Trading activity in the corporate debt market accelerated sharply in the first four months of 2026, with the value of corporate securities traded on the Ghana Fixed Income Market (GFIM) rising to about GH¢2.8 billion, more than three times the level recorded a year earlier, amid falling yields and improving market confidence.
According to the GFIM April 2026 report, corporate securities traded value reached GH¢2.79 billion between January and April 2026, compared with GH¢831 million during the same period in 2025. Traded volumes climbed to 2.78 billion units from 993.7 million units over the comparative period.
The increase comes as Ghana’s broader fixed income market continues to recover following the domestic debt restructuring exercise that disrupted trading activity in 2023 and reshaped investor appetite across the local debt market.
In April alone, corporate securities traded value rose to GH¢357.5 million from GH¢26.4 million in April 2025, while traded volume increased to 349.4 million units from 28.3 million units a year earlier. GFIM data showed a total of 118 corporate security tranches had been admitted since inception, with cumulative corporate funds raised reaching about GH¢24.4 billion.
Despite the strong growth, the corporate segment remains a relatively small component of Ghana’s debt market. Corporate securities accounted for only about one percent of total market volume in April, compared with treasury bills and government bonds which continued to dominate overall activity. The data suggests investors are gradually returning to selected private-sector debt instruments as macroeconomic conditions stabilise and yields across the government securities market compress sharply.
GFIM data showed yields on medium- to long-term government bonds declined significantly compared with a year earlier. The 4-year government bond yield fell to 10.27 percent in April 2026 from 21.21 percent in April 2025, while the 5-year yield dropped to 9.64 percent from 20.7 percent. The decline in benchmark sovereign yields has increased the relative attractiveness of some corporate debt instruments for institutional investors seeking higher returns. Still, market activity remains highly concentrated.
Outstanding corporate securities stood at GH¢8.4 billion as of April 2026, only marginally higher than the GH¢8.39 billion recorded a year earlier. Ghana Cocoa Board continued to dominate the corporate debt segment with outstanding securities of more than GH¢7.3 billion, accounting for the overwhelming share of listed corporate debt on the market.
Other issuers on the market include Letshego Ghana Plc, Bayport Savings and Loans Plc, Kasapreko Company Plc, Izwe Savings and Loans Plc and Quantum Terminal Plc. The report also highlighted fresh issuance activity from Izwe Savings and Loans Plc, which issued a GH¢25 million bond in April 2026 with a 14 percent coupon and a maturity date of April 2028.
The increase in secondary market turnover points to improving investor liquidity conditions and confidence in the fixed income market, although the corporate debt segment still faces structural limitations including limited issuer diversity, low secondary market depth and concentration among institutional investors.
Banks continued to dominate trading activity across the fixed income market. GCB Bank Plc ranked as the largest market participant between January and April, accounting for nearly 25 percent of traded value among banks, followed by Stanbic Bank Ghana, Guaranty Trust Bank Ghana and Fidelity Bank Ghana.
The broader GFIM recorded total traded value of GH¢136.2 billion in the first four months of 2026, more than double the GH¢63.9 billion recorded during the same period last year. Total traded volumes also rose by over 93 percent year-on-year to 149.4 billion units.
