Ghana’s fixed income market processed 1.88 billion cedis across 1,116 transactions on Friday, January 30, 2026, with new government securities maintaining their dominant position as institutional investors continued their strong appetite for state debt instruments.
New Government of Ghana (GOG) notes and bonds captured 1.24 billion cedis through 81 separate transactions, representing the largest share of Thursday’s trading activity. The session reflected sustained demand for government paper despite evolving macroeconomic conditions across the West African nation.
Treasury bills attracted 443.33 million cedis in trading volume through 1,000 transactions, demonstrating continued investor interest in short term government debt. Corporate bonds generated 111.52 million cedis across 13 deals, while sell and buyback agreements involving government securities totaled 83.10 million cedis through 19 transactions. Old GOG notes and bonds saw minimal participation with only 50,964 cedis traded across three transactions.
The most actively traded new government bond was a security maturing February 5, 2036, carrying a 9.70 percent coupon. This long dated instrument moved 251.64 million cedis across nine transactions, closing at 69.17 cedis per 100 cedis face value with a yield of 15.95 percent. The elevated yield reflects investor expectations regarding Ghana’s fiscal trajectory and monetary policy outlook over the next decade.
Among treasury bills, a security maturing March 23, 2026, dominated short term trading with 88.74 million cedis across 33 transactions at a closing price of 97.58 cedis. The pricing suggests annualized yields remain in double digits for near term government paper despite falling inflation rates.
Corporate bond activity centered on Consolidated Bank Ghana (CMB) securities maturing August 28, 2028, with a 13.00 percent coupon. These instruments generated 76.06 million cedis through seven transactions, closing at 97.38 cedis. The secondary market pricing of corporate debt continues reflecting risk premiums that investors demand for private sector exposures.
The sell and buyback segment saw significant activity in a bond maturing February 16, 2027, carrying an 8.35 percent coupon. This security recorded 53.33 million cedis in repo transactions across five deals, trading at a yield of 15.04 percent with a closing price of 93.71 cedis. Repo operations provide crucial short term liquidity for market participants while using longer dated government securities as collateral.
Old government bonds saw limited trading, with a legacy security maturing December 14, 2026, carrying a 21.00 percent coupon, accounting for the bulk of activity in that category. The bond changed hands at 100.67 cedis with a yield of 19.50 percent, reflecting the premium pricing typically associated with higher coupon securities issued before Ghana’s debt restructuring.
Thursday’s trading patterns align with broader market trends visible throughout January 2026. Market participants have consistently demonstrated appetite for government securities while corporate bond activity remains concentrated among a handful of issuers. The preference for new government bonds over treasury bills in terms of volume represents a shift from earlier periods when short term instruments overwhelmingly dominated market share.
Ghana’s fixed income market has recovered substantially throughout 2025 following disruption in 2023 from the Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange Managing Director Abena Amoah revealed recently that cumulative trading volume from January to October 2025 crossed the 200 billion cedis threshold, positioning the market to achieve activity levels seen before the debt restructuring.
The government faces significant domestic financing requirements in 2026, targeting approximately 71 billion cedis in local borrowing to fund operations. The zero Bank of Ghana financing policy announced in the 2026 Budget mandates that all deficit spending flow through market based instruments rather than central bank advances. This policy framework should support continued trading activity as the Finance Ministry taps domestic investors across different maturity segments.
Macroeconomic conditions have improved markedly over the past year. Inflation declined from 23.8 percent in December 2024 to reach single digits by late 2025, falling within the Bank of Ghana’s target range. The cedi appreciated significantly against the United States dollar during 2025, reducing currency risk concerns for local debt holders. Credit rating agency Fitch upgraded Ghana to B minus with a stable outlook in 2025, signaling renewed international investor confidence.
The International Monetary Fund completed its fifth review under Ghana’s Extended Credit Facility arrangement in December 2025, describing the country’s economic performance as broadly satisfactory while projecting 4.8 percent growth for 2026. These positive assessments have helped restore market sentiment following the challenging period of debt restructuring and fiscal adjustment.
The Ghana Fixed Income Market operates on Bloomberg’s electronic bond trading and surveillance system, providing technical infrastructure for transparent price discovery and efficient execution. Banking institutions represent the largest market participants, though pension funds, insurance companies, and asset managers also maintain active presences across different segments of the yield curve.
Looking ahead, market observers expect the composition of trading volume to evolve as economic conditions stabilize further. The gradual shift toward longer dated government bonds from shorter maturity treasury bills could accelerate if inflation remains controlled and fiscal discipline continues. However, significant refinancing needs throughout 2026 may test investor appetite and influence yield dynamics across different tenors.
