Bond market: Liquidity eases at start of 2026; turnover declines 42% to GH¢1.59bn

Liquidity in the secondary bond market eased at the start of 2026, with turnover falling sharply by 42.04 per cent week-on-week to GH¢1.59 billion.
Trading activity during the week was largely concentrated in the February 2027 and February 2030 benchmark bonds, which recorded volumes of GH¢522.74 million and GH¢539.96 million respectively. These two instruments continued to anchor market activity and price discovery.
Investor positioning remained heavily skewed toward the 2027–2030 maturity bucket, which accounted for 75.2 per cent of total traded volumes. Bonds within this segment traded at a weighted-average yield of 14.96 per cent, reflecting sustained preference for medium-term instruments.
Activity in the 2031–2034 segment was more subdued, contributing 15.7 per cent of overall market turnover. Trades in this bucket cleared at a weighted-average yield of 15.30 per cent.
The longer-dated 2035–2038 tenors continued to see limited interest, accounting for just 9.1 per cent of total traded volumes. Yields in this segment averaged 15.35 per cent, underscoring relatively cautious positioning at the long end of the curve.
Market analysts, however, remain optimistic that trading activity will pick up in the weeks ahead as broader market conditions improve.
“We expect trading activity to strengthen in the coming weeks, supported by improved investor confidence following the US$709 million Eurobond coupon settlement. Looking ahead, we anticipate greater clarity on bond market reopening and the treasury’s issuance plans to support broader participation across the curve, improving liquidity and price discovery,” Databank Research said.