Ghana’s fixed income market posted total trading volume of GHS 1,072,525,682 across 410 transactions on Monday, 09 March 2026, as government bonds and treasury bills dominated activity on the Ghana Fixed Income Market (GFIM).
New Government of Ghana (GoG) notes and bonds led primary market activity, recording GHS 335,736,281 across 19 deals, while Treasury Bills (T-Bills) contributed GHS 230,442,436 from 363 transactions, reflecting strong short-term investor participation.
Sell/buy-back trades on GoG notes and bonds were the single largest segment by volume, reaching GHS 506,346,965 across 28 transactions, underscoring continued institutional appetite for collateralised short-term liquidity operations in the secondary market.
No activity was recorded in old GoG notes and bonds or corporate bonds during the session.
Bond Yields and Pricing
The most actively traded new GoG bond by volume was the GOG-BD-11/02/31 instrument, a February 2031 maturity paper, which changed hands in a single block trade of GHS 136,359,000. The bond carried a coupon rate of 8.95 percent and was priced at GHS 87.5113, reflecting a yield of 12.40 percent. The gap between the coupon rate and the prevailing yield indicates the bond is trading at a discount, consistent with the elevated interest rate environment that has characterised Ghana’s debt market through its ongoing economic stabilisation programme.
On the Treasury Bill side, the most active instrument was the GOG-BL-01/03/27 bill, a March 2027 paper, which recorded GHS 35,597,788 across eight trades at a closing price of GHS 92.2960.
Sell/Buy-Back Activity
The dominant sell/buy-back instrument was the GOG-BD-16/02/27 bond, a February 2027 paper carrying a coupon of 8.35 percent. Eight transactions totalling GHS 336,955,000 were executed at a yield of 10.00 percent and a closing price of GHS 98.5349, reflecting near-par valuation for the shorter-dated paper as market confidence in medium-term GoG obligations continues to recover.
Market Context
Monday’s trading figures reinforce the recovery trajectory of Ghana’s fixed income market following the country’s Domestic Debt Exchange Programme (DDEP), which restructured a significant portion of domestic government securities in 2023. Institutional investors, including pension funds, banks, and asset managers, have gradually returned to the market as yields stabilise and Ghana advances through its International Monetary Fund (IMF) supported reform programme.
The dominance of sell/buy-back transactions, which accounted for nearly 47 percent of total Monday volume, reflects the preference among financial institutions for short-duration, collateralised instruments as they manage liquidity within a still-cautious investment environment.
Data is sourced from the Ghana Fixed Income Market daily trading report dated 09 March 2026.
