The Ghana Fixed Income Market (GFIM) processed GHS 1.11 billion across 560 transactions on Monday, December 1, 2025, as new government bonds dominated trading activity amid sustained institutional appetite for sovereign debt securities.
New Government of Ghana (GOG) notes and bonds captured GHS 361.83 million through 19 transactions, while sell and buyback trades involving government securities contributed GHS 554.77 million through 32 deals. Treasury bills accounted for GHS 187.90 million across 502 transactions, and corporate bonds recorded GHS 3.06 million through seven trades.
The session’s most actively traded government bond was a security maturing February 16, 2027, carrying an 8.35 percent coupon, which recorded GHS 361.83 million in volume across 19 transactions at a yield of 14.84 percent and closing price of 92.9835 cedis per 100 cedis face value. This represented the largest single segment of Monday’s market activity.
Treasury bill trading attracted the highest transaction count with 502 separate deals, though volume remained modest compared to government bonds. The most actively traded treasury bill was a security maturing March 30, 2026, which saw GHS 59.48 million change hands across four transactions at a closing price of 96.7279 cedis.
Sell and buyback trades, functioning as short term liquidity arrangements using bonds as collateral, showed robust activity. The largest repo transaction involved a bond maturing February 11, 2031, carrying an 8.95 percent coupon, which recorded GHS 166.07 million across six deals at a yield of 16.81 percent and closing price of 73.3403 cedis.
Corporate bond activity remained limited with just seven transactions totaling GHS 3.06 million. The only corporate paper trading was a Consolidated Bank Ghana (CMB) bond maturing August 30, 2027, carrying a 13 percent coupon, which closed at 98.3045 cedis. This marked another session where corporate debt represented less than one percent of total market volume.
The dominance of government securities reflects structural features of Ghana’s financial system. Banks, representing the largest market participants, typically favor matching short term deposit liabilities with short term assets rather than committing to longer duration exposures.
Monday’s billion cedi plus trading volume demonstrates the GFIM’s continued recovery trajectory following implementation of the Domestic Debt Exchange Programme (DDEP) in 2023. Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the GHS 200 billion mark, putting the market on track to achieve pre DDEP levels. Trading volume peaked at GHS 230 billion in 2022 before dropping steeply to GHS 98 billion in 2023.
Bank of Ghana Governor Johnson Asiama announced turnover reached approximately GHS 214 billion through October 2025, reflecting 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.
The yield environment reveals market expectations about inflation and monetary policy. Government bonds trade in a 14.84 to 16.81 percent range for different maturities, offering attractive real returns as inflation continues moderating. Ghana’s inflation declined from 23.8 percent in December 2024 to 8 percent by October 2025.
Treasury bill rates have fallen dramatically from 28.9 percent to 10.7 percent, the lowest in 14 years, making longer dated bonds relatively more attractive for investors seeking higher yields. The decline in money market rates has prompted institutional investors to reallocate funds from short term government securities into bonds seeking enhanced returns.
Corporate bond participation remains constrained, with only eight active issuers currently operating in the market after four companies recently exited, down from a previous pool of twelve. The limited depth in corporate debt 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 the most liquid markets in Sub Saharan Africa outside South Africa and Nigeria.
From humble beginnings when GHS 5.2 billion in securities were traded between August and December 2015, the market has grown to facilitate daily volumes frequently exceeding half a billion cedis. The GFIM has facilitated corporates raising GHS 24 billion for business growth since establishment.
Pension fund assets on the GFIM have grown to over GHS 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 stable returns and capital preservation.
Looking ahead, the Ghana Stock Exchange aims to admit 100 companies to the GFIM and empower 10 million Ghanaians to participate in capital markets, up from the current two million securities account holders. The exchange plans launching an academy providing preparatory programs designed to demystify capital markets for companies and their boards while guiding them through listing requirements.
Zero activity in collateralized repo and Global Master Repurchase Agreement (GMRA) trades indicates these sophisticated financing tools aren’t yet integrated into Ghana’s fixed income infrastructure, despite their prevalence in more developed markets. The absence suggests liquidity management remains concentrated in simpler sell and buyback arrangements.
Monday’s robust trading volume represents solid activity by regional standards, reflecting institutional appetite for Ghanaian fixed income despite fiscal challenges. Banks, pension funds, and insurance companies need yield generating assets, and government paper fills that requirement while meeting regulatory preferences for sovereign exposure.
What remains missing is corporate bond market depth that would signal private sector confidence and provide growth capital outside the banking system. Until companies can attract consistent investor interest, Ghana’s capital markets will remain heavily tilted toward public sector financing.
The question facing market participants is whether improving fiscal metrics will eventually restore confidence in private sector debt, or whether investors will remain anchored to government paper regardless of narrowing yield differentials. For now, sovereign securities continue commanding overwhelming market share as the GFIM marks its milestone anniversary year.