Ghana’s fixed income market continues to show remarkable resilience and growth, with trading activity in the first half of 2025 far outpacing figures from the same period last year.
According to the Ghana Stock Exchange’s June market summary, the Ghana Fixed Income Market (GFIM) recorded a total year-to-date traded volume of GHS 111.94 billion, representing a 56.66% increase compared to the GHS 71.45 billion posted during the corresponding period in 2024.
The surge in activity reflects investor confidence in fixed income securities, particularly government instruments, amid broader economic adjustments and shifting market strategies.
In June alone, GHS 15.50 billion worth of securities were traded, a decline of 18.71% from the previous month. Still, when measured against June 2024, the figure marks a notable 68.82% year-on-year growth, reinforcing the market’s upward momentum.
A closer look at the composition of June trades shows a strong skew towards government-issued securities. Government notes and bonds dominated the market, contributing 42.99% of all trades for the month. These medium- to long-term instruments remain attractive to investors seeking stability and predictable returns.
Treasury bills followed closely, accounting for 32.90% of total volumes traded in June. Meanwhile, Bank of Ghana bills made up 18.12%, and corporate bonds, though gradually gaining attention, contributed just 6%.
The data reveals an ongoing preference for public debt instruments, underscoring the government’s central role in deepening Ghana’s capital markets. At the same time, the relatively small portion of corporate bonds highlights the continued need for private sector issuers to step forward with attractive offerings and credit-worthy instruments.
Despite the month-on-month dip in June’s volume, likely tied to timing shifts in government auctions or portfolio rebalancing by institutional investors, the broader six-month picture remains positive.
The GFIM’s performance suggests continued momentum heading into the second half of the year, with expectations of sustained demand for both short-term and longer-dated government securities.
