Bond Market Turnover Jumps 43% to GH¢2.98bn
By Praisebell Rosemond Larbi
Activity on Ghana’s secondary bond market strengthened significantly over the past week, with aggregate turnover rising by 43.77 percent week-on-week to GH¢2.98 billion, according to market data compiled by Databank Research.
The surge in trading reflects renewed investor engagement, even as participants remain cautious ahead of the reopening of the primary bond market by the Government of Ghana on Monday, March 2, 2026, to raise long-term financing.
Trading Concentrated in Mid-Tenor Bonds
Market activity remained largely concentrated in the mid-section or “belly” of the yield curve. Bonds maturing between 2031 and 2034 accounted for 40.5 percent of total traded volumes, clearing at a weighted-average yield of 12.43 percent.
Similarly, the 2027–2030 maturity segment captured 36.7 percent of total volumes, with a slightly lower weighted-average yield of 11.99 percent.
In contrast, long-dated instruments saw relatively subdued demand. Bonds in the 2035–2038 tenor range contributed 22.8 percent of overall turnover, trading at a weighted-average yield of 12.81 percent.
The distribution suggests investors are positioning within medium-term maturities, balancing yield opportunities with duration risk amid prevailing macroeconomic conditions.
Liquidity Boost from Cocoa Bond Coupon
Databank Research indicated that while liquidity conditions are improving, secondary market activity might remain soft in the near term as investors reassess portfolio strategies.
A key liquidity injection is expected from the GH¢376.3 million cocoa bond coupon payment due in early March 2026. Analysts believe this cash inflow could provide additional support to the market and help anchor yields in the short term.
“The cocoa bond coupon payment should inject additional cash into the system and help stabilise yields,” the report noted.
Investor Caution Ahead of Market Reopening
Despite the uptick in turnover, market participants are likely to remain selective in their reinvestment decisions. The reopening of the bond market by government introduces fresh supply dynamics, which could influence yield expectations and demand patterns.
Investors are expected to closely monitor macroeconomic indicators, inflation trends, and fiscal developments as they calibrate their positioning in the fixed-income space.
The latest turnover data signals improving confidence in the domestic bond market, but analysts caution that sustained activity will depend on broader economic stability, liquidity conditions, and investor appetite as Ghana continues to consolidate its fiscal recovery.
