The Ghana Fixed Income Market (GFIM) recorded total trading volume of GH¢526.89 million across 215 transactions on November 10, 2025, with Treasury Bills dominating market activity as investor confidence continues strengthening following the market’s recovery from the Domestic Debt Exchange Programme (DDEP) impact.
Treasury Bills accounted for GH¢309.27 million across 188 transactions, representing the largest segment of trading activity for the session. Sell and buy back trades involving Government of Ghana (GOG) notes and bonds contributed GH¢217.62 million through 27 transactions, while new GOG notes and bonds, old GOG notes and bonds, corporate bonds, and Bank of Ghana (BOG) bills recorded no trading activity.
The largest volume traded in Treasury Bills was GH¢100.27 million involving the GOG BL 23/02/26 A6707 1943 0 security, which had a closing price of 96.7794. This instrument, which represents a 91 day Treasury Bill maturing on February 23, 2026, attracted significant investor interest as short term government securities remain popular among institutional investors seeking liquid assets.
The highest activity in sell and buy back trades involved GH¢134.71 million across 12 transactions for the GOG BD 16/02/27 A6143 1838 8.35 security. This bond, which carries an 8.35 percent coupon and matures on February 16, 2027, recorded a yield of 16.68 percent and a closing price of 90.8579, indicating investors are demanding higher returns for medium term government debt.
The trading activity on November 10 comes as the GFIM continues its strong recovery trajectory in 2025. Managing Director of the Ghana Stock Exchange (GSE) Abena Amoah revealed last week that cumulative trading volume from January to October 2025 has crossed the GH¢200 billion mark, putting the market on track to achieve pre DDEP levels.
GFIM experienced its first dip after seven years of sterling performance in 2023 following implementation of the DDEP, when volume traded dropped steeply from GH¢230 billion in 2022 to GH¢98 billion in 2023. The market then recovered by 76 percent in 2024 to reach GH¢174 billion under Ghana’s International Monetary Fund (IMF) supported economic programme.
Since its inception in August 2015, GFIM has traded over GH¢1 trillion in securities, a phenomenal achievement that demonstrates the market’s critical role in Ghana’s financial ecosystem. From humble beginnings when GH¢5.2 billion in securities were traded between August and December 2015, the market has become one of the most liquid in Sub Saharan Africa outside of South Africa and Nigeria.
The GFIM has facilitated corporates raising GH¢24 billion for business growth since its establishment. However, corporate bond issuances remain limited, with only eight active corporate issuers currently participating in the market after four companies recently exited, down from a previous pool of twelve companies.
Pension fund assets on the GFIM have grown to over GH¢90 billion, comprising approximately 90 percent of assets under management. This concentration reflects the conservative investment approach of pension fund managers who prioritize fixed income securities for their stable returns and lower risk profiles compared to equities.
Ghana’s bond market has earned international recognition for its innovation and transparency, marking one of the most significant milestones in the country’s capital markets development. The market has been consistently highlighted in African bond market surveys as one of the most innovative and transparent, with GSE now part of the International Capital Market Association (ICMA), aligning Ghana’s fixed income market with global best practices.
Investor confidence has surged thanks to regulatory enhancements such as the introduction of clear GFIM rules and a robust oversight framework. The development of a centralized, rules based platform has enabled efficient trading of public fixed income securities, while electronic bond trading platforms have significantly enhanced market transparency.
Looking ahead, GSE aims to see 100 companies admitted to the GFIM and empower 10 million Ghanaians to participate in the capital market, up from the current 2 million securities account holders. The exchange is set to launch an academy providing a preparatory programme designed to demystify capital markets for companies and their boards while guiding them through requirements for listing and accessing finance.
The GFIM market is celebrating its 10th anniversary in November and December 2025 under the theme 10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities. The next decade will focus on deeper corporate market development, sustainable finance instruments including green and social bonds, regional integration under the African Continental Free Trade Area (AfCFTA) framework, and leveraging financial technology and blockchain to boost transparency and efficiency.
The strong trading activity on November 10 reflects ongoing investor appetite for government securities as Ghana’s economic stabilization efforts continue yielding positive results. Market participants continue monitoring domestic economic indicators, monetary policy decisions from the Bank of Ghana, and global market trends that influence emerging market fixed income securities.