
The Ghana Fixed Income Market (GFIM) processed GH¢1.33 billion across 658 transactions on Friday, November 28, 2025, with treasury bills and sell and buyback trades maintaining their dominance as investors balanced liquidity needs with strategic positioning in government securities ahead of year end.
Treasury bills captured GH¢260.96 million through 575 separate transactions, accounting for 19.60 percent of total trading volume. Sell and buyback trades involving Government of Ghana (GOG) notes and bonds contributed GH¢438.67 million through 42 transactions, representing 32.94 percent of market activity and providing institutional investors with liquidity management tools while maintaining exposure to longer dated government debt.
New GOG notes and bonds attracted GH¢624.89 million in fresh investments across 33 trades, marking the session’s largest segment at 46.93 percent of total volume. The most actively traded instrument was a GOG bond maturing February 11, 2031, carrying an 8.95 percent coupon, which recorded GH¢365.76 million in volume across 10 transactions at a yield of 15.51 percent and a closing price of 77.05 cedis per 100 cedis face value.
Old GOG notes and bonds contributed GH¢205,850 through three transactions. A GOG bond maturing March 2, 2026, with an 18.30 percent coupon represented the largest old bond trade at GH¢184,500 in a single transaction, yielding 19.53 percent and closing at 99.48 cedis.
Corporate bond activity demonstrated modest participation, with CMB bonds maturing August 30, 2027, carrying a 13 percent coupon recording GH¢7.18 million through five transactions at a closing price of 95.79 cedis. This limited corporate participation continues reflecting challenges in developing the corporate debt segment, where only eight active issuers currently operate after four companies recently exited.
The elevated yields visible in Friday’s trading continue reflecting risk premiums that investors demand for holding Ghanaian government debt. Medium and long term government securities still carry significant rate structures despite improvements in the country’s fiscal position and declining inflation rates.
Friday’s volume positions November as a strong month for the GFIM despite lower activity compared to October, which recorded the highest monthly volumes with government notes and bonds at GH¢12.41 billion and treasury bills at GH¢12.91 billion. The GFIM celebrates its 10th anniversary in November and December under the theme “10 Years of the Ghana Fixed Income Market: Deepening Markets, Expanding Possibilities.”
Bank of Ghana Governor Johnson Pandit Asiama revealed during anniversary celebrations that cumulative trading has surpassed GH¢1.2 trillion since inception in August 2015, establishing the platform as one of Sub Saharan Africa’s most liquid fixed income markets outside South Africa and Nigeria. Asiama noted that inflation has fallen from 54 percent to 8 percent within the target band, while the cedi has appreciated more than 35 percent year to date.
The GFIM continues its strong recovery trajectory in 2025 following its first significant downturn in 2023 after implementation of the Domestic Debt Exchange Programme (DDEP). Ghana Stock Exchange (GSE) Managing Director Abena Amoah revealed that cumulative trading volume from January to October 2025 crossed the GH¢200 billion mark, positioning the market to approach pre DDEP levels.
Looking ahead, the GSE aims to admit 100 companies to the GFIM and expand participation to 10 million Ghanaians, up from the current 2 million securities account holders. The exchange plans launching an academy providing preparatory programs designed to demystify capital markets for companies and their boards while guiding them through listing requirements and financing procedures.
Market participants consistently favor government securities over corporate debt and shorter maturities over longer dated instruments despite Ghana’s improving macroeconomic fundamentals. Banks, which represent the largest institutional players, typically match short term deposit liabilities with short term assets like treasury bills rather than committing to longer duration exposures.
Pension fund assets on the GFIM have grown to over GH¢90 billion, comprising approximately 90 percent of assets under management. This concentration reflects the conservative investment approach of pension fund managers who prioritize fixed income securities for their stable returns and capital preservation characteristics.
Friday’s trading patterns suggest momentum could carry through the remainder of November as institutional investors position portfolios ahead of December. Market observers continue monitoring fourth quarter government borrowing requirements, monetary policy signals from the Bank of Ghana regarding interest rate direction, and developments in Ghana’s ongoing International Monetary Fund (IMF) program that could impact investor confidence.






















































