bills or newly issued government bonds.
The distribution of trading volume between treasury bills and new government bonds indicates a more balanced approach compared to recent weeks when treasury bills dominated activity. The shift suggests some investors are extending duration to capture yields on medium term government securities before anticipated further rate declines.
Ghana’s fixed income market has recovered strongly in 2025 following disruption from the 2023 Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GH₵200 billion mark.
Treasury bill rates have fallen dramatically from 28.9 percent at the peak of the debt crisis to current levels around 10.7 percent, the lowest in 14 years. However, government bond yields remain elevated despite broader improvement in financial conditions, with the 14.60 percent yield on the February 2027 bond indicating that medium term government securities still carry significant rate structures.
The elevated yields reflect investor concerns about Ghana’s medium term fiscal trajectory and substantial refinancing needs over coming years. The government faces significant refinancing requirements in 2026 as domestic bonds mature following DDEP restructuring.
Finance ministry officials have indicated they will use a combination of treasury bills, medium term notes and bonds to meet financing requirements while maintaining a balanced maturity profile. Government’s zero Bank of Ghana financing policy announced in the 2026 budget means all deficit financing will come through market based instruments rather than central bank advances.
The GFIM celebrated its 10th anniversary in November and December 2025, having traded over GH₵1 trillion in securities since inception in August 2015. The market has become one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
