The secondary bond market liquidity eased at the start of 2026, with turnover declining 42.04% week-on-week to GH¢1.59 billion.
Trading activity was concentrated on the February 2027 and February 2030 benchmarks, which recorded volumes of GH¢ 522.74 million and GH¢539.96 million, respectively, anchoring price discovery.
Investor positioning stayed skewed toward the 2027-2030 bucket, which accounted for 75.2% of volumes and traded at a weighted-average yield of 14.96%.
Activity in the 2031-2034 segment was more measured, accounting for 15.7% of turnover at a weighted-average yield of 15.30%.
The 2035-2038 tenors remained thinly traded, accounting for 9.1% of total volumes, and cleared at a weighted-average yield of 15.35%.
Analysts expect trading activity to increase in the coming weeks, buoyed by improved market conditions
“We expect trading activity to strengthen in the coming weeks, supported by improved investor confidence following the USS709 million Eurobond coupon settlement. Looking ahead, we anticipate greater clarity on bond market reopening and the treasury’s issuance plans to support broader participation across the curve, improving liquidity and price discovery”, said Databank Research.
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