Activity on Ghana's secondary bond market slowed significantly during the week, as investors appeared to favour shorter-term government securities following the recent rise in Treasury bill yields.

According to Databank Research, total turnover on the secondary market fell by 71.11% week-on-week to GHS1.56 billion, reflecting weaker trading activity across government bonds.

Despite the slowdown, trading remained largely concentrated in medium-term bonds.

The 2031 to 2034 maturities accounted for 49.83% of total turnover, with an average yield of 14.14%, making them the most actively traded bonds during the period.

Bonds maturing between 2027 and 2030 also attracted strong investor interest, contributing 46.26% of total trades at a weighted-average yield of 11.75%.

Meanwhile, longer-dated bonds maturing after 2035 recorded limited activity. This segment represented just 3.91% of total market turnover and traded at an average yield of 14.64%.

Databank Research attributed the decline in trading activity partly to the recent increase in Treasury bill yields, which has made short-term government securities more attractive to investors.

"We attribute the moderation in bond market activity in part to the recent upward repricing of Treasury bill yields, which has improved the relative appeal of shorter-duration instruments," the research firm said.

However, the firm expects activity in the secondary bond market to rebound this week as portfolio managers adjust their investment holdings ahead of the close of the first half of 2026.

A recovery in trading could signal renewed investor interest in longer-term government bonds as fund managers reposition their portfolios in response to changing market conditions.