- Ghana’s bond market hits record 2025 trading high
- Treasury bill demand weakens as investors shift to longer-term securities
ACCRA, GHANA – Ghana’s bond market recorded its busiest week of the year, with traded volumes jumping 27% to GH¢2.44 billion ($226mn), the highest so far in 2025.
The surge came as institutional investors piled into medium- to long-term government securities, reflecting renewed confidence in Ghana’s fiscal outlook and improved market liquidity.
According to official data, activity was concentrated at the longer end of the yield curve. The February 2027 bond, carrying an 8.35% coupon, cleared at 15.07%, while the February 2038 bond with a 10% coupon traded at 15.81%.
Apakan Securities, an investment advisory firm, said the strong appetite highlights investor optimism over macroeconomic stability.
“The secondary bond market has remained resilient in recent weeks, supported by institutional rebalancing and a search for medium-term yields,” the firm said. “Investors are positioning for a stable rate environment and a firmer currency.”
Cedi gains and market confidence
The Ghanaian cedi strengthened sharply, appreciating by 13.95% week-on-week to close at GH¢10.66 to the US dollar, bringing year-to-date gains to 37.9%.
Analysts attributed the performance to the Bank of Ghana’s active foreign exchange interventions, including a planned US$1.15 billion market support in October.
Market watchers believe the local currency will remain broadly stable in the near term, thanks to continued central bank involvement and steady foreign inflows.
While bond trading flourished, the Treasury bill market told a different story. Investor appetite for short-term instruments weakened, resulting in an undersubscription. The Treasury raised GH¢2.89 billion out of a GH¢6.58 billion target, a subscription rate of 66%.
Yields rose as a result, with the 91-day bill up 17 basis points to 10.70%, the 182-day bill up 13 basis points to 12.44%, and the 364-day bill up six basis points to 12.92%. The auction proceeds fell short of refinancing maturities worth GH¢6.41 billion due the same week.
Investors shift to central bank’s higher-yielding bills
Apakan Securities said the weak Treasury bill demand was partly due to the attractive yields on the Bank of Ghana’s Open Market Operations (OMO) bills, where the central bank raised nearly GH¢10 billion in two auctions at around 21.5%.
“Institutional liquidity has shifted toward OMO bills, given the higher rates and shorter maturities,” said Kofi Kyei Busia, an analyst with the Young Investors Network.
Despite these short-term pressures, the government reaffirmed its commitment to deepening Ghana’s domestic capital market and improving transparency.
In its fourth-quarter 2025 issuance calendar, the Ministry of Finance said it plans to raise a gross amount of GH¢75.7 billion between October and December. Of this, GH¢67.5 billion will be used to roll over maturing debt, while GH¢8.2 billion will represent new borrowing to finance the budget.
The ministry added that it would reopen selected Domestic Debt Exchange Programme (DDEP) bonds and continue weekly issuance of 91-, 182-, and 364-day Treasury bills.
“The calendar provides market participants with the necessary guidance for investment decisions,” the statement said, reaffirming government’s goal of lengthening the maturity profile of the public debt.
Analysts expect trading momentum to remain strong as liquidity improves and investors rebalance their portfolios.
“Trading volumes could stay elevated as institutions shift toward medium-term maturities,” Apakan Securities said. “But much depends on how the next few Treasury auctions perform and how long the Bank of Ghana maintains its tight liquidity stance.”
