Bond Market Turnover Rebounds to GH¢1.62bn

Activity on Ghana’s secondary bond market recorded a strong rebound, with total turnover rising sharply by 240.60 percent week-on-week to GH¢1.62 billion, reflecting renewed investor appetite for fixed-income securities.

Market activity was largely concentrated in the short-to-medium-term segment of the yield curve, particularly the 2027–2030 maturities, which dominated trading volumes. This segment accounted for 57.67 percent of total turnover and cleared at a weighted-average yield of 12.09 percent.

The 2031–2034 maturities followed closely, contributing 41.94 percent of total trades, with an average yield of 13.43 percent, indicating sustained interest in slightly longer-dated instruments despite higher yield expectations.

At the longer end of the curve, the 2035–2038 maturities saw minimal participation, representing just 0.39 percent of total turnover, with an average yield of 13.04 percent. Market analysts attribute the subdued activity in this segment to investor caution over duration risk and liquidity constraints.

Research commentary from Databank Research noted that the recent uptick in secondary market yields could help sustain investor interest in the near term.

According to the firm, improved return levels are enhancing the overall attractiveness of the fixed-income market, particularly for institutional investors seeking stable yields amid evolving macroeconomic conditions.

However, analysts caution that demand is likely to remain heavily concentrated in the 2027–2030 maturities, which continue to offer the most appealing balance between yield and liquidity in the current market environment.

The rebound in turnover signals a gradual restoration of confidence in the domestic bond market, following periods of subdued trading activity. It also reflects a broader shift in investor positioning as market participants adjust portfolios in response to changing yield dynamics and expectations around monetary policy and fiscal stability.

Going forward, market watchers expect secondary trading activity to remain sensitive to inflation trends, interest rate expectations, and government borrowing strategies, all of which will play a key role in shaping investor sentiment and liquidity conditions across the yield curve.