New GoG Bond Trading Falls 10% amid Mixed Investor Appetite

Ghana’s government securities market recorded a slowdown in activity last week, as investors adopted a more cautious and selective approach across fixed income instruments. Trading in newly issued Government of Ghana (GoG) Bonds declined by 10.5 percent, reflecting shifting preferences within the market.

Data for the week of February 16–20, 2026, show that new GoG bond trades fell to GHS 2.08 billion, down from GHS 2.32 billion in the previous week. The broader market which includes Treasury Bills (T-Bills), corporate securities, and Special Buy-Backs (SBBs), also saw a dip in activity, with total trades declining by 5.2 percent to GHS 7.95 billion from GHS 8.39 billion.

Figures from the Bank of Ghana point to a mixed yield environment, underscoring the cautious but strategic positioning of investors. Short-term instruments continued to attract demand, with the 4-year bond yield declining from 12.05 percent to 10.80 percent, signaling stronger buying interest. In contrast, the 5-year bond saw its yield rise from 13.35 percent to 14.80 percent, indicating investors are demanding higher returns for medium-term exposure.

Across other maturities, yields moved unevenly, highlighting varied investor strategies influenced by liquidity conditions, inflation expectations, and broader macroeconomic signals. Market analysts note that this divergence reflects a market still adjusting to evolving economic conditions.

Trading volumes by tenor further illustrated this selective appetite. The 8-year and 9-year bonds dominated activity, recording GHS 837 million and GHS 641 million in trades respectively. Meanwhile, longer-dated bonds, particularly those with maturities between 11 and 15 years—saw no activity, suggesting weak demand for long-term government securities amid prevailing uncertainty.

Outside the sovereign bond segment, other asset classes gained traction. Corporate securities recorded a sharp rise in activity, increasing to GHS 538 million from GHS 177 million the previous week, as investors sought higher yields in the private sector. Similarly, short-term T-Bills experienced a 17 percent increase in trading volume to GHS 3.18 billion, reinforcing their appeal as relatively safer and more liquid investment options.

However, not all segments performed strongly. SBB trades declined significantly by 31.5 percent to GHS 2.16 billion, while older GoG bonds recorded minimal activity, dropping by 75 percent to just GHS 9.96 million.

Overall, last week’s performance reflects a market in transition, where investors are increasingly selective, favoring short- and mid-term instruments and corporate debt, while showing limited appetite for long-term and older government bonds.