Ghana Bond Investors Sustain Appetite as GFIM Hits ₵979m Daily Turnover
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Ghana’s Fixed Income Market Sees Strong Investor Interest: Trading Volume reaches 979.59 Million Cedis
What Happened?
Ghana’s fixed income market experienced a surge in activity, with a total trading volume of 979.59 million cedis recorded in a single session. This was driven by 508 transactions, indicating improved liquidity and a growing appetite for government securities.
Treasury bills were the most actively traded instruments, accounting for 247.08 million cedis in value through 410 deals. New Government of Ghana notes and bonds also saw significant participation, contributing 544.47 million cedis from 50 transactions. Repo transactions (sell and buyback deals) added another 146.12 million cedis.
Activity in older government securities and corporate bonds was comparatively subdued.
Key Trading Data
| Instrument Type | Value Traded (Cedis) | Number of Deals |
|---|---|---|
| Treasury bills | 247.08 million | 410 |
| Govt. Notes & Bonds (New) | 544.47 million | 50 |
| Repo Transactions | 146.12 million | 44 |
| Old Govt. Securities | 1.04 million | 2 |
| Corporate Bonds | 40.88 million | 2 |
| Total | 979.59 million | 508 |
Spotlight on Specific Instruments
Government Bond (Feb 13, 2029)
The most significant single trade involved a government bond maturing on February 13, 2029, with a coupon rate of 8.65 percent. A total of 336.47 million cedis was traded across 15 deals, closing at a yield of 15.03 percent and a price of 84.16.
Government Bond (June 12, 2028)
among older bonds, the June 12, 2028 maturity recorded the highest volume, trading 1 million cedis at an 18.50 percent yield with a closing price of 99.19.
Treasury Bill (91-day, Jan 26, 2026)
The most active treasury bill was the 91-day paper maturing January 26, 2026, with 67.57 million cedis traded across 15 deals, closing at 99.16.
Corporate Bond (Aug 28, 2028)
Corporate bonds traded were issued by a major financial institution and mature on August 28, 2028, carrying a 13 percent coupon rate.40.88 million cedis were traded in two transactions, closing at 93.48.
What Does This Mean?
The strong trading volume suggests increasing confidence in Ghana’s fixed income market. The preference for medium-term securities, as evidenced by the activity in the 2029 bond, likely reflects investor expectations of declining inflation and attractive yields. The continued demand for short-term treasury bills indicates that financial institutions are prioritizing liquidity management.
the limited activity in older government securities and corporate bonds suggests that investors might potentially be more cautious about credit risk and are seeking higher returns in newer