Ghana’s fixed income market recorded total trading volume of GH₵7.00 billion for the week ending Friday March 13, 2026, a 9.91% decline from the GH₵7.77 billion posted the previous week, as activity in Treasury bills and corporate securities contracted sharply while sell/buy-back trades surged to a weekly high.
According to the Ghana Fixed Income Market (GFIM) weekly wrap, new Government of Ghana (GoG) notes and bonds remained the dominant segment with GH₵2.42 billion traded, though that represented a 17.63% pullback from GH₵2.93 billion the prior week. Treasury bill volumes fell more steeply, dropping 29.39% to GH₵1.91 billion from GH₵2.71 billion. Corporate securities saw the sharpest contraction, declining 93.94% to GH₵25.60 million from GH₵422.78 million. Old GoG bonds, by contrast, surged from a negligible GH₵21,908 the previous week to GH₵11.78 million, though the segment remains a minor share of overall activity.
The standout development for the week was the acceleration in sell/buy-back (SBB) trades on GoG bonds, which jumped 54.50% to GH₵2.63 billion from GH₵1.71 billion, signalling heightened short-term liquidity management activity among institutional participants.
On the yield curve for new GoG bonds, movement was mixed across tenors. The 4-year yield rose to 10.19% from 9.11% the previous week, and the 5-year edged up to 10.51% from 10.37%, suggesting modest pressure at the short end of the curve. The 6-year and 7-year tenors moved in the opposite direction, with the 6-year easing to 10.22% from 11.00% and the 7-year declining to 11.41% from 12.07%, pointing to demand for mid-tenor paper. Yields in the 8-year to 15-year range were broadly stable, with the 15-year holding at 12.30% and the 14-year unchanged at 12.84%.
Volume in new GoG bonds, excluding sell/buy-backs, was heavily concentrated at the short end. The 4-year tenor led the week with GH₵1.23 billion, up 64.75% from GH₵744.12 million the prior week, confirming sustained investor appetite for shorter-duration government paper in the current rate environment. The 5-year tenor also recorded a strong week at GH₵271.13 million, up sharply from GH₵16.94 million. The 9-year segment attracted GH₵590.06 million, though this was down from GH₵693.32 million. Volumes at the longer end, from 10 years to 15 years, were negligible or zero across most tenors, reflecting continued caution toward duration risk.
