Trading activity on Ghana’s secondary bond market recorded a sharp rebound last week, with turnover rising 70.53% week-on-week to GHS 689.63 million, reflecting renewed investor participation and improving market sentiment.

Market activity remained heavily concentrated at the shorter end of the yield curve, particularly within the 2027 to 2030 maturities, as investors continued to favour relatively lower-duration instruments amid evolving macroeconomic conditions.

Bond prices in the General Category also strengthened during the period, with average prices improving from 96.0 to 98.0. The recovery in prices subsequently pushed the weighted-average yield to maturity (YTM) lower to 11.68%, compared to 11.85% in the previous week, indicating rising demand for government securities.

According to Databank Research, the improved market performance was largely supported by positive investor sentiment following the announcement of a Staff-Level Agreement (SLA) between the Government of Ghana and the International Monetary Fund (IMF). The development has reinforced expectations of continued macroeconomic stability and fiscal reforms under the IMF-supported programme.

Looking ahead, analysts anticipate moderate trading activity on the secondary market in the coming weeks. Trading volumes are expected to be supported mainly by end-of-month portfolio rebalancing activities by banks and institutional investors.