Ghana’s fixed income market continued to attract strong investor interest, recording a trading volume of 979.59 million cedis. Data from the Ghana Fixed Income Market (GFIM) showed that 508 transactions were processed in one trading session. Analysts say this reflects improving liquidity and growing appetite for government securities across different maturities.
Treasury bills dominated activity, with 247.08 million cedis traded through 410 deals. Investors also took positions in new Government of Ghana notes and bonds, which contributed 544.47 million cedis from 50 transactions. In addition, sell and buyback deals involving government securities recorded another 146.12 million cedis from 44 transactions, showing the continued importance of short-term funding tools in the market.
However, old government securities saw very little interest, trading only 1.04 million cedis in two deals. Corporate bonds also participated lightly with 40.88 million cedis exchanged through two trades, signalling limited involvement of private issuers in Ghana’s secondary bond market.
The largest single trade of the day was a government bond maturing on February 13, 2029. The bond carries a coupon rate of 8.65 percent and traded 336.47 million cedis across 15 deals. Market data showed it closed at a yield of 15.03 percent and a price of 84.16. Analysts said the heavy interest in the 2029 bond indicates investor preference for medium-term securities because yields remain attractive compared to falling inflation levels.
Among older government bonds, a June 12, 2028 maturity recorded the highest volume. It traded 1 million cedis at an 18.50 percent yield with a closing price of 99.19. This highlighted pockets of value in older instruments despite overall lower activity.
The most active instrument among treasury bills was a 91-day paper maturing January 26, 2026. It recorded 67.57 million cedis traded across 15 deals and closed at 99.16. Financial institutions and banks reportedly continue to favour short-term government paper to manage cash flow and liquidity requirements.
Corporate bonds traded during the day were issued by a major financial institution and mature on August 28, 2028. The bonds come with a 13 percent coupon rate and traded 40.88 million cedis from two transactions. They closed at 93.48, reflecting investor views on credit risk and the premium required above government debt.
Sell and buyback deals, also known as repo transactions, saw major action in a government bond maturing February 11, 2031. The instrument has an 8.95 percent coupon and recorded 68.19 million cedis traded across six deals. It closed at 73.91 with a 16.61 percent yield, proving its usefulness for collateralised short-term borrowing.
The Ghana Fixed Income Market serves as a secondary market for government and corporate debt. It uses the Bloomberg E-Bond trading platform, which provides transparency, electronic execution and automated settlement. Trading hours run from 9 a.m. to 4 p.m. on business days.
All treasury bills, bonds and notes issued by the government are automatically listed on the platform. Other securities, including corporate bonds and Bank of Ghana instruments, can be added once they meet listing requirements.
Since its establishment in August 2015, GFIM has grown into one of West Africa’s most active bond markets. The market recovered strongly in 2024 with trading activity reaching 174 billion cedis, up from 98 billion cedis in 2023. The drop in 2023 was caused by Ghana’s Domestic Debt Exchange Programme (DDEP), which triggered panic and losses for investors. Market data shows cumulative volumes have now crossed 1.07 trillion cedis as of September 2025.
The market shock in 2023 came as government restructured its debt under an International Monetary Fund (IMF) support programme. The restructuring forced bond losses, leading volumes to collapse by over half from the peak of 230 billion cedis in 2022. However, confidence has returned gradually as Ghana improved economic indicators.
Inflation dropped to 6.3 percent in November 2025, the lowest rate in four years and below the Bank of Ghana’s target range. The Ghanaian cedi has also strengthened by around 35 percent so far in 2025, supported by strong cocoa and gold exports. The Bank of Ghana has responded to the stability by reducing its policy rate to 18 percent from 21.5 percent, marking the first monetary easing after prolonged tightening.
Medium-term government bond yields still range between 15.18 percent and 16.05 percent, showing that investors still demand a risk premium following debt restructuring.
Corporate issuances remain weak, with only eight companies maintaining active bonds, down from 12 previously. Since launch, corporations have raised 24.32 billion cedis through bond issuances. The Ghana Stock Exchange is targeting 100 corporate listings and increasing investor accounts from two million to 10 million.
Market officials say regulatory systems have strengthened significantly. Integration with the Central Securities Depository, oversight by the Securities and Exchange Commission and Bank of Ghana, and electronic surveillance ensure fair trading.
As Ghana marks the GFIM’s tenth anniversary under the theme “Deepening Markets, Expanding Possibilities,” analysts expect more activity in 2026. Improving fiscal discipline, lower inflation and stronger currency performance are boosting confidence. The key challenge remains attracting more corporate participation to diversify funding beyond government debt and create more investment options for the market.
