Last week, February 16–20, 2026, Ghana’s government securities market saw a slowdown in activity, with trading in New Government of Ghana (GoG) Bonds dropping 10.5% to GHS 2.08 billion, down from GHS 2.32 billion the previous week.
Across the broader market, which includes Treasury Bills (T-Bills), corporate securities, and Special Buy-Backs (SBBs), total trades fell to GHS 7.95 billion, a 5.2% decline from the prior week’s GHS 8.39 billion.
The yield curve painted a mixed picture, reflecting cautious but selective investor sentiment. Shorter-term instruments, like the 4-year bond, saw yields fall from 12.05% to 10.80%, pointing to steady demand, while the 5-year bond’s yield rose from 13.35% to 14.80%, signaling targeted interest in mid-term maturities. Other tenors moved unevenly, highlighting the diverse strategies shaping market activity.
Trading volumes by tenor further underscored this selective appetite. The 8-year and 9-year bonds dominated the week, with GHS 837 million and GHS 641 million exchanged, respectively. In contrast, several longer-term bonds, stretching from 11 to 15 years, saw no trades, suggesting limited interest in very long-term government debt.
Outside of government bonds, corporate securities drew significant attention, rising sharply to GHS 538 million, up from GHS 177 million the previous week. Short-term T-Bills also recorded a boost in activity, climbing 17% to GHS 3.18 billion.
Meanwhile, SBB trades fell to GHS 2.16 billion, down 31.5%, and older GoG bonds barely moved, trading just GHS 9.96 million, a 75% drop from the prior week.
In all, last week’s figures suggest a slight slowdown in market activity, with investors favoring certain mid-term government bonds, short-term T-Bills, and corporate securities, while long-term instruments and older bonds saw limited trading.
