Ghana's Bond Market Cools as Weekly Turnover Falls to GH¢5.41bn

Activity on Ghana's secondary bond market eased considerably in the latest trading week, with total turnover falling by approximately 24.52% compared to the previous week to settle at GH¢5.41 billion, according to data from Databank Research.

Investor interest was largely concentrated in medium-term bonds maturing between 2031 and 2034 — commonly referred to as the belly of the curve — which accounted for more than two-thirds of all trades at 67.69%, with an average yield of 13.95%. Bonds in the 2027–2030 bracket attracted a further 31.68% of turnover, fetching a weighted-average yield of 11.68%.

By contrast, longer-dated instruments maturing beyond 2035 saw very little traction, representing just 0.63% of the week's total trades at an average yield of 14.56%, indicating that investors remain cautious about committing to the far end of the yield curve.

Databank Research has played down concerns about the decline, describing it as a normalisation of market activity rather than any meaningful shift in investor confidence. The firm noted that participants continue to favour short-to-medium maturity bonds, where yields still offer competitive returns relative to risk.

Looking ahead, analysts at Databank expect end-of-month portfolio rebalancing by institutional investors to lend some support to secondary market volumes in the coming days. Ghana's bond market has been closely watched since the country's domestic debt restructuring, as activity levels and yield trends are seen as key indicators of market recovery and investor sentiment.