Ghana’s Fixed Income Market (GFIM) processed 4.69 billion cedis across 18,212 transactions on Wednesday, February 25, 2026, in a significant rebound from Monday’s 843 million cedis, with 364-day treasury bills capturing the dominant share of activity as institutional investors rotated heavily into near-term government paper.
Treasury bills accounted for 2.67 billion cedis in aggregate volume through 17,936 deals, representing 57 percent of total market activity. Within that segment, 364-day bills were the standout performer, generating 2.14 billion cedis through 9,517 transactions and accounting for nearly half of the entire market’s output for the session. The 91-day bill segment contributed 329 million cedis across 7,986 deals, while 182-day bills added 205 million cedis through 433 transactions.
New Government of Ghana (GoG) notes and bonds recorded 800 million cedis in volume through 103 transactions, accounting for 17 percent of the day’s total activity. The 2023-GC-12 bond maturing February 2, 2038, carrying a 10.00 percent coupon, led all government bonds by number of deals with 34 transactions totalling 221.88 million cedis. It closed at a yield of 13.37 percent and a price of 80.15 cedis per 100 cedis face value, continuing a trend of yield compression at the long end of the curve compared with highs recorded in early 2026. The 2023-GC-11 bond maturing February 3, 2037, was the second most active by volume, recording 150.5 million cedis across seven deals at a closing yield of 12.84 percent.
On the short to medium end of the new bonds curve, the 2023-GC-1 bond maturing February 16, 2027, saw the most notable intraday yield movement, opening at 13.83 percent and closing at 9.28 percent, with 122.59 million cedis traded across seven deals, reflecting aggressive institutional demand at the shorter end of the post-restructuring bond curve. The 2023-GC-9 bond maturing February 6, 2035, attracted the highest single-session trade count in the mid-curve segment with 27 transactions totalling 60 million cedis at a closing yield of 13.10 percent.
Sell and buyback trades in GoG notes and bonds totalled 205 million cedis through 18 transactions. The most active sell and buyback instrument was the 2023-A-2 bond maturing August 15, 2028, which recorded 144.36 million cedis across five deals at a yield of 10.56 percent, suggesting continued institutional appetite for short-duration repo arrangements against restructured government paper.
Ghana Cocoa Board (COCOBOD) was the sole active issuer in the corporate bond segment, recording 1.71 million cedis in combined volume across 16 transactions through its three outstanding bonds. The one-year COCOBOD bond maturing August 31, 2026, saw the highest corporate activity with nine deals totalling 1.16 million cedis at a closing price of 101.34 cedis per 100 cedis face value. Old GoG notes and bonds remained largely dormant, contributing just 50,000 cedis through a single transaction.
Wednesday’s surge reflects the broader recovery trajectory of Ghana’s fixed income market. January 2026 volumes reached 36.91 billion cedis, representing a 118 percent increase from the 16.90 billion cedis recorded in January 2025, as Ghana’s economic stabilisation programme under the International Monetary Fund (IMF) continues to draw institutional confidence back into domestic debt markets.
