Ghana Fixed Income Market Reaches GHS 1.19 Billion Turnover

Trading activity on the Ghana Fixed Income Market (GFIM) reached GHS 1.19 billion on Tuesday, June 2, 2026. This figure marks an increase from the GHS 1.14 billion recorded in the previous trading session. The rise suggests a modest rebound in overall market engagement.

Treasury bills were the most dominant asset class, contributing GHS 696.04 million to the total turnover. They represented 58.45% of all transactions across 367 trades. Sell-buy back transactions in Government of Ghana bonds followed, accounting for GHS 490.12 million from 20 trades. This made up 41.16% of the total market activity.

This performance fits into Ghana's broader economic narrative of managing public finance and market liquidity. Short-term government securities, like Treasury bills, often attract investors seeking lower risk and consistent returns. The significant volume in sell-buy back deals highlights their importance in managing liquidity within the financial system. These transactions involve selling a security with an agreement to repurchase it later, serving as a short-term financing tool for market participants.

According to the GFIM trading report, the market executed 398 trades across various instruments. These included new Government of Ghana bonds, DDEP bonds, Treasury bills, corporate bonds, and sell-buy back transactions. DDEP bonds recorded GHS 2.35 million across three trades. Corporate bonds saw GHS 1.69 million over six trades. New Government of Ghana notes and bonds contributed GHS 639,213 from two trades.

The continued dominance of Treasury bills and sell-buy back transactions indicates a preference for short-term and collateralised dealings. This suggests that market depth remains uneven, with liquidity concentrated in specific segments. For investors, this pattern signals that the fixed income market's activity focuses on short-term instruments and liquidity-management trades. Corporate bonds and longer-dated securities continue to experience thinner trading volumes.

The largest Treasury bill trade involved the GOG-BL-08/02/27-A6964-1992-0, reaching GHS 122.41 million in a single transaction. This instrument closed with a yield of 8.32% and a price of 94.6542. The biggest DDEP bond trade, GOG-BD-02/02/38-A6154-1838-10.00, amounted to GHS 2.35 million. It closed at a yield of 12.33% and a price of 85.7331. Corporate bond activity was led by CMB-BD-30/08/27-A6302-1675-13.00, with GHS 1.69 million across six trades. It closed at a price of 102.9940.

Market participants will watch for shifts in investor appetite towards longer-dated bonds and corporate debt. An increase in these areas would signal a deepening of the GFIM. The government's fiscal policies and interest rate decisions will also influence future trading patterns. These factors directly impact the attractiveness of various fixed income instruments. Continued strong performance in Treasury bills could signal ongoing investor caution amidst economic conditions. Conversely, a renewed interest in corporate bonds might suggest growing confidence in the private sector.