Bond market: Turnover falls by 68% to GH¢2.12bn
Trading remained concentrated in the belly of the curve, with 2031-2034 maturities accounting for 74.22% of turnover at a weighted average yield of 14.39%
The Ghanaian bond market experienced a significant slowdown, with activity declining by 68.28% week-on-week to a total turnover of GH¢2.12 billion. Trading remained focused on bonds maturing between 2031 and 2034, which made up 74.22% of the total volume at an average yield of 14.39%. The 2027-2030 segment contributed 18.72% of the turnover, while post-2035 maturities accounted for only 7.06%.
In the primary market, a new four-year bond maturing in September 2030 attracted bids totaling GH¢4.46 billion. Out of this, GH¢3.15 billion was accepted at a clearing yield of 12.00%. Databank Research attributes the decline in market turnover to the strategic issuance of this bond, which capitalized on improved liquidity from a GH¢2.3 billion payment by COCOBOD and substantial unallocated bids from the August treasury bill auction.
As a result, investor interest shifted, leading to the observed decrease in secondary-market activity. Databank Research anticipates a modest recovery in the market once the bond settlement is completed.
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