Ghana’s secondary debt market turned in a notably leaner session on Wednesday, March 4, 2026, with the Ghana Fixed Income Market (GFIM) processing GH¢1.77 billion across 656 transactions, a pullback from the GH¢2.1 billion recorded the previous day as institutional appetite shifted modestly but remained broadly intact.
New Government of Ghana (GoG) notes and bonds led all segments, drawing GH¢891.9 million across 49 transactions. The most actively traded instrument in that category was the benchmark 2023-GC-1 series bond maturing February 16, 2027, which carried an 8.35 percent coupon and closed at a yield of 9.29 percent. The security generated GH¢223.4 million in volume across 10 trades, closing at a price of 99.15 cedis per 100 cedis face value.
Treasury bills followed with GH¢419.9 million across 506 deals, the highest trade count of any segment in Wednesday’s session. The busiest single instrument was a 364-day bill maturing February 22, 2027, which processed GH¢118.8 million across 42 transactions at a closing price of 91.28 cedis.
Sell and buyback trades on GoG notes and bonds contributed GH¢257.5 million through 51 transactions. The heaviest single repurchase agreement involved the 2023-GC-6 series bond maturing February 10, 2032, carrying a 9.10 percent coupon, which recorded GH¢125.6 million across four deals at a yield of 12.82 percent and a weighted average closing price of 84.80 cedis. These short-term financing operations allow institutions to access liquidity while retaining exposure to longer-dated government securities.
Corporate bonds processed GH¢205.7 million across 50 transactions. Ghana Cocoa Board (CMB) dominated the segment, with its bond maturing August 28, 2028, and carrying a 13 percent coupon recording the highest corporate volume at GH¢192.7 million across 15 trades at a closing price of 96.33 cedis. CMB bonds maturing August 31, 2026, and August 30, 2027, also changed hands, adding GH¢8.0 million and GH¢5.0 million respectively.
Old GoG notes and bonds registered zero activity for the session, consistent with the continued migration of secondary market liquidity toward the restructured instruments issued following Ghana’s domestic debt exchange programme.
Wednesday’s data points to a market consolidating after two consecutive sessions above GH¢2 billion. The GFIM will be closed on Friday, March 6, 2026, in observance of Ghana’s Independence Day public holiday.
