Bond market: Turnover rose by 64.39% to GH¢6.75bn

By ZED Newsroom
Activity on the secondary bond market strengthened significantly this week, with total turnover rising by 64.39% week-on-week to GH¢6.75 billion, reflecting improved trading interest and selective investor participation.
The February 2030 bond once again emerged as the market’s primary liquidity driver, recording the highest volumes traded at GH¢2.98 billion. Its strong performance reaffirmed its status as the market benchmark, continuing to attract consistent interest from both local and institutional investors.
Investor positioning during the week remained largely concentrated in the medium-term segment of the curve. Bonds maturing between 2027 and 2030 dominated trading activity, accounting for 71.4% of total market volumes. These securities traded at a weighted-average yield of 15.15%, underscoring sustained demand for instruments within this maturity range.
Trading activity in the 2031–2034 maturity bucket was comparatively moderate, contributing 28.4% of total turnover. Yields in this segment averaged 15.60%, indicating slightly higher return expectations as investors extended duration marginally along the yield curve.
The long-dated segment of the market, covering maturities between 2035 and 2038, recorded limited activity during the week. Trades in this bucket cleared at a weighted-average yield of 15.86%, reflecting weaker participation as investors remained cautious about taking on longer-term exposure.
Commenting on market prospects, Databank Research noted that activity is likely to moderate in the near term as the year draws to a close.
“We anticipate a slowdown in market activity as investors scale back participation and defer major positioning decisions heading into the festive period, with a pickup in activity expected early next year,” the research firm said.