Bond Market Turnover Rises to GH¢2.44bn
Activity on Ghana’s secondary bond market strengthened during the week, with turnover rising by 56.45% week-on-week to GH¢2.44 billion, as investor interest remained concentrated in medium-term government securities.
Trading was heavily focused on maturities in the belly of the yield curve, particularly bonds maturing between 2031 and 2034. The segment accounted for 66.19% of total market turnover and traded at an average yield of 14.07%.
The 2027 to 2030 maturity segment also recorded significant activity, contributing 29.46% of total turnover at a weighted-average yield of 12.15%.
Meanwhile, trading in longer-dated securities remained relatively subdued. Bonds with maturities beyond 2035 accounted for only 4.35% of total turnover, although activity in the segment improved marginally during the review period. The average yield for these longer-dated instruments stood at 15.14%.
The latest performance reflects renewed activity in Ghana’s secondary bond market, as investors continue to assess prevailing yields, liquidity conditions and the government’s borrowing strategy.
The increased turnover also comes amid expectations of greater market engagement as government seeks to manage its debt profile and maintain investor participation in the domestic capital market.
Research firm Databank Research expects activity on the secondary bond market to gain further momentum in the near term, citing favourable liquidity conditions as a key factor likely to support trading.
The firm said, “We expect secondary bond market activity to gain further traction in the near term, underpinned by favourable liquidity conditions.”
The concentration of trading in medium-term maturities suggests that investors are seeking a balance between yield and duration risk, while the relatively limited activity at the long end reflects continued caution towards longer-term securities.
Market participants are expected to closely monitor interest rate movements, liquidity conditions and government debt issuance plans in the coming weeks, as these factors will influence pricing and trading volumes across the bond market.
The rise in weekly turnover therefore points to stronger investor engagement, although activity remains uneven across the maturity spectrum.
