Ghana’s fixed income market has once again demonstrated its resilience and growing investor confidence after processing an impressive 1.88 billion cedis in its latest trading session.
The surge in activity was powered primarily by newly issued Government of Ghana notes and bonds, which captured the largest share of the day’s transactions. The market’s performance reflects a broader trend of strengthening liquidity, increasing investor appetite and Ghana’s gradual return to pre Domestic Debt Exchange Programme levels.
New Government of Ghana notes and bonds took center stage during the session, commanding 1.13 billion cedis in trading value across 113 deals. Market participants showed a heightened preference for these instruments, particularly those offering medium term yields.
The most actively traded new instrument was the government bond maturing on February 16, 2027. It carries an 8.35 percent coupon and recorded an exceptional 476.96 million cedis in volume across 38 transactions. The bond closed at a yield of 14.61 percent and a price of 93.26 cedis per 100 cedis face value, underscoring continued investor interest in government securities that offer both yield competitiveness and relative safety.
Treasury Bills Maintain Strong Appeal
Despite the dominance of new government bonds, treasury bills retained their strong appeal among investors seeking short term placements. Treasury bills accounted for 613.86 million cedis through 502 transactions. This reinforces the continued relevance of short term securities in a market environment where investors remain cautious but active.
A treasury bill maturing on February 16, 2026 recorded the highest activity in the segment with 296.27 million cedis traded across 29 deals. It closed at 97.39 cedis per 100 cedis face value, highlighting steady demand even as yields remain lower compared to longer term instruments.
Sell and buyback trades contributed 131.51 million cedis to the day’s activity through 16 transactions. These trades play an important role in liquidity management by allowing institutions to use government securities as collateral for short term financing.
The leading instrument in this category was a bond maturing on February 7, 2034 with a coupon of 9.40 percent. It generated 49.56 million cedis across five trades and closed at a yield of 17.91 percent, reflecting strong institutional interest in repurchase arrangements involving long dated government paper.
Corporate Bond Performance Remains Muted
Corporate bonds recorded minimal activity as only one transaction was executed in the entire session. A Ghana Cocoa Board paper maturing on August 30, 2027 accounted for all corporate activity, trading 2.13 million cedis.
The bond carries a coupon rate of 13 percent and closed at 95.67 cedis per 100 cedis face value. The muted activity in this segment reflects a broader pattern where investors continue to favor sovereign securities over corporate issuances due to their lower risk profile.
However, old government notes and bonds added 459,700 cedis across four trades, indicating minimal interest in older securities. The most active instrument in this category was a bond maturing on November 8, 2027 which recorded 420,000 cedis in volume across two deals. It closed with a yield of 20.46 percent and maintained a par value of 100 cedis, showing that a niche group of investors still explore opportunities in older issues with higher return potential.
Absence of Repo and GMRA Trades
While the session was robust across most categories, collateralized repo and Global Master Repurchase Agreement trades recorded zero activity. This is consistent with recent patterns and highlights the limited adoption of these advanced financing tools within Ghana’s fixed income ecosystem. Their absence signals an opportunity for future market development as Ghana seeks to align its financial infrastructure with global standards.
The latest trading activity aligns with the broader upward trend on the Ghana Fixed Income Market as it celebrates its 10th anniversary under the theme “10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities.”
According to Ghana Stock Exchange Managing Director Abena Amoah, cumulative trading from January to October 2025 surpassed 200 billion cedis, placing the market on course to match volumes recorded before the Domestic Debt Exchange Programme.
After plunging to 98 billion cedis in 2023, the market rebounded 76 percent in 2024 to reach 174 billion cedis under Ghana’s International Monetary Fund supported economic reforms. Since its inception in August 2015, GFIM has traded over one trillion cedis, cementing its position as one of the most liquid fixed income platforms in Sub Saharan Africa outside South Africa and Nigeria.
The current yield environment provides investors with attractive real return opportunities as inflation trends downward. Government bonds are trading at yields ranging between 14 and 18 percent depending on maturity. Ghana’s inflation rate has fallen sharply from 23.8 percent in December 2024 to single digit territory by October 2025. This improved macroeconomic backdrop is contributing to the renewed confidence in government debt instruments.
Meanwhile, in the near future, the Ghana Stock Exchange aims to expand GFIM participation by increasing securities account holders from two million to 10 million and admitting 100 additional companies to the platform.
The exchange also plans to launch a new academy to guide businesses through listing procedures and capital market access. These initiatives signal a future of deeper participation and sustained liquidity that could further elevate Ghana’s fixed income market over the next decade.
READ ALSO:rCOMSDEP to Implement Responsible Mining Standards to Combat Illegal Mining
