Ghana’s fixed income market recorded total trading activity worth 559.1 million cedis on November 5, 2025, with 198 transactions executed across government securities.
The trading session saw nearly equal distribution between new Government of Ghana (GOG) notes and bonds, which accounted for 278.6 million cedis, and treasury bills, which generated 271 million cedis in volume. The balanced split reflects ongoing investor appetite for both short term and medium term government debt instruments.
New GOG notes and bonds dominated activity with 34 separate transactions. Treasury bills followed closely behind with 162 deals, indicating more fragmented trading in the shorter duration securities. Corporate bonds and Bank of Ghana (BOG) bills recorded no activity during the session.
The largest single transaction involved a GOG bond maturing on February 10, 2032, with 145 million cedis changing hands across 16 deals. This security, identified as GOG BD 10/02/32 A6148 1838 9.10, carried a yield of 15.88 percent and closed at 73.5859.
Treasury bill trading showed its highest concentration in a security maturing February 23, 2026, where 91 million cedis moved through 10 transactions. The bill closed at 96.4208, reflecting its shorter maturity profile.
Sell and buyback trades, also known as repo transactions, added 9.5 million cedis to total volumes. These temporary liquidity arrangements involved just two transactions, with the largest being a 9.1 million cedi position in an 11 year bond yielding 13.64 percent.
The absence of old GOG bond trading and zero corporate bond activity suggests market participants concentrated their focus on newly issued government securities. BOG bills similarly saw no uptake, pointing to sufficient liquidity conditions that reduced demand for central bank paper.
Market observers note that the 15.88 percent yield on the decade long bond highlights the premium investors continue to demand for holding Ghanaian government debt. The treasury bill market, while active in transaction count, showed lower individual deal sizes compared to the bond segment.
The session’s trading patterns align with broader trends in frontier market fixed income, where government securities remain the primary vehicle for institutional investors seeking local currency exposure. The concentration of volume in specific maturities may indicate targeted positioning ahead of upcoming monetary policy decisions.
Source: newsghana.com.gh
