Ghana’s secondary bond market recorded a subdued session on Wednesday, April 22, 2026, with the Ghana Fixed Income Market (GFIM) processing a combined GH¢255.25 million across just 32 transactions, as activity concentrated almost entirely in Domestic Debt Exchange Programme (DDEP) bonds while Treasury bills, corporate bonds, and old Government of Ghana (GoG) notes registered no trades.
DDEP bonds accounted for GH¢213.58 million of the day’s total, spread across 23 deals, making them the dominant force in what was otherwise a quiet mid-week session. The standout instrument was the 2023-GC-6 bond maturing February 10, 2032, carrying a 9.10 percent coupon, which alone generated GH¢117.69 million across nine transactions. The bond closed at a yield of 13.17 percent and an end-of-day price of GH¢83.78 per GH¢100 face value, with its opening yield unchanged at 12.87 percent, suggesting a slight upward move in required returns as the session progressed.
Among the shorter-dated DDEP instruments, the 2023-GC-1 bond maturing February 16, 2027 was the most actively traded by deal count, with the 2023-GC-2 bond maturing February 15, 2028 also attracting investor attention. The 2023-GC-5 bond maturing February 11, 2031 recorded a meaningful yield shift, closing at 11.85 percent against an opening of 12.61 percent, a move of 76 basis points that signals some appetite for medium-duration restructured paper at prevailing prices.
Sell and buy-back (SBB) trades on GoG bonds contributed GH¢41.68 million across nine transactions. The 2023-GC-3 bond maturing February 13, 2029 was the most active instrument in the SBB segment, recording GH¢20 million across two trades at a yield of 14.47 percent and a weighted average price of GH¢86.84. The 2023-GC-4 bond maturing February 12, 2030 followed with GH¢670,000 in two transactions at a yield of 11.98 percent.
The new 7-year GoG bond maturing March 29, 2033, listed at a 12.50 percent coupon, carried an end-of-day closing price of GH¢101.74 and a yield of 12.12 percent on the pricing sheet, though no outright trades were recorded in that segment during the session. The bond’s SBB activity registered a single entry at a yield of 12.60 percent and a price of GH¢99.55.
Treasury bills, old GoG bonds, and corporate bonds all posted zero volume on the day, a sharp contrast to the session on Wednesday, April 15, when Treasury bills drove GH¢1.58 billion out of a total GH¢2.11 billion processed. Wednesday’s figures point to a session shaped by specific positioning in restructured bonds rather than broad market participation.