Treasury Bills Drive GHS 629 Million Fixed Income Trading

Treasury bills dominated activity on the Ghana Fixed Income Market (GFIM) on Monday, May 4, 2026, with GHS 629.09 million in trades. This figure represents the largest segment by value and the most transactions among all fixed income instruments.

Total market turnover reached GHS 888.46 million from 337 trades, a quieter session compared to previous days. Treasury bills accounted for 300 of these trades, highlighting their central role in the market. This reflects investors' continued preference for short-term government securities, which provide predictable pricing and easier exit options.

This trading pattern aligns with a broader trend in Ghana where government securities, particularly short-term instruments, act as the primary liquidity anchor for investors. The market consistently shows a strong demand for these instruments, often at the expense of corporate bonds. Data from the Bank of Ghana frequently points to the government's significant borrowing needs, making its debt instruments readily available and attractive. This often leaves limited room for private sector debt to attract similar investor interest.

According to data from the trading session, the largest Treasury bill trade involved the GOG-BL-08/02/27-A6964-1992-0 instrument, which generated GHS 162.86 million from four trades. This particular security closed at a price of 93.8941, underscoring its dominance in the short-term government paper segment.

Moving forward, the market’s reliance on Treasury bills suggests that policymakers might need to consider strategies to deepen the corporate bond market. Investors will continue to monitor interest rates on government securities, as these rates directly influence their returns and investment decisions. The ongoing popularity of sell/buy-back transactions also indicates a continued use of structured deals around Government of Ghana bonds, reflecting an active search for yield and risk management strategies.

Following Treasury bills, sell/buy-back trades in Government of Ghana notes and bonds recorded GHS 204.47 million across 28 transactions. These trades reflect structured transactions using existing government debt. The most active security in this segment was the GOG-BD-10/02/32-A6148-1838-9.10, which saw GHS 104.64 million in six trades. This transaction closed at a yield of 13.34 per cent.

Domestic Debt Exchange Programme (DDEP) bonds recorded GHS 54.90 million from nine trades. The largest DDEP bond trade involved the GOG-BD-16/02/27-A6143-1838-8.35, posting GHS 53.01 million from two trades. This bond closed at a yield of 11.06 per cent. No trading activity occurred in new or old Government of Ghana notes and bonds, or in corporate bonds. The absence of corporate bond trading highlights the limited depth of Ghana’s private debt market, with secondary market liquidity heavily skewed towards government securities.