Ghana’s secondary fixed income market more than doubled in weekly trading volume in the week ended June 12, 2026, driven almost entirely by a dramatic surge in Domestic Debt Exchange Programme bond activity.
Total volume on the Ghana Fixed Income Market (GFIM) reached GHS 12.02 billion for the week of June 8 to 12, a 102.29% jump from GHS 5.94 billion the previous week. The leap returned the market to levels not seen in recent weeks and came despite a near-complete shutdown of Sale and Buyback trades and zero activity in New Government of Ghana bonds.
DDEP Bonds Carry the Week
Bonds issued under the Domestic Debt Exchange Programme powered the week’s performance. DDEP bond volume hit GHS 7.16 billion, up 347.71% from GHS 1.60 billion the prior week, and accounted for close to 60% of total market activity. The 6-year DDEP tenor led all instruments with GHS 1.64 billion in trades, followed by the 9-year at GHS 1.59 billion, the 11-year at GHS 1.08 billion, and the 7-year at GHS 1.08 billion. The 4-year, 5-year, and 8-year tenors also recorded strong gains, while the 10-year, 13-year, and 15-year DDEP tranches saw no trades at all during the period.
Treasury bills (T-bills) came in second with GHS 3.95 billion, a 34.83% increase from GHS 2.93 billion a week earlier, continuing to reflect sustained appetite for short-dated government paper.
Corporate Securities Surge From Low Base
Corporate securities recorded the most dramatic percentage move of the week, jumping 1,627.24% to GHS 417 million from just GHS 24 million in the prior week. In absolute terms, corporate activity remains modest relative to the sovereign instrument categories, but the scale of the rebound signals a return of selective investor interest in non-government paper.
SBB and New GoG Bonds Weigh on Mix
Not all segments moved in tandem. Sale and Buyback trades fell 64.34% to GHS 489 million from GHS 1.37 billion, a sharp pullback that kept overall composition tilted toward outright secondary market transactions. New GoG bonds recorded zero volume after GHS 16.4 million the previous week, a 100% decline.
Yields Ease on Short to Medium Tenors
The GFIM yield curve for New GoG bonds showed a softening bias at the shorter end. The 4-year yield dropped to 9.92% from 10.40%, while the 5-year fell to 10.71% from 11.80%. The 7-year DDEP yield eased to 12.87% from 13.40% and the 8-year moved to 13.35% from 13.65%. The 6-year, 7-year New Bond, 10-year, 13-year, and 15-year tenors held flat. The 12-year was the lone mover in the opposite direction, edging up to 14.70% from 14.60%.
