Bond Market Turnover Rises 54% to GH¢2.47bn
By Praisebell Rosemond Larbi
Ghana’s secondary bond market extended its strong performance this week, with total market turnover climbing sharply by 54.21% week-on-week to GH¢2.47 billion. The surge underscores renewed investor confidence and improved liquidity conditions across the fixed-income market as trading activity continues to pick up ahead of the close of the year.
Market data shows that trading was heavily concentrated in the February 2029 bond, which remained the most actively traded instrument. The paper alone accounted for GH¢815.94 million of total market activity, reflecting its sustained liquidity and appeal among both offshore and domestic institutional investors looking for relatively secure medium-term positions.
The 2027–2030 maturity segment maintained its role as the market anchor, representing an overwhelming 87.6% of total turnover. The segment recorded a weighted-average yield of 14.54%, making it the preferred zone for investors seeking an attractive balance between yield, liquidity, and duration risk. Analysts note that continuous engagement in this part of the curve signals investor expectations of a relatively stable interest-rate environment over the near to medium term.
Beyond the anchor segment, the 2031–2034 maturities also saw some activity, although volumes were comparatively modest. These papers captured 12.4% of total trades at an average yield of 15.11%, suggesting targeted interest from investors with longer investment horizons and appetite for slightly higher yields tied to extended-term exposures.
In contrast, the market for bonds maturing between 2035 and 2038 remained largely inactive throughout the week. The muted sentiment in the ultra-long end of the curve reflects cautious investor positioning, given lingering concerns about longer-term macroeconomic risks, fiscal consolidation momentum, and structural uncertainties that may affect yield stability.
Overall, market activity remained buoyant, driven by growing liquidity conditions, renewed market engagement, and improving investor sentiment. Databank Research, commenting on the weekly performance, noted that the current momentum is likely to persist.
“Looking ahead, we anticipate the positive market sentiment to continue, with investors likely to remain positioned in maturities that offer both liquidity and attractive risk-reward dynamics,” the firm said, highlighting that the middle of the yield curve will remain the most active zone in the coming sessions.
With improving market depth and steady demand for government securities, analysts expect sustained trading volumes, particularly as investors rebalance portfolios before year-end and respond to shifting macroeconomic signals.
