Ghana’s DDEP Bonds Dominate Turnover: Secondary-Market Liquidity Remains Concentrated
Ghana’s DDEP bonds generated more than half of reported fixed-income turnover, while Treasury bills provided most of the balance. The activity supports price discovery in restructured sovereign debt but highlights limited liquidity and segmentation across corporate, new-government and old-government bond categories.
MSA market desk
Desk brief
Ghana’s Fixed Income Market recorded GH¢2.5449 billion across 1,159 transactions on Friday, with Domestic Debt Exchange Programme bonds accounting for GH¢1.4193 billion, or approximately 55.77% of activity. Treasury bills supplied a further GH¢929.44 million, while government-security sell/buy-back transactions contributed GH¢196.15 million. No trades were reported in corporate bonds, new government notes and bonds, or the old government-bond category.
The turnover mix places Ghana’s restructured sovereign instruments at the centre of domestic price discovery, but does not demonstrate broad-based liquidity across the fixed-income complex. Concentration in DDEP bonds means secondary-market activity is strongest in the post-restructuring sovereign segment, while the substantial Treasury-bill share points to continued use of short-duration government paper alongside the exchanged bonds. The absence of corporate and other government-bond transactions leaves pricing in those categories less continuously tested.
For Republic of Ghana credit, the key transmission is market segmentation rather than a direct change in fiscal fundamentals. DDEP bonds have visible trading activity, which can support more reliable mark-to-market pricing and facilitate portfolio reallocation within the restructured sovereign universe. By contrast, limited activity in new government bonds and corporate debt constrains price discovery and can preserve a liquidity premium in those instruments. Treasury bills’ sizeable participation also separates short-term funding instruments from the longer-maturity DDEP segment.
The next evidence point is whether this concentration persists across subsequent sessions. Sustained turnover in DDEP bonds would indicate a functioning secondary market within Ghana’s restructured debt stock; continued absence of trades in corporate and new-government categories would confirm that overall market breadth remains narrow, with liquidity concentrated rather than evenly distributed across the curve.
Price Discovery
Ghana sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Ghana 29Jul 202997.8045.870%
- Ghana 30Jan 203088.4093.814%
- Ghana 35Jul 203590.8806.373%
- Ghana 37Jan 203756.7527.662%
Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.
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