Ghana’s debt market recorded a sharp rise in trading activity in May 2025, with volumes reaching GHS 19.07 billion, up 83.56% compared to the same month a year earlier, according to the Ghana Stock Exchange’s latest market summary. The monthly increase was more modest at 5.26%, but year-to-date volumes show a stronger trend, rising 54.87% to GHS 96.43 billion.
Investor demand was concentrated in short- and medium-term government instruments. Treasury Bills accounted for nearly half of all trades in May at 49.38%, followed by Government Bonds at 44.06%. Bank of Ghana Bills made up 5.66%, while Corporate Bonds contributed just 0.89% of total activity, underscoring limited private sector participation in the market.
The rally in debt trading comes amid steady yields on government securities and a gradual recovery in macroeconomic confidence, analysts say. Ghana’s recent fiscal and monetary stabilization efforts appear to be reinforcing investor appetite for fixed-income instruments, particularly among institutions seeking predictable returns in a still-recovering economy.
