Bond Turnover Inches Up (GH¢1.59bn Traded Ahead of Planned GH¢10bn Infrastructure Bond!)
The secondary bond market stayed small, with turnover rising 0.35% week-on-week to GH¢1.59 billion. This was mostly because of the February 2027 benchmark, which saw its volumes rise 57.7% to GH¢824.61 million. The 2027–2030 segment saw the most trading, with 70.2% of volumes and a weighted-average yield of 15.06%. The 2031–2034 segment saw 21.3% of turnover and a yield of 15.69%, and the 2035–2038 tenors saw little activity, with only 8.6% of volumes and a yield of 16.08%. Databank Research said, “We expect renewed interest in the bond market as the Ministry of Finance moves forward with plans to issue Ghana’s first domestic infrastructure bond, targeting GH¢10 billion in two tranches of GH¢5 billion, with the first issuance expected in the first half of the year.” They also said that the issuance should give investors more options for where to put their money and that “Going forward, the release of the domestic debt calendar and guidance from the upcoming MPC [Monetary Policy Committee] meeting should provide clearer direction for investor positioning and demand.”
