Ghana’s fixed income market processed a total of approximately GH¢1.04 billion across 2,401 transactions on Thursday, March 19, 2026, with sell/buy-back trades on Government of Ghana (GoG) bonds commanding the largest share of value while treasury bills dominated by transaction count.
The Ghana Fixed Income Market (GFIM) session saw all five segments record activity, with outright government bond trades, repo operations, treasury bills, and corporate bonds all contributing to a broad-based session ahead of Friday’s Eid al-Fitr public holiday closure.
Sell/Buy-Backs Lead by Volume
Sell/buy-back trades on GoG notes and bonds were the session’s most dominant segment by aggregate volume, recording approximately 455.1 million units across 46 transactions. The single most active instrument in this category was the 2023-GC-5 bond, maturing February 11, 2031, which alone accounted for 189.3 million units across nine trades at a yield of 12.57 percent. The 2023-GC-12 bond, maturing February 2, 2038, followed with 108.6 million units across nine transactions at a yield of 13.19 percent, while the 2023-GC-1 bond maturing February 16, 2027, registered 52.3 million units in a single repo trade at a yield of 14.30 percent.
New GoG Bonds Draw Institutional Interest
New GoG notes and bonds recorded 210.6 million units across 57 outright transactions. The benchmark 2023-GC-1 bond, maturing February 16, 2027 and carrying a coupon of 8.35 percent, was the segment’s standout instrument with 96.0 million units traded across 21 deals. Its closing yield tightened marginally to 10.39 percent from an opening of 10.43 percent, with an end-of-day closing price of 98.25. The 2023-GC-2 bond, maturing February 2028, recorded 43.3 million units across 16 transactions at a closing yield of 11.39 percent, while the 2023-GC-4 bond maturing February 2030 contributed 67.6 million units across 15 deals at a closing yield of 12.48 percent.
In the dollar-denominated segment, the USD-DDE-FEA-28 instrument maturing September 2028 recorded 797,496 units across two transactions at a closing yield of 11.04 percent and a price of 83.61.
Treasury Bills Attract Broad Participation
Treasury bills accounted for 363.5 million units across 2,277 transactions, reflecting the widest participation across any market segment. The 91-day bill maturing June 15, 2026 was the busiest single instrument, recording 80.9 million units across 1,098 trades at a closing price of 99.97. Among the 182-day instruments, the bill maturing July 27, 2026 led with 59.1 million units across 18 transactions, while the bill maturing July 20, 2026 registered 18.9 million units across 11 deals. The 364-day segment was comparatively subdued, with the most active paper being the bill maturing June 1, 2026, which contributed 5.1 million units across four transactions.
Corporate Bonds See Cocoa Board Activity
Corporate bonds recorded 10.2 million units across 21 transactions, with Ghana Cocoa Board (COCOBOD) instruments accounting for the bulk of activity. The CMB-BD-30/08/27 bond, maturing August 30, 2027 and carrying a 13 percent coupon, led with 7.1 million units across 12 trades at a closing price of 103.24, still trading at a premium to face value. The CMB-BD-28/08/28 bond contributed 2.4 million units across three deals at a closing price of 101.94, while the CMB-BD-31/08/26 bond, maturing in August this year, added 566,800 units across five transactions at a closing price of 101.66. Izwe Savings and Loans PLC also registered a single corporate bond trade, with the ILL-BD-8/04/26 instrument recording 130,000 units at a closing price of 99.94.
Old GoG notes and bonds recorded no outright trades during the session.
The GFIM will remain closed on Friday, March 20, in observance of Eid al-Fitr, with trading resuming on Monday, March 23.
