Trading in Ghana’s fixed income market slowed in the week ending February 13, with total volumes falling to GHS 8.39 billion, down 26.5% from GHS 11.43 billion the previous week, as investors reassessed risk and positions.
Part of the slowdown may have been driven by the maturity of short-term securities, which removed some activity from new trades.
New Government of Ghana (GoG) bonds showed mixed trends. Four-year bonds traded GHS 486.4 million, up from GHS 435.5 million, while six-year bonds edged higher to GHS 100.8 million from GHS 87.7 million.
Longer-term tenors, including seven- and eight-year papers, declined to GHS 290.4 million and GHS 555.7 million, down from GHS 603.4 million and GHS 657.4 million, respectively.
Treasury bill activity dropped sharply, with GHS 2.71 billion traded, nearly 60% lower than the prior week. Corporate securities saw limited participation, totaling GHS 176 million, down 33.8%, while Special Bills and Bonds (SBB) surged to GHS 3.15 billion, up more than 500%, reflecting government debt management operations rather than speculative trading.
Yields showed modest adjustments. Shorter tenors such as the four-year (12.05%) and five-year (13.35%) New GoG bonds moved slightly lower, while medium- and longer-term papers exhibited minor fluctuations.
The week’s trading reflects a temporary pause, with maturities and cautious investor sentiment shaping volumes and activity.
Despite the slowdown, the market remains orderly and responsive to macroeconomic developments and government debt operations.
