Ghana’s fixed income market closed the week ending Friday, 27 February 2026 with total trading volume of GH¢9.31 billion, a 17.04 percent surge from the GH¢7.95 billion recorded the previous week, driven by a broad-based rally across treasury bills and government bonds on the Ghana Fixed Income Market (GFIM).
Treasury bills were the engine of the week’s activity, accounting for GH¢4.26 billion in volume, a 34.19 percent jump from the prior week’s GH¢3.18 billion, as institutional investors continued to pile into short-dated government paper. New Government of Ghana (GoG) notes and bonds contributed GH¢2.98 billion, a sharp 43.77 percent rise from GH¢2.08 billion the previous week, signalling renewed appetite for medium to long-term government securities.
Sell and buy-back trades, which allow financial institutions to manage short-term liquidity using government bonds as collateral, came in at GH¢2.05 billion, a slight 5.27 percent dip from GH¢2.16 billion the prior week.
Corporate securities were the week’s standout laggard. Volume fell to GH¢23 million from GH¢538.60 million the previous week, a decline of 95.60 percent, reflecting the episodic nature of non-sovereign trading on the market. Old GoG notes and bonds saw minimal activity, recording GH¢263,718 compared to GH¢9.96 million the week before.
The yield curve for new GoG bonds showed broad compression across most tenors, pointing to growing investor confidence in Ghana’s fiscal trajectory. The four-year bond yield fell to 9.10 percent from 10.80 percent, while the five-year yield dropped to 11.95 percent from 14.80 percent. The seven-year yield declined to 11.92 percent from 14.51 percent, and the 15-year yield fell to 12.30 percent from 15.20 percent. The 11-year tenor held flat at 15.99 percent, the only benchmark that did not move during the week.
On volume, the eight-year bond was the most actively traded new GoG instrument for the week, recording GH¢804.41 million, followed closely by the seven-year at GH¢561 million. The 15-year bond made a notable debut in secondary market activity with GH¢315.87 million in volume, having recorded zero trades the prior week. The 14-year bond similarly emerged with GH¢254.79 million from a zero base. These figures suggest institutional investors are growing more comfortable extending duration as yields compress and Ghana’s macroeconomic outlook brightens under its International Monetary Fund (IMF) supported programme.
The GFIM operates under the Ghana Stock Exchange (GSE) using the Bloomberg E-Bond trading and market surveillance system.
