The Ghana Fixed Income Market (GFIM) processed GHS 644.34 million across 299 transactions on Monday, 24 November 2025, with new government bonds accounting for the largest share as institutional investors continued favoring debt securities issued under the country’s restructuring programme.
New Government of Ghana (GOG) notes and bonds under the Domestic Debt Exchange Programme (DDEP) captured GHS 406.63 million through 25 transactions, representing 63.11 percent of total trading volume. The session’s most actively traded bond was a security maturing 16 February 2027 with an 8.35 percent coupon, which recorded GHS 125.37 million in volume across seven transactions at a yield of 16.03 percent and closing price of 91.66 cedis per 100 cedis face value.
Treasury bills contributed GHS 166.79 million through 268 separate deals, accounting for 25.88 percent of market activity. The highest volume treasury bill was an instrument maturing 26 January 2026, which saw GHS 33.54 million change hands across five transactions at a closing price of 97.39 cedis.
Sell and buyback (SBB) trades involving GOG notes and bonds generated GHS 68.89 million through five transactions, representing 10.69 percent of total volume. The largest repo transaction involved a bond maturing 5 February 2036 with a 9.70 percent coupon, which recorded GHS 53.50 million across three deals at a yield of 16.54 percent and closing price of 66.72 cedis.
Corporate bonds maintained limited presence with a single transaction worth GHS 2.03 million. The trade involved a Cal Bank (CMB) bond maturing 30 August 2027 with a 13.00 percent coupon, which closed at 95.47 cedis. The modest corporate activity continues reflecting structural challenges in developing Ghana’s private sector debt market.
Old GOG bonds and Bank of Ghana (BOG) bills recorded no trading activity during Monday’s session. The absence of BOG bills trading has persisted for several consecutive sessions, indicating sustained investor preference for treasury bills and repo arrangements.
Monday’s trading patterns demonstrate the concentration of activity in DDEP bonds, which have become increasingly liquid since their introduction following Ghana’s 2023 debt restructuring. The 16.03 percent yield on the February 2027 bond and 16.54 percent yield on the February 2036 bond indicate investors continue demanding substantial risk premiums for holding medium to long term Ghanaian government securities.
The dominance of new GOG bonds over treasury bills marks a shift from typical weekly patterns, where shorter duration instruments usually capture the majority of trading volume. Market participants typically favor treasury bills for their liquidity and flexibility, matching these short term assets against deposit liabilities.
The GFIM continues its recovery trajectory in 2025 following a significant downturn in 2023 after implementation of the DDEP. Managing Director of the Ghana Stock Exchange (GSE) Abena Amoah revealed that cumulative trading volume from January to October 2025 crossed the GHS 200 billion mark, positioning the market to approach pre DDEP levels.
Bank of Ghana Governor Johnson Asiama announced that turnover reached approximately GHS 214 billion through October 2025, reflecting strong resurgence of investor confidence. The governor described the rebound from GHS 98 billion in 2023 to current levels as evidence of restored market stability following the debt crisis.
Corporate bond participation remains constrained, with only eight active issuers currently operating in the market after four companies recently exited. The limited corporate depth reflects various factors including company preferences for bank financing, regulatory requirements for bond issuances, and investor concentration in government securities perceived as lower risk.
The GFIM 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.” Since inception in August 2015, the platform has traded over GHS 1 trillion in securities, establishing itself as one of Sub Saharan Africa’s most liquid fixed income markets outside South Africa and Nigeria.
Pension funds hold over GHS 90 billion in GFIM assets, representing approximately 90 percent of their assets under management. This concentration reflects conservative investment approaches that prioritize fixed income securities for stable returns and capital preservation.
Looking ahead, the GSE aims to admit 100 companies to the GFIM and expand participation to 10 million Ghanaians, up from the current 2 million securities account holders. The exchange plans launching an academy to guide companies through listing requirements and financing procedures.
Ghana’s bond market has gained recognition as one of Africa’s most credible domestic platforms, with officials positioning it to anchor regional capital market integration under the African Continental Free Trade Area (AfCFTA) Financial Integration Framework. The next decade of GFIM growth will focus on depth through expanded repo markets, diversity through wider issuer participation, and digitalization through real time settlement systems.