Ghana’s fixed income market recorded a busy week from February 23, 2025 – February 27, 2026, with total trading volumes surging to GHS 9.31 billion from GHS 7.95 billion the previous week, marking a 17% increase in activity.
But beyond the numbers, it was a week that told a story of confidence quietly building, of investors making calculated moves, and of government securities once again taking centre stage in Ghana’s financial conversation.
Investors displayed heightened interest in new Government of Ghana (GoG) bond issues, while older bonds and corporate securities saw muted trading. The fresh paper clearly carried the appeal of clarity and direction. In times when predictability matters, new instruments often provide the cleanest signals, and the market responded.
Fixed Income Market, GSE
New GoG bonds dominated the market, with nearly GHS 2.98 billion exchanged, a 44% jump from the prior week. Treasury Bills also drew significant participation, recording GHS 4.26 billion, up 34% week-on-week. Meanwhile, corporate securities traded GHS 23 million, sharply down from last week, signaling that the bulk of investor focus remains on government instruments.
In essence, investors gravitated toward safety, liquidity, and instruments backed by sovereign assurance.
Yields across the curve reflected strong demand. Short-term 4-year bonds fell to 9.10%, down from 10.80%, while medium- to long-term bonds, including 7-, 10-, and 13-year tenors, experienced notable declines. These shifts suggest investors are favoring longer-duration instruments amid favorable pricing, while maintaining appetite for relatively shorter-term securities.
When yields soften, it often speaks quietly but clearly: demand is firm. Investors are willing to accept slightly lower returns today in exchange for certainty tomorrow.
Volume patterns highlighted an active week for previously less-traded maturities. The 7-year bond saw GHS 561 million traded, and long-dated 14- and 15-year bonds entered the market with GHS 255 million and GHS 316 million, respectively. By contrast, some tenors like the 11-year bond recorded no trading activity.
It was not just a matter of how much traded, but where investors chose to position themselves along the maturity spectrum. The reawakening of longer-dated bonds suggests a market that is gradually regaining comfort with time, a subtle but meaningful shift.
The uptick in new bond activity reflects continued investor confidence in government debt amid stable macroeconomic conditions and predictable policy signals.
As older bonds and corporate securities remain subdued, the implication could be that liquidity is increasingly concentrated in newly issued instruments, providing clearer pricing benchmarks for investors. Fresh issuances often act like new reference points, resetting expectations and guiding valuation across the curve.
Last week’s market trends point to a healthy appetite for government securities, with yields generally softening amid robust demand and trading volumes climbing to multi-week highs.
