Ghana’s fixed income market experienced its most dramatic slump of the year in June, as the number of recorded trades plummeted by 86%, according to data from the Bank of Ghana’s Summary of Macroeconomic and Financial Data.
The central bank’s figures show that only 4,900 trades were executed in June, a staggering fall from the 34,400 trades recorded in May. This sharp decline is not just a month-on-month dip; it represents the lowest trade count seen in over a year and signals an unexpected cooling of momentum in a market that had been steady through much of 2025.
The year began on a strong note. In January, fixed income trades reached 50,100, setting a confident tone for liquidity and signaling strong investor appetite for government and corporate debt instruments. February and March eased slightly to 42,100 and 40,700 trades respectively but remained healthy by historical standards. April even saw a rebound to 47,000 trades, as new government securities issuances and refinancing programs drew more participants.
By May, trading activity slipped to 34,400 trades, a noticeable slowdown but still within range for the market. Then came June, and with it, a collapse. Transactions plunged to just 4,900, effectively emptying the trading floor and marking the sharpest monthly fall recorded this year.
Even with the steep drop in the number of trades, the value of securities traded stayed significant, with almost ₵9.9 billion worth of bonds and notes changing hands in June. This suggests that fewer deals were being made, but those that did go through involved larger transaction sizes, likely driven by institutional investors.
June’s sharp slowdown is more than just a curious footnote in the data. The fixed income market underpins everything from how the government raises money to how corporate debt is priced and how safely pension funds are invested. A sudden dip like this ripples far beyond the trading floor.
