Trade volumes on Ghana’s secondary bond market have fallen for the second consecutive week, dropping 15.56% to GH¢609 million, down from GH¢722 million.

Market activity remained largely focused on the shorter end of the yield curve, with the February 2027 bond accounting for 47.2% of all trades. 

This marks the third consecutive week where this bond has dominated trading, with its average yield to maturity (YTM) decreasing to 23.72%, down from the previous week's 24.13%.

In total, the shorter and mid-segments of the yield curve represented 79.44% and 20.56% of trades, respectively, with average yields of 23.32% and 24.91%. 

However, there was no trading activity at the longer end of the curve.

Following the acceptance of over 90% of the government’s Eurobond exchange offer, analysts believe that Ghana’s debt relief has reached a more sustainable level, which could help restore market confidence in the near future.

Despite this, trading is expected to remain concentrated on the shorter end of the yield curve as investors proceed cautiously until there are clearer signs of a broader market recovery.