Bond Market Turnover Rises to GH¢2.44bn
Activity on Ghana’s secondary bond market strengthened during the week, with turnover increasing by 56.45% week-on-week to GH¢2.44 billion, reflecting renewed investor participation across key segments of the yield curve.
According to Databank Research, trading activity remained concentrated around medium-term government securities, particularly bonds within the 2031–2034 maturity range, which accounted for the largest share of market transactions.
The 2031–2034 segment contributed 53.24% of total turnover, trading at an average yield of 14.18%.
The 2027–2030 maturity bracket also recorded significant activity, accounting for 44.40% of total trades at a weighted-average yield of 12.39%.
Meanwhile, trading activity in bonds maturing beyond 2035 remained relatively limited, representing only 2.36% of total turnover, with an average yield of 14.42%.
Databank Research attributed the improvement in market activity to increased investor engagement and expectations around government’s upcoming borrowing programme.
The research firm expects secondary bond market activity to remain supported in the coming weeks, particularly as the third quarter 2026 issuance calendar points to renewed participation and greater market activity.
“We believe the government’s planned net issuance of GH¢15.39 billion, aimed at extending the debt maturity profile and reducing refinancing risk, should support price discovery, trading interest, and market turnover,” Databank Research stated.
The planned issuance forms part of government’s broader debt management strategy to improve the structure of domestic debt by extending maturities and reducing pressure from frequent refinancing obligations.
Market analysts believe that increased issuance activity could provide more investment opportunities for institutional investors while improving liquidity and price discovery within the secondary market.
The latest increase in turnover comes after periods of subdued activity in the bond market, where investors had shifted attention towards shorter-term instruments amid changing yield conditions and increased competition from Treasury bills.
However, with renewed government issuance and continued investor appetite for fixed-income assets, market participants expect trading volumes to improve further in the coming weeks.
