Ghana’s fixed-income market shifted into a higher gear in August 2026 as trading activity more than doubled from a year earlier, with securities worth GH¢43.20 billion changing hands amid strong demand for government debt.
The sharp rise in turnover highlights a market that is becoming significantly more active, even as Treasury bill yields continue to fall. According to SIC Brokerage’s monthly market report, fixed-income transactions increased by 102.65% year-on-year from GH¢21.32 billion in August 2025 to GH¢43.20 billion in August 2026.
Trading volume followed the same powerful trajectory, climbing 104.77% to approximately 48.99 billion securities from 23.92 billion securities a year earlier.
The figures point to stronger liquidity and growing investor participation across Ghana’s debt market, although government securities remain firmly in control of activity.
Government Securities Continue To Dominate
Government notes and bonds accounted for 52.77% of total fixed-income transactions during the month, making them the largest component of market activity.
Treasury bills followed closely, contributing 45.98% of transactions. Corporate bonds, meanwhile, represented just 1.25% of total activity.
The figures underline the extent to which Ghana’s fixed-income market remains heavily dependent on sovereign securities. Investors continue to channel the bulk of their funds into government-backed instruments, while corporate issuers command only a small share of the market.
That dominance has important implications for the development of Ghana’s capital market. A deeper corporate debt market could provide companies with alternatives to bank financing and help direct more long-term funding toward private-sector expansion and productive investment.
August’s numbers, however, show that government securities continue to attract the overwhelming share of investor attention.
Treasury Auction Draws Strong Investor Demand
Demand was particularly evident in the primary market, where Treasury Tender #2024 attracted total bids of GH¢8.20 billion.
The government ultimately accepted GH¢7.21 billion, indicating that investors were willing to commit substantial liquidity to short-dated government securities despite declining yields.
SIC Brokerage described the auction as attracting “strong investor demand”.
The 91-day Treasury bill received the largest amount of accepted bids at GH¢4.52 billion. The 182-day bill followed with GH¢1.82 billion, while the 364-day security accounted for GH¢867.93 million.
The results point to a clear preference for shorter maturities at the latest auction. Investors appear willing to deploy funds into government paper while keeping maturities relatively short, giving them greater flexibility to reassess market conditions as interest rates and inflation expectations change.
Treasury Yields Continue Their Downward Slide
The surge in demand has come alongside a continued decline in Treasury bill yields.
At the latest auction covered by the report, the 91-day yield fell by 11 basis points to 4.69%. The 182-day yield declined by 17 basis points to 6.51%, while the 364-day bill eased by two basis points to 10.10%.
Lower yields mean the government is able to refinance short-term obligations at cheaper nominal rates. However, the trend also puts pressure on investors seeking attractive returns from traditionally low-risk government instruments.
The broader August yield curve presented by SIC Brokerage paints an even more striking picture. Rates stood at 4.95% for 91-day securities, 6.86% for 182-day bills and 10.78% for 364-day instruments. They then rose to 12.02% for two-year securities, 12.90% at three years, 14.21% at five years and 21.50% at 20 years.
The difference between the broader yield-curve figures and the latest auction rates appears to reflect different points in the month rather than a contradiction.
Steep Yield Curve Signals Caution
The steep yield curve remains one of the most important features of Ghana’s current fixed-income market.
Investors are accepting comparatively low returns at the short end, while demanding significantly higher yields to commit funds over longer periods. That gap reflects the additional duration, inflation and fiscal risks associated with longer-term securities.
The pattern creates an opportunity for government to take advantage of lower short-term borrowing costs. At the same time, relying too heavily on Treasury bills could increase refinancing risks because obligations mature more frequently.
A healthier debt profile would require sustained demand across a wider range of maturities, particularly if the government wants to reduce its exposure to repeated short-term refinancing.
August Activity Signals A Deeper Market
The strength of August trading was not limited to a single auction.
Across the month, the 364-day bill accounted for 56% of total amounts raised, compared with 34% for the 91-day bill and 10% for the 182-day instrument. This suggests that the government was able to secure a significant amount of one-year funding despite the heavy concentration in 91-day securities at the latest tender.
Meanwhile, the GH¢43.20 billion secondary-market turnover shows that investors were not simply buying government securities and holding them to maturity.
Active secondary-market trading allows investors to adjust their portfolios, respond to changing yields and manage liquidity more effectively. Greater turnover can therefore strengthen the overall functioning of the fixed-income market.
Sovereign Debt Still Holds The Market
Despite the impressive August performance, Ghana’s fixed-income market still faces a major structural challenge.
Corporate bonds accounted for only 1.25% of transactions, leaving government securities overwhelmingly dominant.
The surge in trading therefore represents both progress and a reminder of the market’s dependence on sovereign debt.
August delivered a powerful increase in activity, with turnover and volume both more than doubling year-on-year. Falling short-term yields also suggest that the government is benefiting from stronger demand for its securities.
The bigger question is whether this liquidity can support a more balanced debt market.
Sustained investor appetite for longer-dated securities at affordable rates would provide a stronger indication of confidence in Ghana’s medium-term fiscal outlook. Until then, August’s figures tell a compelling story of a market that is becoming deeper and more active, but still firmly shaped by government borrowing and a steep yield curve.
