The Ghana Fixed Income Market processed 3.44 billion cedis across 3,008 transactions on Tuesday, February 4, 2026, with treasury bills capturing 79 percent of trading volume as investors maintained their overwhelming preference for short term government securities.
Treasury bills accounted for 2.73 billion cedis through 2,923 separate deals, continuing patterns that have characterized early 2026 trading activity. The most actively traded instrument was a treasury bill maturing June 29, 2026, which alone recorded 1.28 billion cedis in volume across 67 transactions at a closing price of 95.3280 cedis per 100 cedis face value.
New Government of Ghana (GOG) notes and bonds contributed 585.39 million cedis through 63 transactions, representing 17 percent of total market activity. The highest volume bond was a security maturing December 2, 2030, carrying an 8.80 percent coupon, which saw 60 million cedis change hands in a single transaction. The bond traded at a yield of 15.00 percent with a closing price of 81.7134 cedis.
Corporate bonds recorded 65.82 million cedis changing hands across seven transactions. A Cocoa Marketing Board bond maturing August 31, 2026, carrying a 13.00 percent coupon, dominated the corporate segment with 63.56 million cedis across five deals at a closing price of 97.8520 cedis per 100 cedis face value.
Sell and buyback trades involving government securities added 65.15 million cedis through 10 transactions. The highest value repo transaction involved the December 2030 bond, which saw 34.37 million cedis traded across three deals at a yield of 15.19 percent and a closing price of 81.2196 cedis.
Old government notes and bonds recorded minimal activity of 117,500 cedis through five trades. The most active older security was a bond maturing November 2, 2026, which processed 106,000 cedis across two transactions at a yield of 20.11 percent and a closing price of 99.1510 cedis.
Tuesday’s trading volume reflects sustained market momentum following January’s strong opening and aligns with the platform’s recovery trajectory since implementation of the Domestic Debt Exchange Programme (DDEP). The Ghana Fixed Income Market experienced significant disruption in 2023 when trading volumes dropped to 98 billion cedis before rebounding 76 percent in 2024 to reach 174 billion cedis.
The concentration of 1.28 billion cedis in a single treasury bill instrument demonstrates substantial institutional demand for near term maturities. The four month maturity reflects investor appetite for short duration exposures offering competitive returns while maintaining liquidity and easy exit options ahead of potential monetary policy shifts.
Government bond yields remain elevated despite broader improvement in Ghana’s macroeconomic fundamentals. The 15.00 percent yield on the December 2030 bond indicates medium term securities still carry significant rate structures, reflecting investor concerns about fiscal sustainability and refinancing risks over extended time horizons.
Market participants continue monitoring domestic economic indicators, monetary policy decisions from the Bank of Ghana, and global market trends influencing emerging market fixed income securities. Inflation reached 6.3 percent in November 2025, falling within the central bank’s target range after years of elevated price pressures.
Since its August 2015 inception, the Ghana Fixed Income Market has traded over one trillion cedis in securities, establishing itself as one of Sub Saharan Africa’s most liquid fixed income platforms outside South Africa and Nigeria.
