Ghana’s fixed income market recorded a sharp decline in activity on Thursday, with the Ghana Fixed Income Market (GFIM) processing GH¢969.89 million across 567 transactions, down from the GH¢2.11 billion recorded in Wednesday’s session.
Treasury bills (T-bills) accounted for the lion’s share of business, generating GH¢646.20 million across 498 transactions and representing nearly 67 percent of the total day’s volume. The most actively traded instrument was a 364-day bill maturing January 18, 2027, which alone recorded GH¢218.41 million in volume across 42 transactions, closing at a price of GH¢92.74 per GH¢100 face value.
DDEP Bonds Draw Selective Interest
Domestic Debt Exchange Programme (DDEP) bonds ranked second in volume, with GH¢96.12 million changing hands across 16 transactions. The 2023-GC-1 bond maturing February 16, 2027, carrying an 8.35 percent coupon, was the segment’s standout performer, recording GH¢56.88 million across seven trades. Its closing yield tightened to 10.10 percent from an opening yield of 10.84 percent, signalling firmer demand for the short-dated DDEP instrument. The 2023-GC-5 bond maturing February 11, 2031 followed with GH¢8.55 million across three trades, closing at a yield of 12.61 percent.
New GoG Bond and Repo Activity
New Government of Ghana (GoG) notes and bonds contributed GH¢46.46 million across five transactions, all concentrated in the 7-year bond maturing March 29, 2033. The bond closed at a yield of 12.29 percent and a price of GH¢100.94, up from an opening yield of 12.20 percent.
Sell and buyback trades involving GoG notes and bonds added GH¢169.26 million in 24 transactions, a substantial portion of overall activity. The largest single repo position was the 2023-GC-10 bond maturing February 5, 2036, which recorded GH¢56.16 million across nine trades at a yield of 13.53 percent, pointing to continued institutional use of longer-dated paper as collateral in short-term financing arrangements.
Corporate Bonds Anchored by COCOBOD
Corporate bonds recorded GH¢11.41 million across 19 transactions. Ghana Cocoa Board (COCOBOD) securities drove all corporate activity. The COCOBOD bond maturing August 28, 2028 was the most actively traded corporate instrument, generating GH¢7.64 million across 13 deals at a closing price of GH¢103.39 per GH¢100 face value. The bond maturing August 31, 2026 added GH¢3.71 million in five trades, closing at GH¢101.38.
Old GoG notes and bonds registered minimal activity at GH¢437,343 across five transactions, with a 7-year bond maturing August 9, 2027 accounting for GH¢168,322 in two trades at a closing yield of 19.995 percent, reflecting the persistent yield premium on legacy pre-restructuring paper.
Thursday’s session total of GH¢969.89 million represents a 54 percent decline from Wednesday’s GH¢2.11 billion, though the number of transactions also fell sharply from 7,391 to 567, suggesting that Wednesday’s elevated count was partly driven by high-frequency T-bill activity that moderated into Thursday.
